Nascent
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posted on 29-10-2008 at 05:11 PM
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Learning Metastock Programming resources, David Jenyns, et.al.
G'day
I have recently purchased Metastock EOD 10.1 and apart from pulling up charts willy nilly, I haven't really done much more than that yet. As
important to me as Metastock is as a charting and analysis tool, I find it's strength as a market scanner/explorer equally as important. To make my
(newbie) situation clear, I live in Switzerland, I have trading accounts in 4 different major currencies, I have Datalink equities and indicies EOD
data for around the world, and this nice you-beaut' software to get me there, but I can't drive the bugger: I don't don't understand what the
installed indicators and explorations are good for, i.e. what desirable market conditons they will enable me to target to facilitate efficient stock
picking from the broad base of stocks I have to chose from. Nor do I know how to program my own into it, and therein is the problem.
I am making my way through one trading text book after another, many of Daryl's but many of others too, but the knowledge is of limited value if I
can't target a shortlist of equities or CFDs of suitably behaving stock that match the criteria of the system I wish to work.
I've recently wasted U$200 on Paritech's multimedia-education disappointment 'Discovering the Power of Metastock' - the video component works and
the content facilitated the learning process more amiably than working through their bible would have done for me, but the workbook is a rude farce in
its present condition. I've been once bitten by poor quality after a large outlay of money and now I am trying to hedge my bets by doing a little
premptive information gathering.
I just downloaded and printed Equis' Formular Primer, but that looks a little dry - I'm going to work with it, but I want something to ride shotgun
with it. Which brings me to Metastock Programming Study Guide by Stuart McPhee (the one we see on this forum, I suspect) and David Jenyns.
I would like to hear people's opinions of their personal experiences of using this material. Are there any forum users that have used this material
and wish to laud or criticise it? Can anyone recommend another resource that would provide me an interactive learning environment for Metastock
programming?
I'd love to know what you think, because I'm so behind the ball here and my present circumstances compell me to come to terms with this in the
shortest time possible.
Thanks for your help.
Cheers
David
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Nascent
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posted on 5-11-2008 at 03:18 PM
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I'm touched by the overwhelming response. This forum appears to be a font of altruism.
I've gone ahead an purchased the resource.
Redundant responses may be of superficial interest.
Regards
David
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herb
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posted on 6-11-2008 at 08:22 AM
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I cannot comment on the Programming guide as I have not read it.
Metastock programming is not something you need to worry about if you are just starting out.
Read books, watch the charts, paper trade for a while.
In these volatile markets you dont want to be jumping in the deep end and trading right away.
To be sucessful in trading you have to put in hours upon hours of time.
There is no short cut.
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Nascent
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posted on 6-11-2008 at 09:12 AM
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Hi herb
Thanks for the consolation. I hear what you are saying and I know you are right. I am putting in the hours with books - I could do a sicky for a
year and I wouldn't run out of books I've bought to prepare me for this ride. Unfortunately, I'm only getting through them one or two at a
time.
Furthermore, I'm in no hurry to blow capital - Louise Bedford and Daryl Guppy have both impressed upon me their wisdom for protecting capital and I
believe I'm rather keen on following that wisdom.
As it is probably wiser now than at other times in the past not to trade (especially as a newbie), time is well served getting familiar with the tools
of the trade, and that is why I want to come to terms with MetaStock. Not just with opening a chart, but with getting all the cylinders firing. My
main interest is primarilly the explorer and using it to scan markets and facilitate stock picking. Since buying MetaStock, I realise it's not just
that easy, thus the effort to want to understand how to make it do what you want (i.e. programming). Now would be the time to do it.
It's all very well learning about trend lines, support and resistance, the %2 percent rule, and see them applied to very nice charts that the author
of a particular has chosen. But how do I find the stocks that fullfil the criteria I am looking for that I can then analyse in ways that the books
suggest are effective? I live in the middle of Europe in a non-English spreaking country (I don't understand their language well enough to follow
the local markets), but I have access through my broker (and my data suppliers) to most major markets around the world. Way too much input for
someone who doesn't have an idea. Thus, I need to know how to drive MetaStock Explorer to navigate me to the few (stocks & indicies that are in
line with my criteria) amoungst the many (instruments). Having so much choice is a good thing I am sure, but I've got no idea how to manage it
productively. That is where MetaStock Explorer is meant to help.
