Why Metastock, Amibroker etc. over Incredible Charts?
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There is, and many. But it depends on how you trade, and how profitable you want to be.
It also depends on how you do the paper work or record keeping. Depends if you want to backtest, depends if you want a training mode to paper trade.
Might also be the ego thing.
In regards to Metastock, I have just read a review on Metastock versus Bullcharts,
and the latest 3.8.8 Bullcharts is pretty powerful, but needs Tradesim for back testing.
Incredible Charts has limited scanning and no back testing. Twiggs has a couple of good indicators.
Maybe if you have IC and understand Wyckoff you may make more money than 10 others with sophisticated software.
It would be ideal if you have access to friends, who have metastock, and others to have a look. My friend has metastock and its complex to use, but it has not been upgraded.
But if you want to invest only, then IC maybe for you.
I have a farmer friend, who makes about $50,000 from dividends/year and all he has is a broker and buys a financial paper each weekend.
joea
Thanks Joea,
IC is limited with it's scans. Not interested in investing but trading using derivatives. Metastock has a free trial so might give it a go. I have been using IC for trading but I'm no professional at this stage
As great a software as IC is for free and as much as I respect Colin Twiggs and read his newsletters regularly, the reality is that Amibroker is way more powerful than IC
BUT
Depending on your strategy you may not need all that power.
If you want to do systematic trading than IC is useless. If you want to be able to do specific scans outside of what IC offers then you need a software that will allow you to program your ideas eg amibroker or metastock. If you are after just a basic charting software on which you can analyse price/volume action, draw a few trendlines etc then IC is great for free.
Also IC free has one-day delayed data.
But for $220 you have 20 minutes delayed data, with intra day data coming shortly.
Plus a newsletter that is "finger on the pulse".
Cannot get better basic value than this, from any site in the world.
joea
Like what? I have access to MACD, Stockastics, RSI, MMA, trend lines, support and reistance, Fibonachi retracements etc. The filter system leaves a lot to be desired though. What more would I need? Just playing devils advocate as I do realise I will need a more advanced system at some stage just trying to figure out what advantages it has so i can go straight to using them once I have access!!
Also at the risk of being a dumb question. What is back testing? My assumption is it's going back and using tech analyses on price history to test weather your systems work. Can't you simply do that by looking back at price history on IC??
I'm not interested in standard indicators.
What you can do with Amibroker would break the Bank of England. So I can't go into detail but the possibilities are enormously. It's the most flexible program I know of.
Another thing is that you can use AB with your broker and can trade from the chart.
Also I don't think that IC does work with intra-day feeds, right? In addition you have access to a wider range of markets by using AB.
If IC fits your needs so be it. But trust me when I'm saying that AB provides much more useful capabilities for a (professional) trader. IC is a simple charting tool for EOD. That's it. It's not a bad thing. It depends on the person and what she or he needs.
Regarding back-testing. It's not that simple as you think. But I'm too tired right now to go into detail. Maybe someone else will reply.
BTW, there are no dumb questions just dumb answers.
What you can do with Amibroker would break the Bank of England. So I can't go into detail but the possibilities are enormously. It's the most flexible program I know of.
Another thing is that you can use AB with your broker and can trade from the chart.
Also I don't think that IC does work with intra-day feeds, right? In addition you have access to a wider range of markets by using AB.
If IC fits your needs so be it. But trust me when I'm saying that AB provides much more useful capabilities for a (professional) trader. IC is a simple charting tool for EOD. That's it. It's not a bad thing. It depends on the person and what she or he needs.
Regarding back-testing. It's not that simple as you think. But I'm too tired right now to go into detail. Maybe someone else will reply.
BTW, there are no dumb questions just dumb answers.
Awesome thank you. IC does have 20 minutes delayed data which is what I get. About $27/month I think.
I'm still in the amateur stage but have come a long way. When I feel I'm ready to step up to more advanced capabilities I'll go that way. I like the idea of trading directly from the chart with AB
Download the trial version of amibroker - try before you buy - but yes I agree with josh it's way more powerful than IC - IC is great if you are after really simple functions but beyond that you need something more powerful. There is a fairly steep learning curve if you want to really learn how to use the software to it's full potential though.
I have both Metastock and Amibroker. Although I use MS more than AB it is only because I have had MS for a few years and I need to dedicate time to become as familiar with AB. I moved to AB because of its superior portfolio backtesting capabilities.
MS needs Tradesim to match AB. There is no comparison IMO when comparing cost. I wish AB had been around when I started with Metastock.
MS needs Tradesim to match AB. There is no comparison IMO when comparing cost. I wish AB had been around when I started with Metastock.
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Has anyone here tried chartnexus?
Wysiwyg
Everyone wants money
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One look and I knew no. Subscription for a Sup/Res algorithm is a bit cheeky.
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