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that's right.
using real-time scanner can certainly help a lot in trading
but is only a part of the ultimate solution which is a combination
of a real time scanner and system like capabilities.
stock trading is lot of stock selection. sometimes more
than half of it.
the consensus is that the best stock scanning app is
insight but even it has limited in its capabilities.
it does not tell you for instance when to buy and when to sell
although it will tell you what to buy and what to sell.
so going from fully systematic to semi systematic is a step
backwards. but the reason is that it's very hard to program
a good system and not many can accomplish the task. so
many traders are not up to the task and their current stage in
the evolution is a step down... compared to those who have
been able to harness the full power of tradestation.
currently tradestation is positioned FAR AHEAD OF THE CURVE.
this is an advantage and a drawback at the same time.
right now about 90% of all retail traders are discretionary with
about 5 % of those with semi discretionary approach ( those
who use insight type products ) and only a small minority of traders
who can do easy language and utilize fully systematic approach.
so as far as tradestation's system capability... only a minority
of traders can utilize that capability. the rest are not so technologically
ahead of the rest of the crowd. let's face it not only do you have
to be a programmer you also have to know trading and math to be able
to come up with a good trading system... and you have to be darn smart
to pull it off... on top of that the market can still
be successfully traded with discretion... still... but it's getting harder
and
harder...
this is not the fault of those who designed tradestation...
IT'S JUST this product is still well ahead of its time...
however it's right where it should be... on the edge of current technology.
as trading will evolve it will demand from traders to be smarter and
smarter...
i'd say discretionary trading will fade away into minority in maybe 30-50
years altogether.
the problem with tradestation is that while its system capability is right
on
the edge, the rest of it is far behind the curve...
currently the retail market demands charts, L2 box, smart execution,
a good market scanner... that's about it. system capability is still far
advanced for an average stock trader...
now in view of that if you look at tradestation they are working in the
right direction... but still...
no fast real-time scanner, no executions as of yet, no options... etc...
not up to the *current standard... *but let's say in a way a bit ahead
in terms of having the system capability...
they tried adding real time scanner ( Radar Screen ) but still it was
limited to only the symbols in your current portfolio and was not too
fast... but the concept itself is brilliant...
but given enough time and expertise i sure think they can do it.
still the best rapid system prototyping platform.
what can make me happy as far as tradestation is this:
- add a real time scanner similar to insight ( about 1000 symbols will do )
or at least an EOD scanner like bigeasy or tc2000.
- add futures, forex, options ( expand data coverage )
- add automated executions ( they are working on it )
- add porfolio managment tools...
- offer good commission schedule ( that's where they really can foul it up
if they get too greedy )
- add some advanced features like global variables ( we've been begging for
years for those )
- open up the platform and allow custom platform
modifications... lock up the important code and unlock the rest ... ( not
likely )
- design it to work on more than 10 symbols... ( faster platform )
that's it do that and it's a done deal... in that case it's a standard and
in terms of the
system capability and autoexecutions it's better than a standard...
that's about all that i would need and what will bring it
up to the current standard and beyond.
as i remember i sent them an email with about 10 pages
worth of features and suggestions.
so i suggest that you guys stop bashing them and instead work around your
problems
for now and send them a message about how you would want the product
improved to:
TradeStationProWishList@xxxxxxxxxxxxxxxx
the main thing is that it has pretty good system design capability and now
together
with clean data on demand it makes it good combination for systematic
traders...
let's give them some time and i think they can pull if off. i sure want this
product
to survive and grow because i depend on it... at this stage :-) until i get
rich enough
to hire several programmers to design a custom platform...
bilo.
no affiliation.
----- Original Message -----
From: M. Simms <prosys@xxxxxxxxxxxxxxxx>
To: Chad <canutek@xxxxxxxx>; <stiglich@xxxxxxxxxxx>; <omega-list@xxxxxxxxxx>
Sent: Sunday, February 11, 2001 5:20 PM
Subject: RE: Advice on TradeStation Pro (OnLine)
> Wait a minute....re: method is changing....less systems oriented...
> according to a recent BiLo post, you are moving in the OPPOSITE direction
of
> the remaining sophisticated, technical traders ;)
>
> Wow, that's a lot of negatives for Tradestation Pro !!
>
>
> > -----Original Message-----
> > From: Chad [mailto:canutek@xxxxxxxx]
> > Sent: Sunday, February 11, 2001 7:53 AM
> > To: stiglich@xxxxxxxxxxx; omega-list@xxxxxxxxxx
> > Subject: Re: Advice on TradeStation Pro (OnLine)
> >
> >
> > My trazding method is changing. I've become less systems
> > oriented and more
> > discretionary. Using realtime scans of the stock universe to help
> > determine
> > momentum plays/and "quickly developing" situations. One of the
> > reasons for
> > the change is trading is my 100% avocation now. I don't know how
> > long this
> > will last but it's profitable now.
> >
> > Speaking of profits Pro Suite or TS pro do not have a canned real time
> > profit reporting, summary component ( no on-the-fly reporting...you need
> > formal strategy entry technique). Real Tic III does...along with
> > real time
> > order entry. They also have real time options..TS pro doesn't (they say
> > they will in the future but.....)
> >
> > Big deal is RT III, is broker affiliated fo that you can get REAL TIME
> > EQUITY,INDEX,AND OPTION QUOTES FOR FREE (with a minimum no. of
trades/mo
> > (in small print here))
> >
> > Still I miss the easy (canned) realtime alerts on trendlines and
> > indicators
> > of TS Pro.
> >
> > See attached for my other comments on TS Pro .
> >
> > By the way I am still subscribed to TS Pro/PC quote(for the
> > sometimes active
> > ProSuite module) and have not permanently moved to RT III yet, but,I
will.
> > I'm in transition now and will miss the Option Station package now that
it
> > finally works. Will also miss how my hands can fly over the OR scene
and
> > will work through the (for now) hunt and peck RT III learning curve.
> >
> > Good Luck
> >
> > Chad
> > ----- Original Message -----
> > From: "George Stiglich" <stiglich@xxxxxxxxxxx>
> > To: <omega-list@xxxxxxxxxx>
> > Sent: Friday, February 09, 2001 5:23 PM
> > Subject: Advice on TradeStation Pro (OnLine)
> >
> >
> > > Looking for advice on switching to TS Pro, the new online product from
> > > Omega.
> > >
> > > I am sure there has been lot's of posting in the past, but I just
found
> > > this valuable posting site and would benefit (and appreciate) from
your
> > > experience.
> > >
> > > I have been using TS2000i for two years and mostly focus on EOD with
> > > extensive system development and testing. Would like to sometimes use
> > > intra-day trading, with my own indicators/systems. Is TS Pro a good
> > > product/service? Are users happy? What have been the problems? Is it a
> > real
> > > replacement for pro Suite & TS2000i.
> > >
> > > In advance . . . Thanks
> > >
> > >
> > > George Stiglich
> > > Dallas, TX)
> > >
> >
>
>
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