omnitrader?

This is a discussion on omnitrader? within the Trading Software forums, part of the Commercial category; I'm looking at using omnitrader. But I wanted to get an idea of other traders experiences with it. If you ...

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Old Dec 14, 2004, 11:08am   #1
 
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Question omnitrader?

I'm looking at using omnitrader.
But I wanted to get an idea of other traders experiences with it.

If you have used it for more than 6 months let me know .

Cheers
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Old Dec 14, 2004, 1:45pm   #2
Joined Aug 2003
I've used Omnitrader 2004 for almost a year now. It's a great product with large library of indicators and trading systems and I use it primarily to identify good trading candidates which it does very well. Some people put too much emphasis on blindly following the trading signals it generates, and tend to put the system down when the results don't pan out. However if you use it a a prospecting tool you will get better results.
Hope this helps
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Old Dec 15, 2004, 11:33am   #3
 
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I have just orderd the 2005 upgrade. Run a couple of scans a day which I have set up myself and it usually throws up some ideas, but can be a little early.
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Old Feb 15, 2005, 2:16pm   #4
 
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The trick (IMHO) is to adapt the profiles to the UK market. Therehas been criticism that it does not work, the posts do not indicate what profiles he (or she) has used.
As mojazz says, its a data mining tool and you must tell it what to look for then it will find it. It is not a majic box that is 100% perfect.
PS, I have found Chris at signal traders very helpful in giving profiles to customes as freebies.
No I am not aassociated with them.
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Old Jun 29, 2005, 9:38pm   #5
 
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Thumbs down OmniTrader is a waste of money!!!!!!!

Quote:
Originally Posted by maxout
I'm looking at using omnitrader.
But I wanted to get an idea of other traders experiences with it.

If you have used it for more than 6 months let me know .

Cheers

I'm a professional trader and I own Omnitrader 2005 Real Time edition. It is a piece of crap! The signals are never right. I have not made one penny with OT in the last 3 years!

Learn Technical Analysis and learn to trade. OT is a waste of money!
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Old Jun 30, 2005, 12:59am   #6
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Quote:
Originally Posted by Gators8385
I'm a professional trader and I own Omnitrader 2005 Real Time edition. It is a piece of crap! The signals are never right. I have not made one penny with OT in the last 3 years!

Learn Technical Analysis and learn to trade. OT is a waste of money!
Well that sums up the question in a nutshell
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Old Jun 30, 2005, 5:11am   #7
 
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The only inexperience I am subjecting anyone to is the inexperience of making any money with OT.

I have a degree in finance and worked for a fortune 100 company for 5 years out of college as a financial analyst.

I've done extensive studies with OT. I tracked OT trades for 3 years. I have bought all the plug-ins and I have compared the Pring KST, Volume, GMMA, Darvis and, the brand new, iTLB plug-ins. I have printed the daily and weekly charts, put them in binders, and, in my analysis, gone back months to years to analyze draw-downs associated with the less-than accurate signals generated by OT.

My experience is that if you trade with OT, be prepared for huge draw-downs followed by very large losses.

I, obviously, am not the only person that has recognized that this product is worthless. Look for used OT's for sale, they sell for anywhere from under one dollar to just having to pay for shipping costs!
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Thanks! The following members like this post: jeroen10
Old Jun 30, 2005, 8:54am   #8
 
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Well Well Gators8385, what has Omni done to you?
I could respect your opinion if there were not glaring contradictions in your post (which incidentally is also repeated on another thread).
For those who do not know what OT is they will not realise your contradictions so I will explain.

First the most important:
You state that OT is never right and then go on to say "Learn technical analysis". What is OT?
A tool that is as complex or simple as you want. To state that OT is crap is to state that tech analysis is crap.

OT is a data mining tool. You set up what you want and OT will find stocks that match that criteria. For example, some people want to analyse stocks where the 20 & 40 day moving average has crossed. Set that up in OT and it will list all stocks meeting that criteria. The more criteria you add, logically the less stocks will be returned.
If someone learns tech analysis how is he to find stocks that match his systems, trawl through thousands of charts every day? Of course not, he (sorry ladies, you are not excluded) needs a tool to enter his criteria and find those stocks that match the criteria.
That is all OT does, find stocks that meet any given criteria and also backtests those criteria.

You go on to say that you have used OT for 3 years and bought all the add ons, why? If something was such crap why did you pay for at least 2 upgrades and all those addons? I personally would not keep throwing money after something that did not work.
Did it never occur to you to call tech support and say simply "hey guys, this is not working". They almost certainly would have tried to guide you. Failing that why did you not ask for your money back?

Finally, you state that there are many dissatisfied OT users citing the number of copies for sale at ridiculous prices. On ebay there is 1, 2004 version at $150, there are a few on this site but all are pre 2005 versions, clearly people who have upgraded. BTW there are also an equivalent number of Metastock packages available!

Finally, as I have stated on these boards, I use OT end of day with profiles created by Signal Trades specifically for the UK market. It works for me. Why. Because I look carefully at the signals and use judgement prior to trading.
That is where we agree, to trade you need to know technical analysis. OT is not an black box, push the button and make money tool. Sadly that product is not yet available from anyone. We all need to apply judgement whatever tools we use to trade.
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Old Jun 30, 2005, 2:48pm   #9
 
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Well said.....
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Old Jun 30, 2005, 4:14pm   #10
 
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Buy TC2000 by Telnet, the software is free and it costs $30 per month for the data to run any scan you want on all the stocks, funds, sectors and indexes.

The reason I bought OT and the reason I have bought so many of their add-ons is for the engine and for the intraday candlestick recognition capability. I have a black box system that I have designed. Currently my swing system, my morning and afternoon breakout systems both work and make money EVERY day and the orders are automatically generate and executed! I am still working out the bugs in my day trade system, but when I am finished it will also make money every single day.

You can take a peek at my website that is still under construction -- www.ExtremeTradingSystems.com

The problem with OmniTrader is that they sell it to people touting their high percentage of successful trades. Then they cover themselves by saying, oh... it a data mining tool. You need to know what the product is supposed to do for you. I know a lot of people that either do not have the time to become Technical Analysts or are incapable. They pay thousand of dollars for a product that claims to give them buy and sell signals (see OTís brochures). The product should not give buy and sell signals if they are not correct. If it is a data mining program, then why doesn't it just give a true or false indication that it has met your criteria? If you look at their brochures, they talk about signal accuracy!

In good conscience, I could never recommend OT to anyone. If you are making money with it, good for you! I have binders full of charts printed from OT. I would be broke if I had followed OT signals.

Be careful because Nirvana, the company that makes OT, is trying to sell their Ultimate Trading System, ARM2 ($3500 US). They make outrageous claims about its accuracy also.

Think about this, if OT really did what Nirvana claims, why donít they allow it to generate itsí signals right into a direct access brokerage for automatic execution? I think the answer is obvious, it would be a disaster! People would lose all their money!
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