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I have to say I've made, and continue to make, good
money from Murphy's CPR, but would agree with you that I have filtered out a lot
of signals in code/ by eye. I'm sure that most of the breakouts I've traded
could have been spotted by other means - but CFD trading is only a part time
activity.
I bought a number of other plug-ins on Ebay(caveat
emptor) The only one that appeared to show any promise, imvho, was
AlphOmega. However, the software didn't come with a password, so can't hack
into it so it doesn't give me any useful signals in an exploration. The
reason I haven't junked it is that the Wolfe Wave is a low probability -
very high reward pattern I like to trade. However, I tend to spot these
opportunities after the event. If anyone has a password they are prepared to
send I'd be much obliged so that I can junk this one as
well.
I know it sounds churlish but the reason I've not
put my hand in my pocket as a purchaser of the newsletter is one only gets part
of a newsletter and not the full thing. So I regularly walk away, with the
nagging question, why only part of the document and what is being hidden? Let's
be clear, it's not the purchase price, but most vendors give you a trial
copy of their publication to enable one to form a rounded
judgement.
DJ
----- Original Message -----
Sent: Sunday, April 03, 2005 11:32
PM
Subject: RE: [EquisMetaStock Group] Re:
Metastock Add-Ons and Plug-Ins
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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