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OmniTrader 2016 Forums
OmniTrader 2018 General Discussion
How do you actually work with OT
Last Activity 10/25/2018 4:20 AM
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Privateer

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Posts: 83

Joined: 1/24/2005
Location: Germany

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Subject : How do you actually work with OT
Posted : 7/15/2018 4:11 AM
Post #44993

Fellow "Omnitraders",

as you can see from my entry date to this forum, I am not quite new to OT.
My first version was 3.5 which a bought shortly after my first Metastock experiences.

Over the years, it was a kind of "Love and hate" affair with OT, a good deal due the fact, that in the beginning I tried, as many I suppose, to use it as kind of mechanical trading system. Which it was much less back then as it is today.

Nevertheless, I had some success using it in concert with some other software and websites . After I learned not to trade signals out of the box, I used OT mainly as a trade management-tool, not paying attention to the signals produced by it's strategies.

After a change in professional carrier, I stopped trading alltogether and most of my money went into ETFs.

Now I am turning back to my passion and the stock markets. Of course, I updated my 2014 OT to 2018, set up my new IB account and now... what....?

Of course I know how I used OT in the past and could just start all over again. But this time, I would simply like to hear first, how other OT users utilize the product , which versions they prefer, which plugins they use and, most important, whether they do use the product successfully - which means making more money than the market ( SP500) would return ( after taxes & commissions ).
Afterall, I always beliefec that OT could be so much more then just an idea generator...of which we have plenty on the Internet anyways today.

What I had always found a bit strange was, that even today, after almost 20 years I use OT, I find very little useful about it on the internet. Jim Dean's Tradetight site and the Nirvana sites excluded, of course.

Also in the typical trader forums you find very little information, at least in contrast to say Ninja-Trader, Tradestation, even TC2000...

So I would like to ask you, if you could share a little of your knowledge and experience with OT, ideally over the course of several years, and your preferences / advice today :

- EOD or RT
- EOD or PRO
- Mechanical Trading vs. Prospecting
- Plugins
- Trade Management
- Autotrading
- Visual Trader...

Thank you all very much in advance for the time you spend on the answer. I think, it would be most beneficial for all user to exchange more views on how to actually use OT in daily trading business.

best regards
Stefan




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jpb

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Location: Brown Deer, WI

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Subject : RE: How do you actually work with OT
Posted : 7/15/2018 10:05 AM
Post #44996 - In reply to #44993

Stefan,

I love this question and have wondered about it myself. Like you, I've been a long time user of OT and have used it very similar to what you described in the past, including setting it aside for a period of time.

To your questions:
- EOD or RT? I've used both, but currently use just EOD. I wasn't using too much of RT data -- didn't need the constant stream. I do wish that that the EOD feed would include current prices when you refresh instead of a 20 minute delay. I find myself looking at other web sites just to get the current data for a single stock or looking at the portfolio window to see what IB says the current price is.


- EOD or PRO? Pro version.


- Mechanical Trading vs. Prospecting? Mechanical Trading only. I've found the prospecting strategies were often wrong and I was a poor filter of bad trade setups.

- Plugins? I consistently use Strategy Wizard and ATM. I bought a lifetime membership and have access to all the strategies. I also have the Options Trader but use it more to enter option trades but not manage them. The options plugin has some bugs that Nirvana is working on -- things like it wants to submit orders for the second step using the price of the underlying symbol instead of your entry price.

- Trade Management? Yes for mechanical strategies. I love the trade plans. It helps me keep my fingers off the keyboard. I found that when my fingers get involved, I lose money.

- Autotrading? Yes, with mechanical strategies. I also use it with ATM.

- Visual Trader? Never really used it.

Cheers,
Jeff
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Privateer

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Location: Germany

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Subject : RE: How do you actually work with OT
Posted : 7/15/2018 2:06 PM
Post #44997 - In reply to #44993

Hello Jeff,

thank you so much for sharing your experience and thoughts with an on OT.
I am rather weekend then a daytrader had so far no desire to go for OT realtime.

I have good RT data from my Brokerfor about 20$/month. Data is free if I trade for about 30$ in commissions a month. Which is not a big deal as I also carry european stocks and certain ETFs in my trading account. Commissions in german stocks and Etfs are about 8 EUR or 10$ per roundtrip. Cheap for Germany but still expensive in comparison to trading US Stocks.

I will collect some more opions before responding on the various subjects touched.

Wish you lot of success in the meantime ;-)


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