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update from TradeLab-list
FYI - rgds hans
------- Forwarded Message Follows -------
Date sent: Fri, 16 Oct 98 15:45:08 -0500
To: TradeLab List <tradelab@xxxxxxxxxx>
From: Doretta Smith <Doretta@xxxxxxxxxx>
Subject: TL_TradeLab Status Report & VB Class
It has been a long time since we reported on the status of TradeLab. This
will explain why and where the project now stands.
Where We Are Now
----------------
TradeLab 2D price charting and indicator plotting has been finished for
some time. The user program interface needs some rework to correct Win98
compatibility issues, but it is close to being ready. Documentation still
needs to be completed for both.
As those who have been on the list a long time know, TradeLab wasn't
initially to be a product with capabilities similar to Omega Research's
TradeStation and SuperCharts. It was a collection of add-on modules that
overcame limitations and enhanced the capabilities of TradeStation and
SuperCharts ("TS/SC").
The various charting modules merely had the ability to chart data. The 2D
price charting module was not a complete trading program similar to the
TS/SC charting program. It could be linked to TS/SC by means of an
interface module, so Easy Language indicators could be plotted into the
future. It could produce more plots on price charts than the TS/SC
charting program can and it could plot into the future. It was priced at
$100, because it was only a charting program. It was nearly ready for
release when first announced. That also was true of most of the other
modules.
We planned to eventually combine the modules into a complete trading
program . However, that was not planned until long after the TS/SC add-on
modules had been released and a lot more development work had been done.
The immediate reaction from traders was they wanted an alternative to
TradeStation and SuperCharts sooner, rather than later. We heard that
over and over from hundreds of people. It often was expressed in very
strong language. It was clear there was far more interest in that than in
the TS/SC add-on modules we had nearly ready for release.
Firms that listen to what customers want generally have the most success.
Even though most of the modules were nearly ready for release as add-on
products, we made a quick decision to change course and put our full
resources into development of a complete trading program, rather than into
finishing documentation for the existing modules.
We knew that would be a big job. We should have spent more time
estimating how big a job, but instead we went directly to work on it.
Traders were telling us what they wanted. However big the job was, we
decided to take it on. It was not only a big job, but we added things
traders asked for along the way that made it an even bigger job.
Our past products have been distributed through large companies that have
provided marketing, licensing, installation, and customer support. Some
have been huge with offices throughout the world. We haven't needed a
large user interface staff ourselves, because of their combined
capabilities. They have allowed us the luxury of remaining small.
We expected interest in the TS/SC add-on modules would grow gradually, so
customer interface capacity could be added gradually. Instead, interest
was overwhelming from the first announcement. It became even greater when
we decided to develop TradeLab into a complete program. We knew we would
have to deal with the customer interface capacity issue eventually.
However, we decided to stay focused on product development until the
software was nearly ready for release.
By July, the end seemed within sight, so we started to address the user
interface capacity issue. We were inquiring about additional office
space, exploring the use of an order fulfillment center, talking to a
marketing specialist, and other things, when we received a phone call from
a competitor wanting a meeting.
We explained we were very busy and concerned about taking time from
product development. They persisted. They expressed interest in
acquiring TradeLab . We were reluctant to even discuss such a thing,
because TradeLab wasn't developed for that purpose. However, we decided
to meet and satisfy our curiosity about what the offer would be.
After a series of phone calls, emails, meetings, and product
demonstrations during July, August and September, they made a substantial
offer. However, the offer was not sufficient. We told them so and left.
Telephone discussions about possible alternatives continued until a couple
weeks ago. A purchase agreement was not reached. Negotiations have ended.
Those discussions significantly delayed TradeLab development, because we
are a very small firm. A few people from a large company can engage in
discussions like that with little impact to other work. Where a company
only has a few employees, negotiations like that bring other work to a
halt.
This hasn't been explained until now, because both parties agreed to not
disclose they were involved in discussions with the other. That is why we
haven't identified the firm that made the offer.
Someone recently wrote this about TradeLab on the Omega List:
>... Once the charting module is released, and they overcome the initial
customer support demands of its release+support, I would expect the other
modules to be released in a much quicker fashion, since they should be
less code intensive.>
That was perceptive. The order fulfillment and customer support workload
following initial release will be high -- far too high for the
capabilities of our small firm. We are working toward solving that
problem while also working to finish the product and prepare for next
week's Visual Basic class .
