damianoakley
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Hi
I've owned Omnitrader 2003 for some time.
I think it's a great piece of software, but you have to make sure you set it up correctly to get the best results. If you just blindly go ahead and use all the default settings without understanding what's going on, you can end up entering trades when perhaps there is no strong reason for doing so.
You have to be careful that the software doesn't create optimism where there is none.
Whilst the software can and does create some excellent mechanical entry signals, remember there is no substitute for money management.
I've owned Omnitrader 2003 for some time.
I think it's a great piece of software, but you have to make sure you set it up correctly to get the best results. If you just blindly go ahead and use all the default settings without understanding what's going on, you can end up entering trades when perhaps there is no strong reason for doing so.
You have to be careful that the software doesn't create optimism where there is none.
Whilst the software can and does create some excellent mechanical entry signals, remember there is no substitute for money management.
I also think it is a good piece of software. Easy to use and flexible with good range of charting options and systems.
As it says it is a prospecting tool not a mechanical system
I am still experimenting with it but use the medium term trending profile to look for stock candidates which i analyse further, and look for other confirmation.
Still a novice trader, but found the training CD that came with it good as it takes you through the process of using omnitrader to identify prospects and then using TA to get confirmation (or not) before deciding on a trade.
still interested in any custom amendment to the standard profiles that anyone uses.
As it says it is a prospecting tool not a mechanical system
I am still experimenting with it but use the medium term trending profile to look for stock candidates which i analyse further, and look for other confirmation.
Still a novice trader, but found the training CD that came with it good as it takes you through the process of using omnitrader to identify prospects and then using TA to get confirmation (or not) before deciding on a trade.
still interested in any custom amendment to the standard profiles that anyone uses.
I strongly object! Being their customer since version 3.5 I don`t think its worth the time you spend (not to speak of the money). And they (Nirvana Systems) know this as well. That's why you will get an upgrade offer within a few month to ARMS2: Really strong signals at a horrendous price. So why did they sell you the standard package at all?
Hittfeld
Hittfeld
Sorry, resurrecting this thread somewhat.
A friend of mine has pruchased Omnitrader 2003 but is having problems setting it up for UK (this does seem a tad nuts, is this a US centric program?).
I've not had any experience with OT but before I go round to have a look for him can anyone offer any hints and tips as it seems to be a common problem.
Thanks for any help.
ps great site and forums, some very nice threads/posts.
A friend of mine has pruchased Omnitrader 2003 but is having problems setting it up for UK (this does seem a tad nuts, is this a US centric program?).
I've not had any experience with OT but before I go round to have a look for him can anyone offer any hints and tips as it seems to be a common problem.
Thanks for any help.
ps great site and forums, some very nice threads/posts.
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Scroggins
I have used Omnitrader for a number of years. It is a prospecting tool not the 'holy grail'; but does have lots of good features.
I had no problem installing it. You do need a data feed for UK stocks, and this is probably where your fried is having problems.
As I use Sharescope I am able to export EOD data from that program - one needs to convert it to Metastock format, which I do using Equis Downloader ( free download from the net), this works a treat.
I have no experience with Real Time data, but again one needs a data feed into Omnitrader.
If you can find out what your friends specific problem is, post again and I will try and help further.
I have used Omnitrader for a number of years. It is a prospecting tool not the 'holy grail'; but does have lots of good features.
I had no problem installing it. You do need a data feed for UK stocks, and this is probably where your fried is having problems.
As I use Sharescope I am able to export EOD data from that program - one needs to convert it to Metastock format, which I do using Equis Downloader ( free download from the net), this works a treat.
I have no experience with Real Time data, but again one needs a data feed into Omnitrader.
If you can find out what your friends specific problem is, post again and I will try and help further.
hi, thanks for the reply.
Just got off the phone with him and the problem seems to be with using UK indices/stock and importing the symbols for them. He's using eSignal as a real time feed. He has the ftse on the subscription but is having trouble adding the symblol to the 'task list' and getting the data imported.
thanks for any help.
Just got off the phone with him and the problem seems to be with using UK indices/stock and importing the symbols for them. He's using eSignal as a real time feed. He has the ftse on the subscription but is having trouble adding the symblol to the 'task list' and getting the data imported.
thanks for any help.
Max Growth
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Omnitrader 2004
To answer a few of the comments posted on this thread.
Bought Omnitrader 2003 towards the end of last year. Nirvana have just sent me a FREE upgrade to 2004. So I don't hold with the 'Money grabbers' opinion.
Secondly, 2003 had a few annoying elements and can be difficult to set but if you're dedicated enough to successful trading, you'll spend enough time to thoroughly get to know it and if you do this, you will soon become its master.
As for OT 2004....FANTASTIC! Seven of my first ten trades were successful and as should be the case, the losers were relatively small compared to the winners. The abilty to view/use multiple strategies concurrently is wonderful.
Best regards (and no I don't work for the company, I'm an automotive development engineer)
Max growth.
To answer a few of the comments posted on this thread.
Bought Omnitrader 2003 towards the end of last year. Nirvana have just sent me a FREE upgrade to 2004. So I don't hold with the 'Money grabbers' opinion.
Secondly, 2003 had a few annoying elements and can be difficult to set but if you're dedicated enough to successful trading, you'll spend enough time to thoroughly get to know it and if you do this, you will soon become its master.
As for OT 2004....FANTASTIC! Seven of my first ten trades were successful and as should be the case, the losers were relatively small compared to the winners. The abilty to view/use multiple strategies concurrently is wonderful.
Best regards (and no I don't work for the company, I'm an automotive development engineer)
Max growth.
