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[sharechat] OmniTrader

From: Phaedrus <>
Date: Fri, 5 Dec 2003 00:04:43 -0800 (PST)

      OmniTrader is designed as a prospecting tool, using optimised technical 
criteria to screen thousands of stocks, coming up with a short list of trading 
prospects. It does this superbly. 
 I suspect that most people buy this program because they are attracted to its 
totally automated approach, ending up with clear "Buy" or "Sell" signals. New 
buyers think that all you have to do to make money is to follow the signals. 
That is not my experience. I found that blindly following OT signals was 
unprofitable. This program is NOT an effective substitute for knowledge and 
experience. It is NOT a shortcut to wealth. 
 The programs most annoying feature is that it constantly re-optimises and 
"revises" all previous signals in the light of later price action. This means 
that you are unable to judge its effectiveness by looking at any particular 
chart. (Because the signals that appear on that chart may well not have been 
flagged at that time, and signals that were triggered may get deleted by later 
re-optimisation) The end result of all this is that it looks a lot better than 
it really is.
 I would strongly advise you to to stop looking for shortcuts and easy outs - 
read as many TA books as you can get your hands on and buy an effective 
charting package such as MetaStock. It will take you a long time to learn to 
drive it, but in the end you will know a lot more and be a lot better off than 
simply following automatically generated signals, about which you have no real 
 If you wish to trade the US market (about 10,000 stocks) then some form of 
automated screening is a must, but I do not think that is your objective here - 
right? Certainly there is no need whatsoever for OT's screening capabilities if 
you intend to trade the NZ market.


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