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Hello Patrick,
Saturday, January 22, 2000, 9:29:33 AM, you wrote:
PW> Comments Inline correcting oversights in PowerST product claims:
PW> <<In fact, I believe that PowerST is the **ONLY** product on the market
PW> which
PW> has the ability to program money management rules. >>
PW> OOPS! forgot one! TraderWare allows you to custom program any combination of
PW> entries and exits and any type of money management rules in a programming
PW> language called VB, instead of C++.
PW> <<+) Since PowerST also contains a full trading rules programming
PW> environment,
PW> it can work standalone (although, yes, this is currently limited to end of
day data).>>>
PW> TraderWare contains a full trading rules programming environment that works
PW> standalone, and can do tests on virtually any type of data you choose,
PW> including daily, hourly, intraday X minute, intraday X tick, X Second. In
PW> addition you can test your systems by themselves, or you can display them on
PW> charts, program them to trigger alerts in the alert window, etc.
PW> <<so you will never be able to get away from export/import.>>
PW> TW allows you to test on data that you store in UMDS, or data that you
PW> request from Quote.com without doing any import / export. You can also
PW> program it to read data from a text file, or to get data from the internet
PW> and use that data to test your systems off from.
PW> <<Especially when getting into actual trading, traders seem to want as much
PW> automation as possible, which PowerST is very good at with the ability to
PW> define portfolios of markets and generate trade signals for portfolios of
markets. >>>
PW> Indeed traders want automation, which is why TraderWare allows you to test
PW> baskets of securities and baskets of symbols just by making a couple of
PW> clicks. TW also comes with a built-in portfolio tool which can be set to
PW> automatically create a single portfolio equity curve from the combined
PW> entries and exits of the individual systems, or to create individual equity
PW> curves from the system results of each system on each symbol! In other words
PW> you could test Dell, IBM and INTC on 5 separate systems and create a
PW> combined equity curve, or create individual equity curves. Of course you
PW> will need Excel 97 or higher to use this capability.
PW> <<In a program which is only an add-on, export/import will be an
PW> inconvenience forever.>>
PW> That is too bad. There is no such inconvenience with TW.
PW> <<Also, in addition to historical testing of money management strategies,
PW> PowerST provides position sizes for new trades. >>
PW> This is a nice capability. Custom position sizing and MM strategies could be
PW> programmed into TW.
PW> <<+) You also have to evaluate the quality of the product in general.>>
PW> This is definitely needed for new products. You can download a fully
PW> functional TW demo off the TW web site.
PW> <<The thing I can say as a fact is that some current PowerST users did
PW> extensive marketplace searches of other products, and ended up choosing
PW> PowerST for it's money management capabilities.>>
PW> This may be true, but it is also true that at the time they did their
PW> searches, TW was not publicly available.
PW> <<PowerST is only a replacement for the **system testing** features of
PW> TradeStation. And at this time it is only a replacement for the system
PW> testing features of TradeStation for EOD data.>>
PW> TW is currently a replacement for the entire TS platform, including system
PW> testing on EOD and intraday data.
PW> <<Let me also note that PowerST is not simply a **replacement** for the
PW> system
PW> testing features of TradeStation. It has some important system testing
PW> features beyond what the TradeStation offers. For example, the ability to
PW> test against actual commodity contracts processing rollovers as would be
PW> done
in actual trading.>>>
PW> This is a nice feature. It is not built into the current TW, but could be
PW> programmed in since TW contains an industry standard programming language,
PW> VB.
PW> <<Also, control over the accuracy of trade execution in
PW> PowerST is more advanced than TradeStation.>>
PW> Likewise for TW.
PW> <<No other software offers the portfolio money management testing
PW> capabilities
of PowerST.>>>
PW> There are some nice built in features in PowerST that aren't found in other
PW> programs, including TW. TraderWare does allow you to custom program them in
PW> so if you really want or need these custom money management capabilities you
PW> can be a do it yourself-er and include it in with your systems. I have no
PW> doubts that some 3rd party application will come along to fill this need (if
PW> it really is demanded) in the future with TW. What cannot be done in TW
PW> currently can be programmed in VB and integrated into TW - I don't know how
PW> it works with PowerST - if it allows for add on modules or to what extent
PW> the custom programming capability can extend the current product by creating
PW> custom features not found in the shipping product. TW allows custom VB
PW> programming while PowerST allows custom C++ programming.
PW> The bottom line difference is that TW is a complete trading platform, while
PW> PowerST is a complete EOD system testing platform. IOU, TraderWare is the
PW> whole enchilada.
PW> Which would you rather learn, Visual Basic, or the more arcane C++?
PW> (assuming you don't already know either of these programming languages)
PW> Also, TW is shipping for about $2,400, while PowerST comes in at $5,000
PW> (more bang for the buck). I didn't see a money back guarantee on the PowerST
PW> site.
PW> Patrick White
--
Best regards,
Mark Brown mailto:markbrown@xxxxxxxxxxxxx
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