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to try Tradestation.
I decided to do the one month trial to see what it was about. I have some
thoughts after a couple weeks of using it. Here they are. (Caveat emptor:
I've only been using MS 6.5 a few months and Tradestation a few weeks so I
may not have a complete grasp of all features. If I get something wrong,
let me know.)
- Tradestation is a product that requires a great deal more "manual
reading." I've got its data server setup and I'm getting real time quotes
(BMI refunds money after only a month trial) but I'm still fumbling around
alot (because I don't have time to do a thorough read of the manual). The
manuals are well written and provide plenty of detail.
- Tradestation has fewer "built-in" indicators. This surprised me. But
maybe this doesn't matter because, in fact, the tried and tested ones (that
both MS and TS have) are the ones that matter anyway.
- Tradestation has a more powerful formula language. In the language of
software development, it has "procedural" elements (while and for loops for
example). A metaphor for this for those familiar with spreadsheets might be
that Tradestation has both "formula" and "macro" capabilities in its formula
language whereas Metastock only has "formula" capabilities. This is a
powerful thing if you have a complex and sophisticated trading system to
deploy, but not a big deal for someone with my level of experience. There
are other things about the Tradestation language that make it more powerful
than Metastock's also.
- In general, Tradestation has more "robust" facilities for automating
various activities.
- One thing I really like about Tradestation is that one can combine data
of different periods (Hourly, daily, and weekly) within the same chart and
then write an indicator or system test to reference all these data sets.
This is a great thing.
- I feel like I must be missing something in Tradestation though. I
haven't been able to find the equivalent functionality to the Metastock
Exploration. Tradestation has "paint bars" and "show me studies" (something
akin to an exploration) but these can only be run against an "open" chart.
(As in Metastock, where a system test can only be run against an open
chart.) I must be missing something. This is a major hole.
- By the way, wouldn't it be great if you could write a system test and
then run it against stored files like you can with an exploration?
- About support: There is no mailing list or other means of communication
for users of the product that I can see. There's a News group but it
appears to mostly get posted with peripheral items. Kinda like this list?
- To summarize for now, A Great Advertisement for Metastock is to try
Tradestation. Sure, tradestation has a bit more features, etc. But if it
turns out that I'm NOT missing something and Tradestation doesn't have the
equivalent of a Metastock Exploration, then, I think the argument could be
made that, unless you're day-trading, Metastock is the product of choice
merely because of the Exploration.
Initial thoughts...Anyone else have thoughts about this?
Steven Buss
Walnut Creek, CA
sbuss@xxxxxxxxxxx
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