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I have PowerPivots, Murphy's Chart Patterns, Nison's Candlesticks. I didn't
use any of them for more than a couple of weeks.
PowerPivots looks great but doesn't seem to do much at the right hand edge
of the chart - some hocus pocus going on there?
Half the chart patterns that the Murphy software pulls up look like a dog's
breakfast - nothing like most of the patterns you expect to find. I don't
think the coding is yet sufficiently developed to do this effectively. If
you're interested in chart patterns, read Edwards & Magee, read Murphy, take
a look at Bulkowski - but don't expect to get anything you can backtest.
I found the Nison program the most interesting - the candle patterns are
much more precisely defined than in thee Metastock defaults, and its
interesting to see where he puts his stops and price targets. If you're
interested in working with candles then its worth a look, but once you've
got the idea (an afternoon) there's nothing you can't do yourself, assuming
you've read the books (and you should). His tapes are worthwhile if you can
get your hands on them for a sensible price.
My understanding is that the Bollinger add-on just gives you the formulas to
go with the book - again, if you read the book and get yourself some basic
Metastock coding skills, nothing you can't do by yourself.
I would second superfrag on this. Get the formula primer and work through it
(available on the home page for this forum or from equis) and then get Roy's
newsletter. The price to useful information ratio is way better than
anything else out there. I just wish it had started a year earlier so I
could have saved the $1500 or so that I spent on other Metastock "guides",
most of which just paraphrase the manual.
I would be interested to hear if anyone is making good money from any of the
add-ons. All I know is that they didn't work for me..
Happy trading
Andrew
-----Original Message-----
From: superfragalist [mailto:no_reply@xxxxxxxxxxxxxxx]
Sent: Sunday, April 03, 2005 6:05 PM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: [EquisMetaStock Group] Re: Metastock Add-Ons and Plug-Ins
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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