Is metastock really the best?

sh50 · #1 11th September 2004, 08:47 PM

Over the last one month I have come across softwares like Superchart, Bloomberg, Telerate. Somebody who demonstrated Advanced Get to me told me how many senior fund managers used it but did not reaveal it to the world for god alone knows what reason. In GET one can explore and see the charts simulataneously which in metastock one cannot. Any other advantage(?) or anything that one can do in metastock that one cannot do in GET.

People even say that as long as your basic fundas are clear, sofware does not matter and metastock in only user friendly.

I bought metastock largly on the recommendation of this forum because it seemed to be the Unanimous good choice.

Any comments, anyone? What is best for a newcommer? How does one decide? Traderji? As it is it is difficult to decide which particular tool of technical analysis is suitable for your particular temparament. Ther are a plethora of tools/ indicators and a plethora of softwares. I really wish we had structured education like in the US. This is proving as difficult to learn as our shastras in Sanskrit. One has to have a good practical Guru.

Traderji · #2 11th September 2004, 09:06 PM

I've tried most of them and you have made the right choice sh50.

Stick to MetaStock and concentrate on learning the software and its various tools instead of being swayed by others trying to push you onto someting else that costs $$$$!

I would recommend you to put those $$$$ into buying good books on trading and technical analysis!!!

sharv · #3 11th September 2004, 11:25 PM

Any indian co. like tcs , patni etc. have developed such analytical

software for nse, bse? Traderji ?

Traderji · #4 12th September 2004, 07:02 AM

Quote:

Originally Posted by sharv

Any indian co. like tcs , patni etc. have developed such analytical

software for nse, bse? Traderji ?

No! Not that I know of any.

sh50 · #5 12th September 2004, 07:17 AM

Thanks a lot traderji. I wanted to know your views on Elliot Wave theory. There is a post on Eliot wave but it is not clear who replied to it. Thanks

Traderji · #6 12th September 2004, 07:34 AM

Quote:

Originally Posted by sh50

Somebody who demonstrated Advanced Get to me told me how many senior fund managers used it but did not reaveal it to the world for god alone knows what reason.

Market price movement is highly random with a trend component.

Unsuccessful and frustrated traders want to believe there is an order to the markets. They think prices move in systematic ways (Elliott Waves) that are highly disguised. They want to believe they can somehow acquire the "secret" to the price system that will give them an advantage. They think successful trading will result from highly effective methods of predicting future price direction. They have been falling for sureshot methods and systems since the beginning of civilization (or when markets started trading).

The truth is that the markets are not predictable except in the most general way. Luckily, successful trading does not require effective prediction mechanisms. Successful trading involves following trends in whatever time frame you choose. The trend is your edge. If you follow trends with proper money management methods and good market selection, you will make money in the long run. Good market selection refers to selecting good trending markets generally rather than selecting a particular situation likely to result in an immediate trend.

There are two related problems for traders. The first is following a good method with enough consistency to have a statistical edge. The second is following the method long enough for the edge to manifest itself.

sh50 · #7 14th September 2004, 08:46 AM

Thanks a lot. Actually, I paid a reasonably princely sum to somebody for being a practical guru for Technical analysis. I did not know at that time that he would teach me only Elliiot wave and Advanced Get. He has been teaching me trading on Waves3,4,5 and indicators like JTI, PTI among others. He exudes a lot of confidence while talking of trading and seems very successful or he is a brilliant actor. He also rubbishes Metastock.

Considering that Viratech also sell Advanced Get and I know a couple of their customers who speak highly of it, there must be something in it. Nobody would buy a package of Rs1.5lakh unless it was good and he was confident of recovering his investment. This guy says that you be concerned with only the practical aspect of Ellitotwave- how to explore and trade. Theory will confuse you.

Another school of thought is that one should not even look at Elliot wave unless one masters basic charting and indicators-I find this ridiculous because I think that charts and waves are mutually exclusive- one is independent of the other. Why should mastering charts be a prerequisite for learning about waves? Your views?

sable ramesh · #8 15th September 2004, 04:32 PM

Traderji, Thanks a lot for your valuable advise on tools.
About Metastock, there are lots of custom built formulas, expert views and indicators.
Would you please advise or direct the pointers on effective parameters to watch for rather than get confused in metastock.
Thanks in advance.

sh50 · #9 17th September 2004, 06:46 AM

I second that. A lot of people have told me that keep it simple. They say that the fancy indicators in the System Tester is a lot of "shoshapanti" or style without substance. Unfortunately, there are no free workshops on metastock like in the US. Can traderji or somebody please reveal wether all the fancy indicators are a gimmick or are they really useful?

CreditViolet · #10 5th October 2004, 12:33 AM

Sh50
Having in the business of TA I can tell you that the whole TA industry is a snakeoil one
Everyday somebody is coming out with new indicators new systems claiming to make fortunes.If you ask a simple question.
Why sell.
A lot of horsesh*t comes out of their mouth like we like to programme etc
OK then why charge this ridiculous amounts of money.No answer

A classic case of snake oiling Eg Larry Williams's Williams %R and stochastics

About your question,I would say that there is no need for you to even know about these indicators.Indicators are themselves lagging behind price.Go through the main indicators and as you become comfortable in them try to further optimize and look for better ones within metastock.Since most indicators just smooth the original one
Just use the system tester and see for yourself how MACD and RSI give you so many whipsaws.

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