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This is a continuation, or amplification, to a message I [sent /
posted] on Tuesday, January 15, 2002.
I have received numerous requests for a follow-up on my offer to
enumerate the shortcomings of TradeStation 6. Below is a partial list of
these opinions. notice that no matter how emphatically my tone may express
them, these are merely my opinions, and as such, may be flawed. they
definitely may be disbelieved.
Comparison of Features Between 2000i and TS6:
#01) 2000i Supports multiple sources of data
Allows the user, not Omega, to choose who to purchase their data
from. It also allows the professional trader to have a back-up data
feed(s) [what we affectionately call due-diligence], hopefully redundant
systems.
This "feature" was not even an oversight. Not a "Watch this space",
"To be implemented soon". This was a design decision!
#02) 2000i Supports third party data
Some types of trading, and especially system development on Futures,
require that the trader use synthetic symbols, or continuous contracts.
Many traders have purchased extensive libraries of historical data.
#03) 2000i has the ability to load nearly unlimited amount of data
TradeStation 4 had a 16-bit memory model and was admittedly limited in
the about of data it could load.
2000i brought in a new age with the 32-bit memory model. Virtually
unlimited memory! For Charts, for EasyLanguage code, etc...
With TS6 you are limited to the amount of data you can load, and you
are dependent on the Internet hops between you and their servers for the
speed of delivery - the ability to "pump up" your system and control the
bottle necks has been removed.
#04) TS6 lacks sufficient Intraday data for system testing
TS6 just does not have enough data available for development and any
sort of reliable testing of Intraday trading systems.
#05) [ChartScanner / AutoAnalyst / Analysis Commentary] - Not
implemented in TS6
One of the great leaps forward, implemented after extensive user
surveys, was the [ChartScanner / AutoAnalyst / Analysis Commentary]
feature. It allowed, among other things, the user to perform end of day
scans to select viable trading opportunities for the next day. It also has
been applied in dozens (at least) of other ways, from report generation to
trading automation.
I understand WHY it is not implemented. Imagine if one client were to
request data for testing on 5000 symbols at 5pm. What would this do to the
load on Omega's servers? Now imagine 100, 1000 or (heaven forbid they
should be so lucky!) 10,000 users doing it at the same time? It could
bring the very Internet to it's proverbial knees.
But, HOW can you call this a "better", "more advanced" trading
platform, and leave out one of the key features, implemented after
surveying the very users you claim to be servicing?
#06) Symbol Lists for Charts - Not implemented in TS6
One of the great features, useful for tracking a portfolio, visually
scanning for developing trading opportunities, and intimately tied into
Item #05 above, was the ability to click "next symbol" and step through a
list of stocks.
#07) RadarScreen - Not implemented in TS6
One of the major enhancements to 2000i was the RadarScreen that
allowed the user to place custom studies inside a Quote Window. Granted,
it was not the most seamless implementation. It was very memory and
processor intensive. But it worked. And clients had developed, after
investing countless hours and innumerable dollars, trading and scanning
methodologies that they depend on.
#08) Backward compatibility of EasyLanguage Export
TS6 is totally unusable by any system developer due to the fact that
you are unable to transfer code out which is readable by 2000i, let alone
users of TS4 (of whom I still have many).
Note: Omega had not even completed the process of winning over their
client base to 2000i before the soured the waters even further by
effectively abandoning the customers who shelled out big buck for the upgrade.
#09) Total abandonment of Solution Providers
With their change in market strategy / mode of operation /
whatever-they-want-to-call-it they [Omega] have totally left the dozens or
hundreds of Solution Providers who make all or a majority of their income
by supporting Omega's clients out in the cold. We committed our resources,
dedicated our livelihood to helping Omega become the premier Trading and
System Development Platform for the industry. And they abandoned us.
#10) Stock Price Chart
Look at a price chart of Omega ("TradeStation Technologies" : TRAD)
and see if you think their business model was correct? I can tell you that
my monthly statement gives me the opposite impression! And could this have
been avoided? Could any of us advised them that the route they chose was
fraught with danger. I think so!
If they were determined to pursue the Brokerage business, and I
personally think this was a good idea if implemented correctly, they could
have created a new corporate entity, and good old Omega would licensed the
software to that entity, contract to provide technical support, etc. The
best of both worlds.
Note: Several of the points listed above, in a variety of
combinations, disallow TS6 for use by most professional traders. I do not
believe that anyone managing money can use a product that only supports one
data feed, for Due-Diligence reasons if none other.
It is interesting that [the majority of] my criticism of 2000i (and
the number there is staggering) go unmentioned, being paled so by my
dissatisfaction with TS6!
So, what time is it? It is time for a TradeStation-Killer Application
to come out, Omega having retired from the arena, leaving an obvious
void. The timing is right. I keep hearing rumors. People keep making
noises. But none has come out that impresses me. Prove me wrong, please!
At least that is the world according to Samuel K. Tennis...
Yours truly,
Samuel
Remember - eMail is for the benefit of the sender.
Samuel K. Tennis Vista-Research
129 Staff Drive, NE voice: 1(850) 243-5105
Ft. Walton Beach, FL 32548 fax: 1(850) 301-2884
<SKTennis@xxxxxxxxxxxxxxxxxx> <http://www.vista-research.com>
***** EasyLanguage Spoken Here *****
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