Pro,Upda or Share ?

dougy_gb

Junior member
The Updata Report !

:) Hi all! How successful is your trading system? Do you use http://www.updata.co.uk/welcome/default.asp
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http://www.omnitrader.com/omnitrader/index.htm
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http://www.ionic.co.uk/
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Or some other system? Please advise !
 
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Sharky

Staff
Hi dougy,

Glad to see your making use of all the features to add gfx, even moving text to your posts!

I've used omnitrader 4 in the past, but I wasn't all that impressed with the results. Used AIQ as well which I liked very much, and metastock is sweet too.

Wha about yourself?
 

Hughmac

Member
Updata

have been using Updata Prof with live feed from Prestel for a few weeks now but am not impressed.
Some excellent ideas within this software but in daytrading I use the graph functions and am having considerable problems despite having a high end machine with lots of memory etc.
In my view this software requires considerable further development to enhance its stability.:confused:
 

lucymick

Newbie
Updata are crap

We have been using Updata for 2 years now and in the beginning the 1st version was OK. The graphs were relatively simple but adequate and Prestel feed was good. My partner used the real time prices more than graphs. When I went on various courses and learnt more about graphs. I was quite impressed with Trader I.
We brought Trader II at the March Investment show in Olympia and have complained ever since.
They do not answer our emails, the help desk takes 30-40 minutes to answer and the Moving Averages do not work so how can you trust the MACD.
Although the Prestel feed is working everything else is crap.
Do you have any thoughts on what we could do to make them see sense, we have asked for our money back and return to Trader I but no luck.
We are reluntant to make a bigger fuss as we still use the Prestel data feed for intra day trading.
 

ChartMan

Legendary member
Threaten them with watchdog or trading standards. Get a list of other people with the same complaint....ask here for others with the same problem and get together. Threaten them with a class action....:)
 

peugots

Junior member
Updata trader 1

I have used updata trader 1 for nearly 12 months and during that period I can only liken it to a volkswagen polo, in thats its basic but works quite reliably within its limited range of tools.Unfortunately its price more in the mercedes league so I really cant recommend updata trader to anyone. Grey wisely mentioned www.ird.com which looks very impressive now that I have had time to study them, and at the very least they are far better than updata.
 

madasafish

Well-known member
I had Trader 1, upgraded to 2 which did not work so asked for money back. After delays and written suggestion of Trading Standards, got it. When Trader1 expires I will not renew it.

Updata and customer service are mutually incompatible.. the product when released was apalling.

Since then I have tried about 112 packages and in value for money coupled with superb graphics and widest range of indicators/ease of use and alerts, I'm using Investor/RT from Linnsoft. It is an excellent and very powerful package and easy to use.
http://www.linnsoft.com/tour/charts.htm

There is a trial but you can download it free to get an idea of what it's like.

Far better than AIQ and ther is NO comparison with Updata. Excellent on line help and a wide range of data feeds, eminently configurable to a wide range of commodities, equities, indices, trading times etc.

Best I've seen apart from cqg which costs over £300 per month...
 

peugots

Junior member
Mad,

I was wondering can you back test using tick data with linnsoft, and if so how many years of tick data can they supply?




P.S. I am not going to be contactable for the next couple of days bit I will respond to any messages after that
 

madasafish

Well-known member
Linnsoft use various data providers and the history depends on them. I currently store 20 days worth and then it's converted to daily.. but that is user specified. Other provders (I use Mytrack) may provide a lot more...

The system can be programmed and can be auto back tested..I'm not that advanced so am taking one step at a time.. Trouble is that to get a working system you need to know what you are doing when you trade.. I'm only a beginner...
 

dougy_gb

Junior member
Thankyou all for this advice!

I will be checking out these sites. Is it possible to purchase a direct prestel line only? This would save no end of money after all if these charts are available free why pay! Whats your opinion on this. Yes! I am still learning too. There is only one way to make any money at this game in this climate and that seems to be by short term profit cycles! Cheers all!
 

dougy_gb

Junior member
Here is a free chart!

From the FT of GWR(GWG):-
 

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Mooringsman

Junior member
Updata Trader Profesional II

My brother and I both have Updata prestel feed systems and continue to experience probelms, some unique to our systems and some identical. Chart time periods are not saved, nor are trend indicators applied. The workspace - your personal settings and combination of news, charts and quotescreens - will suddnely be wiped out.

The fixes to these and many other problems are simply not being attended to quickly enough. There is a new version in beta testing that was due for release weeks ago, but I supect that too has further problems.

The support line often say that the things you report are "known problems", but don't help further. It is difficult to get through and I have an enormous phone bill from trying to get issues addressed.

We have invested heavily in the program and training and are reluctant to throw all that away, but there will come a time when we may have to if we cannot work with a reliable product.
 

Mooringsman

Junior member
My performance with the software is another issue, whether it is good or bad. The relevant point is that I have bought a tool to help to do a job and that I might reasonably expect that tool to perform in a stable manner and not have to work around it's short-comings all the time.
 

Splurge

Member
Trader 2

After reading all the negative posts concerning Updata Trader 2 I thought it would be beneficial for me to post my experiences to those people who have trader2 and those who may be contemplating it.

I had been a user of trader 1 for about 18 months before upgrading to trader 2 and can honestly say that I was content with its features. I believe it was more than a VW Polo as mentioned above as I had extensively tried out other systems before commiting my dosh to the system. Based on the successes I was having with the system I upgraded to trader 2 as it was promoted (very well) as a large leap forward.

Unfortunately the system did not live up to its hype and up until last month I was ready to chuck it all in. After much complaining I was invited to go down to their offices to have the latest upgrade which is not yet officially released for me to try. The version I had been using up until this point was build 249.

My machine had build 266 installed and I am now on 267 already after minor bugs have been resolved.

Although the development of any software system is ongoing Updata did in my opinion release Trader 2 far too early and I think with the amount of people that have refused to renew their membership, Updata recognise this. However, now that I have sampled this latest build and I am familiar with what is coming around the corner from Updata I am confident with the system again. I have no chart freezing, technical indicators work correctly, stock finders that are about to explode are found using their stock finding tools and since I have had the latest system it has never 'crashed' or 'hung up' on me. In my personal opinion the weakest link is now the prestel feed but I know there are plans to resolve this issue as well. I cannot post how but you can email me if you wish and I will tell you what I know.

For those people who will read this posting with some suspiscion, I am not in any way linked to Updata by the hip by salary or even commission. I am a day trader like most others on this board and I can only say my faith in the software has been restored. My sole reason for this posting is purely to make those people who may be on the verge of dumping your Updata software to see what comes out of the seminar that is being held on Spread Betting on 16th November. As I understand it they are releasing the latest build then.

Although it was explained to me that they refrained from releasing further builds because users complained that they couldn't keep up with the updates I personally think this was wrong and gave the impression that nothing was going on. I think they have learned their lesson as one of my main critiscisms of them was lack of communication and support. Time will tell whether things will improve I hope they do.

I for one will be sticking with my Updata Software for the time being. If anyone wants to ask me questions directly please feel free.
 
 
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