Report #1 on Omega Trade Station - initial impressions
The following are my personal observations and experiences with a 30-day trial of Omega Research's Trade Station (TS).
Received a 10-lb. box via FedEx (about the size and weight of 2 reams of typing paper) on 11 July, after phoning in my order on 9 July.
The box contained the following items:
- -video on getting started with Trade Station
- -video on trading systems and development
- -security block device that plugs into parallel port - requires password
- -CD installation disk
- -CD historical database of 25 years data
- -User's Manual - 588 pages
- -Getting Started Manual - 270 pages
- -Server Manual - 252 pages
- -Downloader Manual - 174 pages
- -Easy Language User Manual - 334 pages
- -Analysis Techniques Manual - 156 pages
Theoretically, one would read the manuals before using the system. But 1,774 pages of material was too much for me to read during the 30-day trial period, so I just scanned most of it.
The getting-started video was impressive. It was well done, informative, and highly professional. No hype about the system - just the facts. I liked their style and ultra-professional approach.
The manuals are extremely well written and easy to follow. Every bit as impressive as the video. For example, one indication of a well written manual is that paragraphs and chapters are linked one to the other. In other words, the writer tells what's been covered, then leads the reader to what is to follow. All too many software manuals I've seen seem to have been written by technical experts with little writing skills or knowledge about communicating to a reader unfamiliar with the product. Not so with TS. This is a high quality, professionally done package. Classy in every way.
Fifty megs of hard disk space is required to run TS. I didn't have 50 megs on my ststem, and had to upgrade. So I lost time there. Also, I'm the type who likes to read the manuals before firing up the software. I spent a lot of time reading.
To operate the software, you need a password to go with the security block device. Easy to do. Just call an 800 # and get your password. I just did that a few days ago.
Up to this point, I haven't spent much time with the system because I've been busy looking into the complex issue of which real-time data provider to use with TS. You can get real-time data via FM radio, satellite, or cable. Each has it's advantages and disadvantages. Looks like it's going to cost around $200/month for real-time data feeds, regardless of the delivery mode. But I still have a lot of checking to do on this aspect.
TS is designed to work with either real-time, delayed, or end-of-day quotes. Intraday quotes can be downloaded from the Omega web site at the end of the day for testing your system prior to going real-time.
The entire premise of TS is that a trading system is preferable to trading on intuition, or whatever. It allows you to develop your system and get profitability reports from historical data.
TS will let you develop and backtest virtually any trading system one can imagine. It is infinitely adjustable. You can then test it real-time. And if all goes well, you can use it real-time knowing in advance that the system will be profitable.
The really neat thing, is that you can program the system to alert you by pager when any of your system's indicators are reached. For example, you can double-click on a trendline you drew, and format the trendline to fire off your pager. This way, you aren't tied down to your computer all day.
My impression is that TS is somewhat analagous to an Indy 500 racecar. It's high-powered, expensive, and a dream machine. But it isn't like a rental car that you just jump into and take off with. It requires extensive preparation and attention to detail. I can envision many months of development prior to executing the program as it is designed to be used. But then - stand back and watch the action! <g>
If there is sufficient interest, I'll post TS report #2 as I get further into the system. Comments/questions welcome.
Ice
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