Three established local firms have recently approached us about either
acquiring TradeLab or working cooperatively on some basis to provide
marketing, customer support, and on-going product development. One
learned about TradeLab from someone on this list. The others learned from
a mutual friend. Two of the firms have been developing and supplying
professional software for a long time. The other has a very successful
computer hardware manufacturing business.
Discussions with these firms are in early stages. The propositions are
interesting, but nothing has been decided. We are exploring other
possible ways of quickly attaining the capacity that will be needed to
meet customer needs when the product is released.
Software development continues to have high priority, because the product
is still not quite ready for release. That work continues every day
despite interruptions associated with somehow becoming prepared for a huge
customer interface workload.
Omega Research has 200 employees. We have a product that exceeds the
capabilities of TradeStation in important ways, but only a very small
software development staff. Our most difficult challenge at this point is
not finishing the software. It is our very small size. We need the order
fulfillment and user-interface capacity a product like that will require,
before it is released.
TradeLab Structure & Pricing
----------------------------
The present modules and their pricing were based upon use as TS/SC add-on
products. Neither the current module structure nor the module pricing
makes sense for a complete program. The 2D Charting Module and various
other modules don't exist anymore as they are described at our web site.
Price charting, indicator plotting, chart printing, graphic file viewing
and saving, the user program interface, and a variety of other
capabilities have been integrated into a complete program.
Optional add-on modules make sense for advanced capabilities some users
won't want, but it doesn't make sense to divide standard capabilities all
users will need into modules that must be ordered separately. It also
isn't feasible to charge the low fees set for modules with limited TS/SC
add-on capabilities now those capabilities have been expanded and combined
to include much more.
Because of that, there will be some changes. There will be two basic
versions of TradeLab. One will be a user-programmable end-of-day system.
The other will be an enhanced real-time version. It will be possible to
pay an upgrade fee to change from the end-of-day to the real-time version.
3D and 4D Plotting Modules, the Advanced Statistics Module, Matrix Math
Module, Wave Correlator Modules, Pattern Finder Modules, Maximum Entropy
Module, and various other modules will be available as add-on products for
either of those products.
New product descriptions are being prepared. License fees are still being
discussed. More information will be provided as decisions are made.
We want to assure those who have already licensed modules that have been
released, and those who have already ordered other modules that have been
incorporated into the complete products, that they will receive special
price concessions that will enable them to license the new programs at
fees near the combined module fees originally anticipated.
The VB Interface & the VB Class
-------------------------------
We expected TradeLab would be released before the class, but we
underestimated the work, added things that hadn't been planned, found
unexpected problems running under Win98, and spent time through the summer
negotiating with a competitor interested in buying the product.
The user program interface is being reworked to correct the Win98
problems. That is proceeding well, but the work isn't finished. More
documentation will have to be written after it is finished. Even if that
part was done, we need a much larger staff or an arrangement with a firm
that has a much larger staff to reasonably fulfill orders and support
customers before the product can be released. We know that will be
disappointing, but we have undertaken an enormous project. We are doing
the best we can.
The class announcement said:
"The course will start with the assumption that participants know nothing
about programming."
Because it will start with basic fundamentals, there will be a lot to
cover before TradeLab user programs are discussed. Not only that, but
there is much, much more to learn about Visual Basic than there is about
the TradeLab user program interface, which is very simple in comparison.
Because of that , most of the course will be about Visual Basic, rather
than about TradeLab.
I am not suggesting that the TradeLab interface portion will not be an
important part. It will be. I am only pointing out that most of the
course could be taught with or without TradeLab. TradeLab will be used in
the class, but the product is not ready for release.
We are looking forward to meeting those who are coming. Bob is an
experienced college professor. Those attending should be prepared for two
days of rigorous instruction.
Conclusion
----------
We have been doing our best to finish the product, prepare for high-volume
order fulfillment and customer support, and to prepare for the class. Our
schedule has been hectic. Bob has been working about 18 hours a day, 7
days a week, for months. That would be a tough schedule for anyone.
We realize many on the list have been patiently waiting for the release of
TradeLab and are disappointed they don't have their software yet.
However, the resources expended to develop TradeLab have been enormous and
more than originally planned. No one is more anxious to release the
product than we are. No one has more incentive to do so than we have.
Once again we would like to thank all of those who continue to support and
encourage us. We appreciate your continued cooperation and patience while
we work to give you exciting new trading tools and the support that will
be needed to use them.
--
-Doretta Smith
Scientific Approaches
doretta@xxxxxxxxxx
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