What settings would you advise starting with? ATM I'm mainly trading US stocks (NASDAQ). Also, what 3rd party utilities would you advise using to download the data which is (or close to) free?
P.S. The Downloader at Equis link isn't working so if you suggest I use it it would be helpful if you had a working link. :cheesy:
P.S. The Downloader at Equis link isn't working so if you suggest I use it it would be helpful if you had a working link. :cheesy:
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'The Donwloader' is no longer free to all comers, by the look of it (sadly).
I suspect you'll get a copy by signing up to Reuters datalink, which costs something like $25 a month, only a cynic would suggest cancelling the sub asap once the program was safely downloaded
On a more ethical basis, databull (link above) is one of many Metastock downloaders - 99 Eurwrongs seems a bit steep - here's Stock Updater which also downloads free data from Yahoo, and it'll also convert downloaded text etc into 'proper' Metastock DAT files, that OT and many other programs will happily read. As it's $29.95 or something like that to register after a free trial I think it's probably as good and cheap as you'll get.
Stock Updater link is http://www3.telus.net/public/darrendz/
I don't have any connection with this guy, I was looking for a program to do this for a customer and this was the best I found.
Dave
I suspect you'll get a copy by signing up to Reuters datalink, which costs something like $25 a month, only a cynic would suggest cancelling the sub asap once the program was safely downloaded
On a more ethical basis, databull (link above) is one of many Metastock downloaders - 99 Eurwrongs seems a bit steep - here's Stock Updater which also downloads free data from Yahoo, and it'll also convert downloaded text etc into 'proper' Metastock DAT files, that OT and many other programs will happily read. As it's $29.95 or something like that to register after a free trial I think it's probably as good and cheap as you'll get.
Stock Updater link is http://www3.telus.net/public/darrendz/
I don't have any connection with this guy, I was looking for a program to do this for a customer and this was the best I found.
Dave
Hi,
yep - if you obtain the downloader it'll be either as a program on the CD as part of the Metastock disk, or (as many will have obtained it) a download which will be a single exe file. You could copy the downloaded exe file onto a CD, I suspect it'd be too big for a floppy, it's a long time since I installed it so I can't tell you the filesize but I'd guess around 2Mb.
From then on it should be easy to copy from CD whenever required, once you've copied it to the target PC double click the exe to run and install it I'd expect... I can't be exact in instructions as I did this stuff a couple of years back, but that's the way it used to work anyhow and I doubt it has changed.
Dave
yep - if you obtain the downloader it'll be either as a program on the CD as part of the Metastock disk, or (as many will have obtained it) a download which will be a single exe file. You could copy the downloaded exe file onto a CD, I suspect it'd be too big for a floppy, it's a long time since I installed it so I can't tell you the filesize but I'd guess around 2Mb.
From then on it should be easy to copy from CD whenever required, once you've copied it to the target PC double click the exe to run and install it I'd expect... I can't be exact in instructions as I did this stuff a couple of years back, but that's the way it used to work anyhow and I doubt it has changed.
Dave
Max Growth
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I use Data Director from Paritech.co.uk, their data (which is in Metastock format and ready for use with OmniTrader) works out at around £10 a month. They use Reuters as their source now and it's allegedley very reliable.
Max
Max
Dunno much about Databull, I've looked at a fair few of this type of program over the years when people ask me about free data sources. Generally speaking they're pretty similar in many ways:-
I'm only aware of 2 ways to produce a program that writes 'proper' Metastock - one is to use the official dev kit, the other is probably the more common, and uses a shareware library to provide the access... as far as I can see there is very little between any of these programs - you feed a list of tickers in and get yahoo data out, as long as they work and the interface isn't piggsed up only the price differs.
Personally I pay for data - and would do so even if I didn't need certain feeds for developing etc. Paying a tenner a month for convenient data is not, in my opinion, much to shell out to avoid shoehorning different datatypes into a variety of places they probably don't like to go.
Dave
I'm only aware of 2 ways to produce a program that writes 'proper' Metastock - one is to use the official dev kit, the other is probably the more common, and uses a shareware library to provide the access... as far as I can see there is very little between any of these programs - you feed a list of tickers in and get yahoo data out, as long as they work and the interface isn't piggsed up only the price differs.
Personally I pay for data - and would do so even if I didn't need certain feeds for developing etc. Paying a tenner a month for convenient data is not, in my opinion, much to shell out to avoid shoehorning different datatypes into a variety of places they probably don't like to go.
Dave
Mr S,
you can let who have a copy? If me then I already have it thanks.... you should note that the downloader is copyright software, and whilst Equis used to give it away to all comers they don't do so anymore - I suspect that decision dates from around the time they were taken over by Reuters who probably have a vested interest in preventing people finding it too easy to use other data sources.
To copy it you'd need to find the install file - if the downloader was installed from a download then it'll be a single exe file somewhere, probably in a temp download folder, unless deleted after the install - all you'll copy by dragging off the desktop is a shortcut link that'll do zilch when transferred.
My copy was installed as part of installing Metastock 8, and is hidden inside a CAB file.
you can let who have a copy? If me then I already have it thanks.... you should note that the downloader is copyright software, and whilst Equis used to give it away to all comers they don't do so anymore - I suspect that decision dates from around the time they were taken over by Reuters who probably have a vested interest in preventing people finding it too easy to use other data sources.
To copy it you'd need to find the install file - if the downloader was installed from a download then it'll be a single exe file somewhere, probably in a temp download folder, unless deleted after the install - all you'll copy by dragging off the desktop is a shortcut link that'll do zilch when transferred.
My copy was installed as part of installing Metastock 8, and is hidden inside a CAB file.
