OmniTrader - Is it worth the money?

[sylvester262]

Does anyone here have experience of OmniTrader?

I like the look of the Real Time Edition, and the 2005 version is about to be released, but is it worth the £550?

How good are the signals? Is it as straight-forward to use as their website makes out?

 

[DaveJB]

Aren't there reviews of OT?
I considered adding it to my collection - I ought to add that I have a few programs, many of which I don't use for trading... I like to see how they do stuff. I tried OT a couple of years (maybe 3) ago and it's basically a program that you might like a lot, and you might dislike it a lot - the trial period was 60 days I seem to recall when I tried it, and Paritech were no problem getting a refund from when I gave up on it.

2005 version - it's been advertised well ahead of release, that annoyed me as I seriously considered having another play with it, there are bits of it I could probably use for odd jobs these days. What really bugged me is the amount of extras you pay for - having made a big thing about the '7 chart patterns' it can find, why isn't that in the basic program? If it now is then excuse me - but I distrust programs that have too many expensive extras... if the basic program is good, then who needs extras, if the basic program isn't any good then why buy it?
(Is that too logical?)
Dave

 

[mongo]

Aren't there reviews of OT?
I considered adding it to my collection - I ought to add that I have a few programs, many of which I don't use for trading... I like to see how they do stuff. I tried OT a couple of years (maybe 3) ago and it's basically a program that you might like a lot, and you might dislike it a lot - the trial period was 60 days I seem to recall when I tried it, and Paritech were no problem getting a refund from when I gave up on it.

2005 version - it's been advertised well ahead of release, that annoyed me as I seriously considered having another play with it, there are bits of it I could probably use for odd jobs these days. What really bugged me is the amount of extras you pay for - having made a big thing about the '7 chart patterns' it can find, why isn't that in the basic program? If it now is then excuse me - but I distrust programs that have too many expensive extras... if the basic program is good, then who needs extras, if the basic program isn't any good then why buy it?
(Is that too logical?)
Dave

Go Gecko...check it out!

 

[mofo]

I tried omnitrader for a while (not the latest ed) & personally found it way too complex to be of any practical use to me personally, even just setting it up. Overall, didn't like it meself , but if you like zillions of complex signals, have a look

 

[DaveJB]

Okay,
I get loads of promo stuff about it, and I don't think it's that complex really (although I do accept you can make it so). You can load up your universe of stocks, run a preset scan, and that's your list of trades sorted... the more I see of systems that do this, or books that include endless chapters full of trading signals (all of which work, but that is very different to saying they will all make you money) the more I know it's not the signal that counts, it's a combination of how you trade it, and how much slippage you have to deal with.

I think, overall, Omnitrader offers people enough to make a profit - because it provides entry signals, but they are a very small factor in making a profit... and this is a lesson I doubtless read 5 years ago and ignored. Give me no trading costs and I'll religiously exit on a 1pt reversal and let the rest run, for fun and profit. Entry signals matter, but far less than you'd think.

 

[alexander]

Is Omni Trader a black-box system? After visiting the website and looked at the program features it sounds like it does some optimization on indicator selection. I wonder is that includes also an optimization of the selected indicator parameters. It would be interested to hear some comments about actual results. My experience with optimized systems is not very good.

Alexander

 

[daps]

Signal Traders

Hi...,

With regards to the Omni Trader software has anyone tried the signaltraders sms service for UK stocks.?

Would like to hear from people who have tried the service and discuss how they have been performing...

thanks

 

[thomasdevos]

Hi...,

With regards to the Omni Trader software has anyone tried the signaltraders sms service for UK stocks.?

Would like to hear from people who have tried the service and discuss how they have been performing...

thanks

I'm using Signaltrader, however not their SMS service, I see their trades every evening EOD, from what I can see they are for 80% profitable but are only looking into the short term - rough estimate is that they keep their stock trades open for about 3/4 days. (I'm not trading any UK stocks)

I use Omnitrader 05 and I cannot recommend using it for their signals, Omnitrader is far from too complex to setup your own trading style.
I have tried to replicate the Turtle system but with no luck and this is a rather simple system.
I cannot trust the built in systems, installed OT on different machines and I get totally different signals!
I do use OT 05 for my own analysis which suits me well.

