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Hi there RT'ers,
I'm trying to pick between buying Omnitrader and Metastock.
Basically, I am trying to learn technical analysis for trading the
markets (I know next to nothing at the moment).
I'd like to be in a position where in 3-6 months I'm confident enough to
start ploughing most of my disposable income into trading.
I intend to use these tools to identify stocks for further analysis -
I'm not looking for a "Holy Grail" automatic system, but I also don't
know enough about TA yet to do it myself - hence considering Omnitrader.
>From what I have seen, here are the advantages and disadvantages of
both:
Metastock
Advantages: Highly flexible toolkit, reasonably easy to use, Active user
community for peer support
Disadvantage: Need to be familiar with technical analysis before you can
use it properly
Omnitrader
Advantages: Self optomising, but fixed, set of indicators that generate
an overall buy/sell/hold signal. Analysis provides "at a glance" summary
of portfolio. Has the potential
Disadvantage: You cannot write your own indicators or add other
indicators. Less charting tools. Self optomised buy/sell signals not as
good as an experienced technical analyst's trades. Mailing list is a
little quiet.
It seems to me that Omnitrader might be a good choice to get started and
familiar with the market and Metastock would be better for testing
trading systems once I understand more about T.A.
Even Nirvana, the makers of Omnitrader, acknowledge that Metastock is
better for system testing.
My questions:
*Are there any automatic system generation tools (ie that automatically
write backtested formulas) for Metastock from either Equis or others?
*If not, are there likely to be in the near future?
*What would be the best way to learn to write indicators for metastock?
*How long would it take to be proficient in this?
*Is omnitrader likely to add extra charting features, or the ability to
write your own indicators in the near future?
*Any other comments about omnitrader? Is this worthwhile or would time
spent on it be better ploughed into Metastock?
Cheers,
Craig
CPugsley@xxxxxxxxxxxxxxxxxx
http://www.3rotor.com/rotary/INVEST.HTM
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