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Deputy-Dawg
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posted on 6-11-2008 at 11:08 AM
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During a bear market like we are experiencing now, assuming long trades, the probabilities are stacked against you. Bull markets are fuelled by
inexperienced blood. After the bear finishes off the last morsels, it takes quite a while for a new generation of traders/investors to fuel the start
of the next bull market. The psychological damage has been done. Most bear market rallies turn out to be relief rallies because traders and investors
see this has an opportunity to lessen the impact of catastrophic losses.
The 2% rule can be a sound strategy in a bull market. However, in a bear market you can lose significant capital using the 2% rule. If you diversify
your capital over different sectors, say 5-7 stocks, you can lose 10% overnight if the DOW falls 2-3%. $50,000 is often cited as practical starting
capital. That translates to ~ $5,000 loss over 1-3 days which can be devastating on the emotions.
I suggest you start paper trading using a maximum 1% stop loss rule. If you experience slippage, at least the loss will be limited to 1.5% or 2%
trading capital. You will be amazed at how much paper money goes into someone else’s hypothetical pocket!
Regards,
Todd
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Nascent
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posted on 6-11-2008 at 08:23 PM
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Hi Todd
Thanks for the paragon advice. With the limited understanding I have of the view I get of the market, being a newb n'all, I relate to what you're
saying. I know trading paper is wise, but I just can't make it seem real enough to do - beside, I believe I would take liberties and fudge it a bit
in my favour. I'd rather put some gloves on, and make it sort of real, but with boundaries for saftety.
I only mentioned the 2% rule by way of illustration as it is a well know concept. I normally bring it in between 1 and 2% depending on various
factors. I don't subscribe to the notion that a small player can achieve an effective degree of diversification by increasing the number of
different stocks held and spreading over sectors. Although I haven't gotten to that point yet myself, I read in 'Better Trading' a private trader
is more able to achieve an effective degree of diversification by managing varying degrees of volatility in strategically chosen stock (if I
understood it correctly) - I think it has something to do with Swiss rolls.
I have the good or bad fortune - time will tell - to live in and trade from the middle of Europe. My broker provides all manner of financial
instruments, including stocks and CFDs for most global centres. Because, I haven't a clue about stock picking (that's how this thread started, for
I wish to learn how to use MetaStock to explore markets to facilitate stock picking from the markets I have access to), I'm staying away from stocks
and stock based CFDs. Index tracking CFDs are providing me a low impact vehicle for gaining some experience. Of the 16 on offer, about 10 of them
run simultaneously during the day, so there is some choice (although they mostly seem to move in sympathy with each other). Furthermore, the index
tracking CFDs don't incure a commission, so I can get into them and out of them as many times as I wish and there is no associated cost. What's
even better for a newb like me who whilst not being a fan of paper trading doesn't particularly want to face the cold and unforgiving winds of
experience with full-sized trades, can trade with an index such as the AEX (25) where a single possition only requires EUR 230 or so (at the moment),
so even the blight of analysis and or execution risk is mittigated with such training-wheel sized trades possible with no commision and a spread of
only an Euro or two.
Sorry, admin, boot me to another forum if this is meandering off the MetaStock path a bit, but it started off about MetaStock and I have tried to keep
this post on track by making appropriate mention of my MetaStock mission.
Thanks again Todd and herb.
Ciao
David
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herb
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posted on 7-11-2008 at 11:51 AM
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In the beginning I tried every Metastock explorer I could find, thinking it would be the holy grail to finding winning trades.
All I use now is a search that finds all stocks trading between certain prices eg. $1 -$2 and enough volume to enable me to enter and exit easily.
Then I just sift through every chart it comes up with, it only takes a few seconds on each chart to make my decision as to whether I need to look
closer at a stock.
If you look at enough charts over time you begin to understand the supply and demand, the ebs and flows of a stock.
Its hard to explain, you just have to be very persistant and keep at it until you find what works for you.
Herb
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Nascent
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posted on 10-11-2008 at 06:26 AM
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Thanks for the suggestion herb
I posted a reply on the same day you wrote this (or I thought I had), but it some how slipped off the edge.
The idea looks relatively simple and certainly a good starting point for me to experience MetaStock Explorer from.
Cheers
David
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rsb_44
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posted on 10-12-2008 at 03:53 AM
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Two of the absolute best resources are free.
equismetastock is a Yahoo group that's been around almost 10 years
Equis runs a different forum that's free.
Both are extraordinary resources.
If you don't know where you are going any road will take you there. You need to narrow down what you want. What instruments do you want to trade?
Suppose stocks.
If you limit to U.S. markets and optionable stocks your universe is down to around 3,000.
Add price and volume constraints that list is further reduced.
Once you decide what you're looking for folks at the above sites can help you write the code.
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