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Manning,
Thanks for the advice regarding intra vs. inter day trading. I've
decided that I definitely want to stick with EOD trading until my
confidence (as well as my account!) is quite a bit greater than now.
My primary desire for TradeStation is for the extra flexibility of the
PowerEditor vs. the QuickEditor. In fact, I was hoping that Omega may
have a slightly less expensive EOD version of TS, but they do not
currently offer such a product and it is doubtful that they will in the
future (though I believe they used to offer such a product.)
For my current state of trading, I wish that there was a product
somewhere between SuperCharts and TradeStation. While I'm sure that
SuperCharts EOD is a very fine product, it seems to me that many more
traders are in my position, looking for a more sophisticated systems
design tool such as TS, but not needing the intraday stuff quite yet.
I was made a good offer on TradeStation (including a promise of not
having to pay more than $99 for the 5.0 upgrade and the very real
possibility that I may receive the upgrade for free) so I decided to
"bite the proverbial bullet" and go for it.
What I may end up doing is activating delayed quotes for TradeStation,
thus allowing me some control of my buy and sell prices during the day
(though I won't actually be buying or selling based on intraday signals,
of course.)
Looking forward to learning more about trading systems development from
you and the others on the Omega list.
BTW, my current EOD DialData feed which I use with SC should work fine
with TS for EOD work, correct?
Regards,
Joe Balsamo
San Diego, California
Manning Stoller said:
>
>Dear Joe,
>I for one do think that you are not beating your head against a brick
wall
>using Supercharts or any other end of day program.
>Please don't think that trading intraday assures success in trading. If
>anything, trading intraday often hurts rather than helps many traders.
>There is a lot to say in favor of interday rather than intraday
including
>developing a trading plan when markets are closed and developing the
>discipline of always controlling risk (stops). Intraday traders often
will
>"watch it" rather than following through. Intraday traders will often
go
>with a lot more "gut" trades by getting caught up in the excitment of
the
>tics.
>
>For the sake of your account balance, master interday trading first.
When
>you are ready to devote all of your time to trading, then you can move
on to
>intraday. Don't do it the other way around.
>
>Manning Stoller
>
>
>
>Joe Balsamo wrote:
>
>> Manning ,
>>
>> >Don't you think it makes more sense to determine where the market
>> should not
>> >go, determine the dollar risk if it does go there and then deciding
>> whether you
>> >can afford to do the trade?
>> >This makes a lot more sense then arbitrarily picking a dollar stop.
>>
>> This makes great sense to me. I have been doing it "the other way" by
>> setting my stops based on a percentage. Of course, as you may have
>> guessed, the market thumbs it's nose at my percentages by often
coming
>> down (or up) to activate my stop-loss, out I go at the worse price of
>> the day only to see the market heading to make me profit if I just
>> hadn't been stopped out!
>>
>> I, for one, would enjoy a more detailed discussion on stop
management. I
>> realize that there are many schools of thought on how to do this, it
>> would be interesting to read what different approaches the different
>> traders on this list take (without giving away too many secrets, of
>> course ;)
>>
>> Another question to the group. I am currently using SuperCharts. Am I
>> basically just beating my head against a brick wall trying to write
>> viable systems with SC and should I just bite the bullet and purchase
>> TradeStation?
>>
>> Regards,
>>
>> Joe Balsamo
>> San Diego, California
>
>
>
>
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