 

[Euro_d]

OT2005 & Signal Trades, I use both

I have used OT for a number of years and have tweaked it using UK specific profiles supplied by Chris Byers at Signal trades.

OT is sold as a "set it and forget it" trading system, I personally don’t think that utopia will ever exist but as a tool to filter all the FTSE 350 stocks and highlight the interesting ones I think it is very good.

You can add or remove any of the tests, optimization and back test periods.

I use it for highlighting the stocks for further analysis.



Regarding signal traders alerts, I have been running this for about 3 months and the alerts have a reasonable success rate. Problem is that some of the recommendations are from minor stocks that have a large spread meaning that you need a big rise to make a profit. Personally I do not trade such recommendations.

That said, in Feb more than half of his trades were in positive territory. I cannot be more specific as I don’t always wait for the ST close; I use my own stop/close.



Why not ask ST for a list of previous recommendations open and close?

 

[Gators8385]

Omnitrader is a waste of money!!!!!!!

Does anyone here have experience of OmniTrader?

I like the look of the Real Time Edition, and the 2005 version is about to be released, but is it worth the £550?

How good are the signals? Is it as straight-forward to use as their website makes out?

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!

 

[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!

Here's a good example that happened this morning. This is a real time 39 minute chart, notice the high has approached and failed the last high, OT still generates a buy signal at $77.50. Now look at how long it has you in the bad trade. Exit and Short signal are at $73.31. An intraday loss of $4.19 per share!

Now look at the Short Sell signal generated. Short at $73.31, currently at $73.89, an open position draw down of $.56. Now this may or may not turn profitable, but if you do not practice good money management you will lose more money than you can make.

In my trading systems, I never risk more than 25 cents. A good stock pick will go your way without large draw downs. If you scan the market for the proper setup and enter correctly, you can cut your draw down risk to a minimum. This is where most traders get killed. It's seems like the whole trading community is convinced that losses are normal and multiple dollar draw downs cannot be avoided. They can and they should.

 

[Tex50]

I have to agree. The bugs in OmniTrader that Nirvana has ignored all and perpetuated from 2004 to 2005 version make it really bad.

Have a look here for proofs of how their strategy builder doesn't work. You may also infer internal problems on their default strategies as well:


www.tradinginsights.com/OTBash.html

Someone else isn't happy either:

www.omnitraderbugs.com

www.omnitradersucks.com

www.nirvanastinks.com

Tex

 

[samtaxman]

Does anyone here have experience of OmniTrader?

I like the look of the Real Time Edition, and the 2005 version is about to be released, but is it worth the £550?

How good are the signals? Is it as straight-forward to use as their website makes out?

The software sucks. I have purchased the last 3 version on trial and have sent them all back.

The software is very slow. The signals are worthless. I have seen it say you should have bought this stock yesterday!

 

[samtaxman]

Aren't there reviews of OT?
I considered adding it to my collection - I ought to add that I have a few programs, many of which I don't use for trading... I like to see how they do stuff. I tried OT a couple of years (maybe 3) ago and it's basically a program that you might like a lot, and you might dislike it a lot - the trial period was 60 days I seem to recall when I tried it, and Paritech were no problem getting a refund from when I gave up on it.

2005 version - it's been advertised well ahead of release, that annoyed me as I seriously considered having another play with it, there are bits of it I could probably use for odd jobs these days. What really bugged me is the amount of extras you pay for - having made a big thing about the '7 chart patterns' it can find, why isn't that in the basic program? If it now is then excuse me - but I distrust programs that have too many expensive extras... if the basic program is good, then who needs extras, if the basic program isn't any good then why buy it?
(Is that too logical?)
Dave

The software sucks. I have purchased the last 3 version on trial and have sent them all back.

The software is very slow. The signals are worthless. I have seen it say you should have bought this stock yesterday!