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Jose  
#1 Posted : Thursday, October 12, 2006 11:34:49 PM(UTC)
Jose

Rank: Advanced Member

Groups: Registered, Registered Users
Joined: 1/19/2005(UTC)
Posts: 1,065
Location: Koh Pha-Ngan, Earth

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There seems to be some current disenchantment with Equis over their release of MetaStock v10. I can't comment specifically on v10, as I'm waiting for the E-Signal version before updating. There is currently also some talk of MS v10 vs other charting software, but rather than jump into the frey, I would like to offer a slightly different point of view and help put matters into some perspective. The most important aim for any professional trader is making a relatively consistent profit. Feedback from my 250+ MetaStockTools.com clients shows me that the general consensus amongst the more successful traders, is that charting software and other trading tools normally account for a small 20~30% proportion of a successful and complete trading strategy. To these elite group of traders, charting is a valuable time-saving tool, an extension of their own trading skills, and they do not see any specific software as their source of trading inspiration. This tallies well with my own experience and observations. Do we ever hear from the likes of Warren Buffett or George Soros about the pros and cons of different charting choices? No, these guys are too busy creating wealth to deal with minor issues. There is little doubt in my mind that there are more complex and powerful charting software available. For example, I also have AmiBroker, which I consider the leading edge of charting software at this point in time. So, why don't I use AmiBroker exclusively? Simple - any programming/application task in AmiBroker takes me much longer to accomplish than it does in MetaStock. It's a matter of productivity - if the task required takes longer to program in AB, then any benefits are negated. So, my advice to anyone contemplating a choice of charting software, is this: If you enjoy a good programming challenge, have an abundance of free time to go through an often steep learning curve, and successful trading is only secondary to the nuts and bolts of coding, then by all means go for AmiBroker or Wealth-Lab. If time and productivity is of the essence, and your perspective on trading goes beyond the programming mechanics, then you'd do well to choose a well-balanced and mature charting software such as MetaStock (irrespective of version). See the forest, not the trees. jose '-)
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