hi fooliosbrother,
Yes, indeed I am still very satisfied with Ensign. let me go through what I don't like so far.
- the menu structure is a bit different than other software. I wrote that already, but it is possible to get used to it, just not nice.
- the charts are limited to 2338 bars for some reasons [at Ensign they say it is to prevent growing them ad infinitum]. That's a big pity because eSignal can return data for much longer than that. 2000 bars is regardless of the bar size [which is even more frustrating, since you KNOW the data is there]. I intend to ask once a day their tech support to change that.
- sync between market hours and graph is not always intuitive. so there a some markets not updating in realtime in the chart. that is, until you fix a definition for their market hours. so it is always possible to have it working, but that's odd and all other software I used, never forced me to specify this.
that's it.. all the rest I LOVE !
- indicators ? you have them all and then some. you can custom build one and it is not too difficult. I think it is a bit more difficult than Tradestation though. But on the other hand it is so much more powerful.
An indicator can be anything and be very complex, not only in its formula but display too. for instance an indicator can add note to your graph automatically, change bar colors, add lines, write a log file to your harddisk etc...
really amazing.
- if you can't program it, you can get help from other users and get some very powerful indicators that way.
- back testing ? the engine is very good in defining signals, entry points, stop and reverse, pyramids etc...
because the programming language is so flexible, you can really code complex money management built in [the system can even read data from external source or file to use in its calculations of entry/exit price or position sizing].
because you describe everything to the system, all YOUR rules can be specified. I say it again because this is so important. If you want to follow a system, it must be 100% the way you want to trade, otherwise you will find excuses not to take one trade or change size or whatever.
my way to look at it : if during real trading I 'feel' like doing something different than what my system says, then I will seek WHY. And either I can describe it [sometimes it is difficult] or I can't. If I can not, then it is bulls*.. and I should have traded the system. if I can describe it, then I can code the exception and test it.
In another thread I wrote that system trading is a probability game, just like successful discretionary trading. So you must proove that at least more often than not in the past, your idea or exception was the best thing to do. Still, it does not proove enough for the future, but if it fails in the past... how good is it ?!
- back testing reports are ridiculous though [compared to many other programs]. but again, you can export all the results in any text format you want. I export to excel or TradeIT. Then I can use all kind of analysis on the back test results.
- Ensign comes without any system or strategy. In the beginning it is a bit frustrating because you have no example [or very little] showing how to do the general things. On the other hand I like the approach. Because publicly available systems are worthless ! so it is honest they don't bother with it.
I need to stress at this point, one more time on this forum, system trading should be for experienced trader imho. Why ? because system trading is about taking all the rules of a working trading plan and code them in software. Therefore you need a working trading plan already.
Then I am sure you will improve it a lot thanks to the transfer to software and back testing [do not over optimize it on past data though].
So, for me, system trading is about getting a snapshot of a trader's mind. If he's good, the system will be good, and only in that case. Then, the system in Ensign [for instance] is either an assistant to the trader [scanning markets or highlighting setups etc..] or the actual trader. it is up to you.
Ensign, may even trade directly for you if you have a broker with an API. I did not do that though. Pity because my system is usually better than me. [well, for entries, I tend to be better for the exits].
- drawing tools are the best anywhere. really incredible. I know several traders only using drawing tools [lines, fans, retracements or complex graphical calculation and no indicators]. And you can program them and use them in systems too.
- the data is great thanks to eSignal. never a complaint.
- there are several updates a month with Ensign [free] with new features.
if it was not for the 2000 bars limitation and slightly different user interface, this would be the perfect software. but I guess that does not exist.
However, it is up there. And the only other ones possibly as good or better [I know of] are RavenQuote [never used it] and TradeStation [poor data quality I read on this forum.. but soon I will try it for my job]. I already stated AIQ is very good for multiday swing trading of many stocks [the best imho].
But I love Ensign, and I will stick to this one. And it is real love, in the sense that you grow into it. The more you know it, the more you realize it is made with real traders [all kinds] in mind.
I think this was detailed enough and too long
if you have more questions, let me know.
neo
