ScottCo

My apologies for the length of this post... I'm an ex IT guy (HA systems mostly), current business owner, and long-time fledgling position trader that has not traded for a long time and I am looking for a cost-effective set of tools for trading. I am completely blown away by the options and permutations of options you have with regard to software trading tools. I have older versions of neuroshell, metastock, and omnitrader. I have also tried tradestation, tc2000, and others. Anyway, I thought it would be nice to hear what tools others prefer to use (or would suggest).

Here are a few questions regarding this topic from an IT perspective:

1. Should you really use your broker's provided software for analysis? What happens if you decide you want to switch brokers? Must you learn a whole new package or are they kind of standardized?

2. If you do use an independent software package (eg metastock), should it not be capable of trading in any market and interacting with just about any broker AND have all kinds of functionality like an interpreted programming language like tradestation? ( I really hate that you have to buy a stocks version, a futures version, a real-time version, a forex version etc of some packages)!

3. In my case, I am looking for an all-in-one tool that can trade any market eod or real-time, that is reliable, highly customizable/programmable that I won't have to spend big bucks on upfront or over time, is platform independent and can be accessed from anywhere/anytime, is regularly updated, is easily setup and learned but won't be out of fashion a few years from now. Why can't I have such a thing? (Whining)

4. Besides plain old ASCII text data files, is there another standard out there? It used to be that metastock was widely supported. Was that abandoned? Am I painting myself into a corner by picking one data standard or is this not a big deal?

5. Once you pick your package, aren't you kind of married to it? What happens if you are carrying 100 S&P and your software chokes (not sure I would know how to talk with tech support under these conditions)?

6. It seems to me that the software issue is a critical one that does matter and failure to acknowledge that will likely result in discomfort? Why does this issue not get the same attention as how to draw a trendline!

Please speak your mind freely and hold nothing back... and don't get me started about hardware!

-o0(GoldTrader)0o-

Sounds like you want an all in one. It seems to me research needs to be separate from anything that has to do with a Broker. For my purposes it needs to be online. Hassling with data is well, a Hassel!

Ektrader

All of the things you are looking for is what I was looking for when I stareted. In the end, I chose Thinkorswim.

Thinkorswim is by know means perfect(I haven't seen a package that is) but in my opinion, it's the best-all-around. They are slightly more expensive then discount brokers, but the charting package, and (which is amongst the best in the business) live data feeds for just about everything are free. Also, they pay you a monthly $40 credit if you make more than "x" amount of trades. I also like the convenience of having the charts linked to my accounts in real time for easier accounting. There are a few platforms that I think are better in someways but not for the price. TOS is the best deal. IMO

Ektrader

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For LIVE Trades, setups, market insight, and other interesting stuff. Visit my video blog:"The MIXTAPE"

ScottCo

I really appreciate it. A couple quick questions:

Relating to data: Is it pretty easy to export data to other packages? How far back does their data go? Can I, in effect, download historical data for my other systems?

Reliability: Have you had any trouble with reliability? I mean is the software stable and the feed service 24/7 available with no outages?

Support: Any trouble getting capable support when needed?

Thanks again!

trendisyourfriend

ScottCo you may want to check this platform also :

Track 'n Trade Futures, Forex, Commodities and Stocks Trading Software Platforms.

Sometimes, having more choices is better than just an opinion.

__________________
Your success will depend on making as much as you can when you are right, and losing as little as possible when you are wrong (and you WILL be wrong!).

ScottCo

There do seem to be some cool features and the eod price looks reasonable. I guess I just want everything in one tool. Tell me more about this product if you care to. Are you using one of their "bundles" or do you just use one piece? If you are using a bundle, does it all integrate together well? Is it all shelfware or do you really use it all?

Ok, maybe I'm being too tactful about this because I really do appreciate your response but I'm thinking this is one of those products where you have to just keep buying more software more quotes, upgrade annually and repeat (plus learn more techy stuff which is cool but, I dunno)?

I would like to be able to focus on trading rather than installing software and making sure all the pieces hold up. I'm probably spinning my wheels on this topic and maybe the only question to ask regarding this topic is:
With which software do you make the most money? (Unless things have really changed, 4xmadeEasy.com is not an answer).

Thanks again!

trendisyourfriend

This platform can't be used in Canada where i am located. The same is true with ThinkOrSwim. Both are not regulated in Canada. I prefer to stick to broker independant platforms such as NinjaTrader. If you need to develop a tool it is much easier to find help or someone to do it for you using NT than using a proprietary platform.

__________________
Your success will depend on making as much as you can when you are right, and losing as little as possible when you are wrong (and you WILL be wrong!).

Ektrader

For some reason there are guys that prefer to "keep it all seperate!!" as if there broker is trying to rip them off or something, but it's more paranoia than reality(I don't mean you Trend). It's much easier on life to have it all linked, and a pain in the ass when it's all seperate. JMO. I've done both!

I respect Trends opinion, But I prefer using the TOS platform mainly because it's a great platform, not just because it's my brokers platform. Also, there are many programmers that write code for TOS and there are several on the internet for free. (you just have to do a search and they pop up all over the place)TOS has a pretty good following.

As far as exporting data to other sysytems. I don't know, I haven't tried. As far as reliability, I've only had a problem once or twice and they fixed it pretty quickly. Support used to be a little suspect but it has gotten better since being taken over by TD Amertrade.

Ektrader

__________________
First you will hate it, then you will debate it, but eventually you will know it as truth!.
For LIVE Trades, setups, market insight, and other interesting stuff. Visit my video blog:"The MIXTAPE"

ScottCo

The only reason I would cobble together a collection of mismatched tools is because each has some functionality that I think I am looking for. I suppose that ideally I should want a software that helps:

Locate the one trade in twenty million that makes money.
Set appropriate entry and exit points.
Avoid making stupid trades and helps me learn.

To me, the ideal software for trading:
Doesn't cost more than the money I make with it.
Is reliable, mobile, and relatively automatic

TOS would meet these requirements I suppose. I'll try it and post again...

Thanks

trendisyourfriend

You may also want to check these two:

TickQuest Inc. NeoTicker(R) - Professional Traders & Analysts

AmiBroker - Technical Analysis Software. Charting, Backtesting, Scanning of stocks, futures, mutual funds, forex (currencies). Alerts. Free quotes.

By far Amibroker is the platform that loads the fastest of all platforms and take the less memory.

__________________
Your success will depend on making as much as you can when you are right, and losing as little as possible when you are wrong (and you WILL be wrong!).