Omnitrader vs Tradestation

[CDavis 10]

I have Omnitrader 2006 End of Day with Omnidata that filters stocks using scripted formulas and Etrade with level 2 including realtime technical charts. I have heard that Tradestation is free provided that you do a certain minimum of trades using their brokerage which seems to be inexpensive. Is it difficult to learn Tradestations scripting and brokerage services. Is there any other software/brokerage that you would recommend. I have been doing swing trading and want to start day trading.

[Soultrader 12]

I have used several softwares but not Omnitrader. But I have been using Tradestation for quite some time now and I can tell you this. I absolutely love it. I think it is one of the best trading softwares available. The language they use is called "Easylanguage". I have to admit, I have no coding background so it aint too easy for me. But most people are able to work with it. They offer free education to learn Easylanguage and they offer good support. They also have a forum for Tradestation users and is filled with easylanguage information.

 

If you plan to day trade, I do recommend tradestation as your platform. But I recommend clearing through another firm such as Infinity. Although the Tradestation software is amazing, their execution is not number one. Which is why I use a different brokerage firm to execute orders and use Tradestation for charts.

 

You should check out my videos and you will see the basic layout of the software. Hope it helps.

[cjh01 10]

I agree, Tradestation is a nice charting package. I recently also started using IRT for Market Profile.

[torero 10]

TS has a matrix window similar to NinjaTrader DOM windows, that comes with MP for the day. You can make single-click sell/buy order on any price levels on that windows, very slick. But true that execution and order servers sometimes are not as reliable as others. I recommend NinjaTrader for daytrading (even scalping too), it links with many other brokerages out there but it's not free.

[cjh01 10]

TS has a matrix window similar to NinjaTrader DOM windows, that comes with MP for the day. You can make single-click sell/buy order on any price levels on that windows, very slick. But true that execution and order servers sometimes are not as reliable as others. I recommend NinjaTrader for daytrading (even scalping too), it links with many other brokerages out there but it's not free.

 

Hmmm I'm not sure that the matrix show classic MP. Plus you really need more than one day to trade MP imo.