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I don't mean to sound like a broken record, but I've used and/or
tested almost all of the plug-ins and none of them are very good in my
opinion, especially for a longer term investor. I've benched marked
the plug-ins against all of the systems I use daily, so I know how
they perform against my standards.
The only one that's worth much is Bressert's, but it's really designed
for day trading. It can be used EOD also.
Trade Oracle is almost the same as Performance systems but it has more
gloss on it. It's a lot of small formulas that catch an entry here or
there. Even though the formulas are simple, some of them work okay. As
far as exits go, there's nothing in there I would bother with. Trade
Oracle has the best front end of any MS product. Some of it is better
desgined and programmed than MS itself. It also costs nearly twice as
much.
AlphOmega is Elliot wave wanta be stuff, but I think it uses peak and
through functions, which create their own problems.
Chart patterns is so, so. Most patterns aren't reliable for a long
term trader. Some chart patterns in general seem to work okay, but
I've found higher probability ways to trade so I don't bother with too
much searching for patterns.
Bollinger Bands was the least effective of the ones I looked at, at
least in my opinion. Candlesticks is okay, if you like candle sticks.
But there is no magic in there. Power Pivots is more peak and trough
functions.
ICE is good for developing symbol specific systems. Most people who
buy it don't know how to use it properly. If they did they'd get much
better results. It's best for a trader who doesn't know anything about
systems development but wants to only trade a small group of stocks. I
like ICE because it will force you to struggle through systems
development exercises until you learn about systems development--well,
some people will learn!
Trend Medium is curve fitting but on a daily basis. ETS is one I
haven't used--and I don't think many other people have either.
MetaMarket is so low on the fundamental analysis scale it doesn't
register as far as I'm concerned. SpyGlass is a mish-mash of old tools.
Now for the broken record part. The absolute best add-on you can get
for MS is Roy's newsletter, even if you don't want to learn to program
your own functions. www.metastocktips.co.nz
Roy realized from the beginning there was a limited market for
programming education so he added a lot of information on the systems
tester, explorations and now a trading series.
I've tested and traded everything that's going into the first trading
series from Roy. In my opinion, all of the techniques in MSTT produce
better results than the other MS plug-ins and add-ons. The April and
May issues have some of the best information on trading using TA that
you're going to run across--well, again I should say, it's the
clearest, most logical trading information I've run across. Someone
else may have better stuff so if they do, I wish they would share it
with Roy's subscribers so I can get a chance to test it.
Most people who try to use TA go off on an indicator fascination trip
trying to find the one or two indicators that work in every market and
find the best entries. That's a wild goose chase. (grail chase)
Using TA to trade stocks is not that difficult, if you understand a
few fundemental things and you use the right strategy and approach to
markets. Most people don't. They start out thinking that TA is some
magic bullet that's going to make them rich. Or that a specific
indicator is going to tell then when to buy and sell a stock.
After a couple of years chasing their butts, they figure out that
they've missed the boat. Some get lucky and stumble on something that
works okay for them, but most spend thousands of dollars listening to
guru's fill their heads full of crap, and then they still don't make
any money. The statistics that say that 95% of TA users and want-ta-be
traders fail is true. How can so many people be chasing the wrong stuff.
Based on my experience, what's wrong is not TA itself, but the
strategy and approach newbie's take trying to figure out what to do
with it. Why do you think that MS DOES NOT come with a template that
allows everyone to make money as soon as they install MS on their
computers? Because there is no such thing, so Equis can't sell it to you.
Making money using TA is not about having the right indicators, the
right plug-ins, the right guru chart setups--it's about how you see
the markets and understand what works and why it works and when it works.
The reason I keep recommending Roy's newsletter is because it's has
information in it that will change the way people see trading. It will
open their eyes to how money can be made on a consistent basis.
At this point, the skeptics are going to say, well if the stuff in it
works so well, why doesn't everyone use it. The techniques in Roy's
newsletter are simple. Some people like simple, some people don't.
Some are happy making 80% of the maximum amount they could make
without having to become a full time student of TA and get a Ph.D in
trading. Others want to move beyond the 80%, and they feel they're
willing to pay the price to get there, or at least lose everything
trying.
That's fine. You only have to ask yourself a simple question--is what
I'm doing working or not!
If it is: keep doing it. If it isn't, the cost of Roy's newsletter is
an inexpensive way to learn a lot of new stuff you didn't know and get
a chance to experiment with simple instead of complex. If it works for
you then it was worth many, many times it's price, and if it doesn't,
it was cheaper than a bunch of plug-ins that you have to sell on ebay.
Yes, it has coding instruction, indicators, system tester information
and explorer information in it, so everyone can get something useful
out of it to apply to their trading. However, what I think is the most
useful part of the newsletter is the way it will change people's view
of trading and could help them find a strategy that's comfortable,
consistent and easy to execute.
The April and May issues are going to consolidate many of the things
that have been said in back issues to this point. Then from June
through the next few months Roy is going to have articles telling you
how other traders do things so readers can contrast other's trading
methods and find what works best for them.
Rather than give Equis $250 or more for plug-ins you're not going to
get anything out of, you be far better off giving Roy $180 for 18
months worth of learning about how use MS to make money.
For those of you who are tired of hearing me say Roy's newsletter is
an important tool for learning to trade, sorry I bore you. I guess you
should stop reading my posts.
If you're a subsriber, you know why I keep posting these messages, and
after May you'll feel even better about where you are and what you've
gotten.
Maybe someone else will give you some feedback that one of the
plug-ins is the cat's meow when it comes to trading. I don't know.
Have fun!
--- In equismetastock@xxxxxxxxxxxxxxx, "calc103" <calc103@xxxx> wrote:
>
>
> I have Metastock 8.0. I have been learning the system through
> Metastock Programming Study Guide. I am a buy-and-hold trader.
>
> I am prepared to purchase three Metastock Add-On or Plug-Ins.
>
> Which three would best suit my purpose?
>
> Thanks for any advice.
>
> calc103
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