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.
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?
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.
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.
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)
'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.
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.