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<DIV><FONT size=2></FONT><FONT color=#000000 size=2>Sorry if this is a
repost.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT size=2>Does anyone have any good recommendations for a book on
advanced portfolio management. I have a well rounded portfolio and am
looking to optimize and adjust allocation between different markets and various
correlations. I a prefer a book with a strong mathematical and application
background, not just the basics.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>I am considering The Mathematics of Money
Management by Vince</FONT></DIV>
<DIV><FONT size=2>Thanks for the help </FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Mike Clark<BR><A
href="mailto:clarkmj@xxxxxxxxxx";>clarkmj@xxxxxxxxxx</A></FONT></DIV></DIV></BODY></HTML>
</x-html>From ???@??? Wed Apr 08 21:10:40 1998
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Date: Thu, 9 Apr 1998 13:45:00 +1000
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Sender: owner-realtraders@xxxxxxxxxxxxxx
From: "Pugsley, Craig" <CPugsley@xxxxxxxxxxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: RE: [misc] RE: Help me choose trading software
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Hi (again!)
I forgot to mail the results of my search..
Sorry if this is boring to those experienced traders out there, but I
received several requests from other new traders to summarise my
findings.
Essentially it seems that the choice of package is highly dependant on
what you are trying to do.
The packages I've investigated are Metastock, Omnitrader, Supercharts,
Tradestation, AIQ, Advanced GET
Other packages people recommended but I haven't checked out (yet) are
TC2000, TradeAdvisor, Windows on Wall Street
Disclaimer: All opinions (be they correct or incorrect) about software I
have expressed are my own impressions from reading about the software
and private email messages I have been sent. I have very little direct
user experience with these packages, and this is not an extensive review
of all packages available or all the features or optional extras. This
is not a recommendation by me to do anything.
------------------------
For me, as a beginning trader prepared to spend a reasonable amount of
money, it seems that Metastock is the best choice, principally because
of the wide user community which is generally happy with the package.
However, as Omnitrader is available as a bundle with Metastock for only
a few hundred dollars more (From Nirvana or Anderson's software) I may
choose to buy the two packages and use Omnitrader as a filter to
identify tradeable stocks, then use Metastock to do the Analysis.
Once I have made some money I will look again at AIQ/Advanced
GET/Tradestation - but at the moment these are too advanced (and
expensive) for my current level of understanding.
I have also found that use of these packages should be tempered with the
knowledge that there is no such thing as the "Holy Grail" in trading - a
trading system that is right all the time or will always generate
maximum profit - however it is quite possible to make profits IF you
have a consistent approach and use appropriate risk control (ie stop
loss sells), money management and self discipline.
In fact, I have been reading an excellent series of books by Mr Daryl
Guppy which is written in a no B.S. style by a trader who consistently
makes 60-100+% return per annum trading stocks using understandable
techniques (eg point and figure, countback lines) and one of the most
important parts of trading is the risk control/money management/self
discipline/understanding the psychology of the market and yourself.
While they're written by an Australian, the techniques he describes are
generally applicable to any market. It's very good reading about a
Technical Analysis/buy and sell approach that seems to work.
http://www.ozemail.com.au/~guppy
------------------------
Metastock is a highly flexible toolbox that has plenty of inbuilt
indicators and a relatively powerful language for writing your own.
Metastock, it seems, is more of a framework for developing and using
your own trading techniques. Like Omnitrader it can be used
"Mechanically". Most people who emailed me were happy with Metastock.
Metastock is an end of day package, although it can be tweaked for
intraday ("real time") and a separate Real Time DOS based Metastock is
available
Omnitrader is highly "mechanical" ie it's a "pre-set" trading system
although it does fully explain all of it's indicators and why they are
used. It does not allow you to write your own indicators. Several people
emailed me and said that the trading signals generated by Omnitrader
were not usually useful, however I did get another message from someone
who is a full time trader and uses omnitrader as their primary trading
package. I have also read that Omnitrader may be useful as a primary
filter for identifying tradeable stocks, then use other packages to do
detailed analysis. Omnitrader is an end of day package.
Supercharts is Omega Researches' competitor to Metastock. It seems that
in some areas it is better than Metastock but based on current software
revisions Metastock has the edge, but Tradestation is a beefed up
Supercharts so there could be less of a learning curve to upgrade later.
Tradestation is another step above Supercharts/Metastock in that it is a
highly flexible toolbox with an even more powerful indicator language.
It is a real time package
AIQ seems to be a little bit like Omnitrader - in that it's a mechanical
system. However a number of people said they had used both and found AIQ
to be much better and some of the indicators are based on Neural
Networks. AIQ has a FULLY FUNCTIONAL version of the charting part of
their package available on their web site, which I have played around
with for a few days. It's great for a free package, but the data MUST be
in AIQ format.
Advanced GET (GET=Gann, Elliot Trader) is a more specialised package
that concentrates on Gann and Elliot waves. From what I can determine
these are mainly used for trading commodities (wheat, soybeans, pork
bellies etc). Several people said they were very happy with this
package, although for me as a beginning trader it seemed a bit too
advanced. I'm told that their tutorial videos about Technical Analysis
are worth buying even it you don't buy the package.
------------------------
As I said before, these are my own opinions and I have no experience as
a trader yet.
However this may be useful as initial information to other newbies (like
myself) looking at getting into Technical Analysis, and trading.
Cheers,
Craig.
CPugsley@xxxxxxxxxxxxxxxxxx
http://www.3rotor.com/rotary/INVEST.HTM
----------
>From: Pugsley, Craig
>To: RealTraders Discussion Group
>Subject: [misc] RE: Help me choose trading software
>Date: Wednesday, 8 April 1998 2:37PM
>
>
>Hi there,
>I posted a message last week asking about share trading software
>(Metastock vs Omnitrader etc).
>I was overwhelmed with over 20 messages, many of which offered their
>experience about various traps and pitfalls for new traders, along with
>other software alternatives.
>
>Thanks RT'ers, I was pleasantly surprised.
>Cheers,
>Craig.
>CPugsley@xxxxxxxxxxxxxxxxxx
>http://www.3rotor.com/rotary/INVEST.HTM
>
>PS does anyone know of a freeware/shareware utility to convert ASCII
>price data into AIQ format? I want to evaluate their market expert
>software with some historical (Australian) data that I have.
> ----------
>>From: Pugsley, Craig
>>To: RealTraders Discussion Group
>>Subject: Help me choose trading software
>>Date: Tuesday, 31 March 1998 10:17AM
>>
>>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.
>
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