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As Alex was kind enough to answer and clarify, WL can be used for RT
trading. In fact there are two additional tools that allow you to monitor
your systems with many symbols in one screen without opening up many chart
windows in real time. One is the QuoteManager which is waiting for your stop
or limit prices to be triggered and which sorts by "closest to the price"
and the other one is the RealTime Scanner which updates the system every X
minutes on a list of symbols and generates trades based on the criteria
associated with.
But I am sure TS offers similar tools for free too. ;)
Regards,
Volker Knapp
(www.wealth-lab.com)
-----Original Message-----
From: unicorn@xxxxxxxxx [mailto:unicorn@xxxxxxxxx] On Behalf Of Alex
Matulich
Sent: Sunday, February 06, 2005 6:05 PM
To: omega-list@xxxxxxxxxx
Cc: budiali@xxxxxxxxxxxxxxxxxx
Subject: Re: TradersStudio?
>> 1. Some key features are still lacking, such as the ability to
>> update on every tick. TS doesn't do this for strategies either, but
>> will at least do it for indicators. This is mandatory. Lack of
>> this feature makes WL of limited usefulness for real-time trading.
>
>Can somebody else explain about point no.1, is it true that WL can't
>be use for realtime trading ?
Maybe I should clarify.
If your real time trading requires indicators to be updated only
at the close of each bar, then WL will work fine. I know of
some realtime strategies that make a decision based on the last
few closed bars and then place limit or stop orders that will be
executed later. That should work fine with WL, provided stop and
limit orders are accounted for intra-bar when they're hit.
Other strategies require place stop orders or limit orders based
on an indicator value, not on price. Say, if a 13-bar RSI touches
88.5% then execute an order immediately. You can't wait until a bar
closes because then it would be too late. You need the indicator
updated in real time, tick by tick. WealthLab cannot do this.
TradeStation can. NEITHER program can be programmed to trade such
a system mechanically (because strategies don't update every tick,
only indicators), but at least with TS you can watch the indicator
with your finger on the order trigger. I know one mind bogglingly
successful trader who trades this way.
--
,|___ Alex Matulich -- alex@xxxxxxxxxxxxxx
// +__> Director of Research and Development
// \
// __) Unicorn Research Corporation -- http://unicorn.us.com
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