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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Joined Dec 2004
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
maxout is offline   Reply With Quote
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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Joined Jun 2005
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
Joined Feb 2005
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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Never argue with an Expert - they drag you down to their level - then subject you to their inexperience.
commanderco is offline   Reply With Quote
Old Jun 30, 2005, 5:11am   #7
 
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Joined Jun 2005
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!
Gators8385 is offline   Reply With Quote
Thanks! The following members like this post: jeroen10
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