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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS -- Ignore unavailable to you. Want to Upgrade?

To: - who wrote (205)	6/6/2001 2:00:49 AM
From: WaveSeeker	Read Replies (1) \| Respond to of 565

I use TradeStation 2000i for nightly scans - that feature has not yet been included in their TradeStation Pro product, so after the nightly scans I take the potential candidates for the next day and track them with the real-time system in the Pro product. The First Alert / TC2000 / TraderBot languages are more limited; however, the advantage of the First Alert formula language is that it is optimized for speed and so is still the best product for scanning the universe of stocks in real time. The disadvantage of the TradeStation 2000i product is that you can scan only what's in your symbol universe, and the disadvantage of the Pro product is that there is no universal intraday screening as in First Alert. From a trader's perspective, using First Alert is like being the kid in the candy store - you can write lots of scans and you can always get the latest action; however, I prefer (and need) the discipline of TradeStation Pro because it calculates exactly how many shares to trade (using the Percent Volatility technique) and gives exact entry and exit points with its Tracking Center, as well as displaying them visually on the charts. The other advantage of TS Pro is you can pretty much code any idea, and then backtest it with immediate results. I share Steve's frustration about the commercial scanning products. There is simply no one product that offers the ultimate trading machine - each one has its strengths and weaknesses (and quirks). I know that TradeStation is working on a RadarScreen-like capability for its Pro product, but in the meantime First Alert will do. Regards, WS