Is Tradestation worth getting?

G

Girlpower

I'm soon going to a demonstration of Tradestation 2000i. I've read all the blurb on the internet, and I've also looked at the American site which is showing Tradestation 6. I've read the threads here, and I'm aware of the massive investment in time and study involved in trying to make it work as a powerful tool.

Is it really as good as they say it is? Is it really worth getting, and learning? Is it worth the money too?

Bearing in mind I'm in the UK, would I be able to get tradestation 6 or would I have to use a different version, because I believe I needa sepparate feed for tradestation 2000, but not for tradestation 6?

Is the easy language as easy as they say?

Basically I'm a bit confused and needing a few answers, because if I am going to be changing equipment then I'd like to make the right moves and not the wrong ones...

Thanks

Natalie
 
Girlpower,

Good question. It depends on what you're trying to do. If you are a futures trader and want to backtest different strategies, TradeStation is pretty good, although there are other platforms available. If you just want a charting package, there are plenty around that are adequate without the cost and complexity of TS.

I am not sure what version of 2000i you are looking at, but in the US 2000i was an absolute disaster. The problems involved data collection over the internet. 2000i kept all data internally on your computer and there was no means of refreshing the data if you lost the internet connection. In fact, the version I had frequently crashed during the day and had to be rebooted, which was a very time-consuming process since the data manager had to reinitialize. Then you had a big gap in your intraday data which pretty much rendered any intraday systems you were using useless. I had used TradeStation since version 1.0 so I was not a newbie, but I ended up trashing it. I understand that TS6 is completely different and does not rely on an internal data manager.
 
tradestation is an awesome system. i use both the analytics and order entry platform. i highly reccomend it with one caveat--easy lanquage is not easy for a non programmer, imho. i use their consultants to program my strategies.

best,

surf:)
 
Thanks for the replies. I think I will be steering clear of anything that involves downloading data. I've had those problems before and they are not fun at all.

But what does tradestation actually do? I understand it to be a programmable tool for testing various strategies and when fed in to alert you when the conditions are true in real time. Is this correct?

Still a little confused. I've been doing all my back testing the hard way - by hand!!!!!

Thanks

Natalie
 
To get better advice, I think you'd have to be a lot more specific about 1) your intended uses for the software, 2) what actually is available to you in the UK, 3) your level of programming experience, ability, and interest.

TS6 (soon to be TS7, we hope) is far superior to 2000i in stability and ease of use, and it also includes numerous additional features that relate to its functions as a trading platform. There are, however, a few features of 2000i that TS6 lacks: For instance, though the "Global Server" data set-up is quite combersome, and not just for the reasons already explained here, it does enable someone who's interested in certain kinds of studies to import data from sources other than Tradestation. Also, there are some fans of the "Workspace Assistant" who seem to miss is terribly.

What are you currently using?
 
Sometimes TS can be frustrating. As someone pointed out, easylanguage isn't so easy. Personally, I think I like it because it allows me to immediately toss away ideas that apparently have no hope of working. I can focus my attention on ideas that show potential or need refinement.
It's a good product, but there's nothing "Easy" about it.

Good Luck
 
Right now, I trade spread bets against the ftse and dow and sp futures. They operate in the same way, but the fees are in the spread.

I trade intraday and do not keep overnight positions open. I use various strategies which work with varying degrees of success and are mostly based around statistics and market patterns.

I currently have a feed with a basic charting facility which includes bars and p+f. I work out ideas in spread sheets and from pouring over reams of printouts of charts which is enormously time consuming. I've tried various kinds of indicators and had limited success using them and have reverted back to mathematical modelling.

My programming experience is limited, but a very good friend is a programmer by trade. I am reasonably quick to learn though and can programme basic HTML, and understand quite a few of the concepts. basically just need to get around to actually learning the programme languages...

I'm looking to totally systematise (as opposed to automate) what I do based upon signals that can show themselves to have high probabilities of success, and basically use a mathematical approach to the whole thing.

I guess that's as much info as I can give right now.

:)
Natalie
 
I use it at home for-post closing purposes. The ease of use of the charts is the best I've seen. The biggest drawback I find is that you have to apply their (admittedly powerful) indicators to stocks you choose instead of being able to scan the entire market for stocks that fit your criteria. i.e it lacks a "scanner". For example, certain other packages allow you to say, search for all stocks that are priced between $20 and $60 that have a 14 period ADX greater than "X" (to find trending stocks) and that are down for the last 3-5 consecutive days. I know of a package that will do that type of scan real time and deliver you a constantly updated list of symbols that meet this (or countless other) criteria. TS6 as of now does not do this. As for Easylanguage, it can be easy for simple strategies, but can also get very complicated depending on what you do. I've given up wasting my time coding. I'm not a programmer but I understand that if you have some programming skill, Easylanguage is a cinch (so my friends tell me).
 
Sounds like you might get a lot out of Tradestation, presuming that you're willing to put some work into getting past the basics of EL. You should probably plan on reading several books, on consulting user groups, and on engaging in extensive trial and error. Also, spreads and other approaches involving multiple data streams introduce additional levels of difficulty and complexity to system-writing and other studies. On the other hand, you can do a lot of useful research without aiming for a fully programmed "trading system" or trying to make too much out of other strategy or trading capabilities.

I wasn't even aware that TS6 was available outside the US. If it is, then you should make sure that the data you want and need (both for trading and research) are also available. Before you commit to whatever version of Tradestation, you might also want to take a look at Wealth-Lab, Meta-Stock, and possibly other platforms.
 
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