Forum Archive Index - December 2003
Please note usage of the Forum is subject to the Terms & Conditions.
[sharechat] OmniTrader
Keith,
OmniTrader is designed as a prospecting tool, using optimised technical
criteria to screen thousands of stocks, coming up with a short list of trading
prospects. It does this superbly.
I suspect that most people buy this program because they are attracted to its
totally automated approach, ending up with clear "Buy" or "Sell" signals. New
buyers think that all you have to do to make money is to follow the signals.
That is not my experience. I found that blindly following OT signals was
unprofitable. This program is NOT an effective substitute for knowledge and
experience. It is NOT a shortcut to wealth.
The programs most annoying feature is that it constantly re-optimises and
"revises" all previous signals in the light of later price action. This means
that you are unable to judge its effectiveness by looking at any particular
chart. (Because the signals that appear on that chart may well not have been
flagged at that time, and signals that were triggered may get deleted by later
re-optimisation) The end result of all this is that it looks a lot better than
it really is.
I would strongly advise you to to stop looking for shortcuts and easy outs -
read as many TA books as you can get your hands on and buy an effective
charting package such as MetaStock. It will take you a long time to learn to
drive it, but in the end you will know a lot more and be a lot better off than
simply following automatically generated signals, about which you have no real
knowledge.
If you wish to trade the US market (about 10,000 stocks) then some form of
automated screening is a must, but I do not think that is your objective here -
right? Certainly there is no need whatsoever for OT's screening capabilities if
you intend to trade the NZ market.
Regards,
Phaedrus.
_____________________________________________________________
Are you a Techie? Get Your Free Tech Email Address Now! Visit
http://www.TechEmail.com
----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/chat/forum/