So Which Is The Best?

[vincetesta]

Hi everyone

After weeks of reading so many reviews from companies promoting their own software (eg: Omnitrader, CyberTrader, eSignal, ShareScope, MetaStock etc., etc., etc.), all stating that theirs is the best and theirs offers "so much more" than other products, I've had to come to a stop cos its doing my head in!

Therefore, my question is this:

Does anyone know of any website(s) that have carried out triails and done A/B comparisons that actually show unbiased reviews/ratings on either the purchase-able software products, or on a monthly subscription platform.

I believe there was a ratings review on here that I saw, however, I was looking for one of those 'X-Y Ratings' charts that show the benefits of one software package versus another - eg:

..................................Buy / Sell Signal..............Coloured charts (etc).
Omnitrader...........................Yes..................................No...................
eSignal..................................No..................................Yes..................
CyberTrader..........................Yes.................................No...................

(You know what I mean!)


ALSO - is there anyone out there that actually has one of these software packages and actually believe that they work!

Any feedback would be most appreciated.

Cheers

VT

 

[Skimbleshanks]

hi vincetesta, and welcome to T2W

The question you have asked is very difficult to answer, because you've not said what it is that you are looking for the software to do. It might sound silly, but I think that you need to specify what you're looking to do with the software, and then others here might be able to give you their opinions based on your objectives.

So, what markets do you wish to trade, end of day or realtime, do you need scanning, do you need to write your own indicators, do you need history files, back-testing, news feeds, etc, etc.

You may find that the software program you start out with is not the one you will have forever. For example, I started out with ShareScope and used ADVFN intraday, then moved to AIQ realtime, then Sierra, and then QCharts. Each time I moved it was because my trading had changed and I was after something in particular which the current software couldn't offer. I still have Sierra and ShareScope because they're such good value for money that it seems silly not to continue using them.

 

[vincetesta]

Hi Skimbleshanks

Many thanks for posting your reply.

You're absolutely right about specifying what I'm looking to do with the software that I guess it seemed so obvious that I forgot to include it in my question!

Anyway, I'm looking to trade the futures, the dailies, stocks/shares, currencies and commodities. I'm still new to all this, so, as far as I've been able to discern, I'd be looking for end of day and realtime info, charts, buy and sell signalling..........

I guess what I wanna do is sit back and let the software do all the work for me!!!

Any ideas Skimbleshanks?

Regards

VT

 

[Uncle]

Well VT if you are looking to sit back, think again..........trading needs dedication. Whatever software you decide to use you will then need to make decisions on trends, which indicators, and if trading stocks, explorations and back testing your theories. If only there were a software package to meet your needs we would all be millionairs or broke, cos the "holy grail" will have been discovered. First decide on your market, then try using freebies, such as http://bigcharts.marketwatch.com/ then perhaps try one of the subscription charting sites before you decide to invest your money in the wrong software package for your needs.

For what its worth I am a long time advocate of Metastock, which is comprhensive in the tools and analysis of markets.

John

 

[vincetesta]

Many thanks for your comments Uncle John.

I knew I couldn't just sit back and let it all 'hang' out!

I guess I'm gonna have to get off my backside and work at this 'holy grail'!

Regards

VT

 

[DaveJB]

VT,
from your wants list I think you need to zoom in on an area of interest as well - I doubt it's humanly possible to watch all these areas! I think people gravitate towards a time frame and a vehicle they like the look of - so you might find circumstances and a touch of 'I like the sound of that' means you head down the daytrading indices path, or you might trade futures, or join the end of day TA crowd... etc
Having decided on a more specific target, you can then sensibly investigate what software best suits you. Then buy p... okay, only joking ;-)
Seriously though, many or these programs contain scanning, backtesting features that may be your main area of concern, whilst for others they are items of zero interest. There are programs for all sorts of investor - what is best for you will take a while to discover - there are very few, in my opinion, bad programs out there to choose from... but if you are an end of day fundamentals based investor there's little point buying Omnitrader!
Dave

 

[Chuck_T]

eSignal user's group.

VT,

Rather than reading a few reviews, you could check out a place where traders and users of eSignal chat. We have thousands of users helping each other here:

http://forum.esignal.com/

Chuck

 

[GGecko]

Hi VT,

You might want to take a look at the following site:

http://www.elitetrader.com

It has reviews and ratings of different types of software and brokers, a useful article about PC requirements and a bulletin board you can search through.

Personally, I'm using esignal with IB which I've found suits me but it's horses for courses depending on your own needs and style.

Regards,

GGecko

 

[Skimbleshanks]

Anyway, I'm looking to trade the futures, the dailies, stocks/shares, currencies and commodities.

With respect, I believe you should be looking to trade futures OR daily stocks OR currencies OR commodities. Each of them requires a lot of knowledge and familiarisation, and 'Jack of all trades, master of none' springs to mind. As DaveJB says, just go for one, and know your subject inside out and back to front.

You should also consider your lifestyle - what time do you have available to trade and research? If it's weekends only, then you'll have to go for dailies trading off weekly charts, if it's after work then perhaps US daytrading (markets close at 21:00 or 21:15 UK time), if you work shifts then it could be Far East markets, etc, etc. Only you can decide these things, so give it some thought and then look for the software to fit the job.

 

[The Beyonder]

Hi VT,

I agree with Skimble/DaveJB in that you really need to narrow down what you're going to trade otherwise you're problems will just multiply.

I trade the Dow and use eSignal for my charts. It's a good package and gives me what I want with numerous indicators, 1 min/5 min charts and all the way up. It's v comprehensive but probably not the cheapest. As with most you pay depending on how much data etc you want. Also it's cheaper if you pay for a year upfront.

eSignal does all that you mentioned (but I'm not sure about commodities).

Also there are threads here where people have talked about the different software they use. That's a start.

Regards

 

[vincetesta]

Many thanks to you all for your comments and advice.

In answer to one of the posts regarding my working 'time' and the amount of actual time I'd be able to devote to trading, I guess for me, I'm in a fairly cute position as I work from home anyway.

I don't work shifts, and I don't work weekends, in fact, just recently, I've hardly been working at all, however, when I do work, I do work!

What the heck do I do? Well, I'm a Composer/Producer, so I can keep one eye on the markets, and another eye on my sequencing software!

Again, many thanks for all your suggestions.

Regards

VT