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EchoTrade offers new software
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I've been using this software for over a month now and love it. The bashers of it on this board have not used it or understand what it can do for you. The support is good and as always the programmers at Echo will work with you to incorporate any changes you want in order to meet your trading needs. They are adding some different filter criteria for me.
That said I do have a couple of criticisms. They need to find a better way of incorporating the constant upgrades to the program. Having to remove the old program and do a complete download of the new one sucks. They need to just be able to incorporate the upgrades to current versions without a complete deletion of the old. Also a tutorial would help to be able to learn how to use some of the different programs better. Being that this software is fairly new and still evolving maybe this will come in time.
The automated envelopes is a great tool. No way in the world could you manually do this type of trading in real life. Opening orders with auto exit strategy is a winner. Basket trading is great when the market is moving. Have only done a couple of pairs trades to see how it worked.
As to the post: Quote from cas:
...looking at the "tiger" part...does that have the functionality to replace a product like FirstAlert? In otherwords, can that scan the entire stock universe...for practially anything you can dream up...in the manner that FirstAlert can?
thanks,
cas
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Yes, it can scan the entire stock market universe.
That said I do have a couple of criticisms. They need to find a better way of incorporating the constant upgrades to the program. Having to remove the old program and do a complete download of the new one sucks. They need to just be able to incorporate the upgrades to current versions without a complete deletion of the old. Also a tutorial would help to be able to learn how to use some of the different programs better. Being that this software is fairly new and still evolving maybe this will come in time.
The automated envelopes is a great tool. No way in the world could you manually do this type of trading in real life. Opening orders with auto exit strategy is a winner. Basket trading is great when the market is moving. Have only done a couple of pairs trades to see how it worked.
As to the post: Quote from cas:
...looking at the "tiger" part...does that have the functionality to replace a product like FirstAlert? In otherwords, can that scan the entire stock universe...for practially anything you can dream up...in the manner that FirstAlert can?
thanks,
cas
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Yes, it can scan the entire stock market universe.
Not exactly, I don't see a current way to specify the time but yes as to your other criteria, stocks that have gapped X amount and making new highs. Since the data can feed off of time/sales I don't know why they couldn't add the time piece.
After the close you can call Rob at 866-700-ECHO Ext.107 and he can probably answer your question definitively.
After the close you can call Rob at 866-700-ECHO Ext.107 and he can probably answer your question definitively.
To those of you who have been using this software...what kind of learning curve is there? Will the learning curve be a lot steeper if you don't have considerable experience trading opens, spreads, pairs, etc? Is one week enough time of working with the software to determine whether its value justifies its use?
If you have not done the openings or used any of the other strategies available then the answer would be no. In using any new trading system or strategy I think you need to give yourself a couple of months to learn how to best work it. You don't need to use this software for some of the strategies like the openings as an example. If you are an echotrader then they can give you the old version of the opening orders macro to learn how the strategy works, then when you are ready to crank it up to the next level you can use the software.
You can also do the envelopes or pairs strategies on your own but with just a couple of stocks. The software allows you to open up the trading strategies to using multiple number of stocks which you could never do manually.
Basically, the software just enables you to automate the different strategies you want to use to a level that no human can do manually. If you make money at it or not depends on how fast you learn the nuances and for which stocks certain strategies work well with. I can tell you this. I am making more money now then when I wasn't using it and it is still very new.
You can also do the envelopes or pairs strategies on your own but with just a couple of stocks. The software allows you to open up the trading strategies to using multiple number of stocks which you could never do manually.
Basically, the software just enables you to automate the different strategies you want to use to a level that no human can do manually. If you make money at it or not depends on how fast you learn the nuances and for which stocks certain strategies work well with. I can tell you this. I am making more money now then when I wasn't using it and it is still very new.
Just as you have had problems because of the data feed so has Predator because it runs off that same feed. When the data is good which it normally is then Predator is awesome, when the data is corrupted it is best to sit on the sidelines.