Dec 182010

One of my new year’s resolutions is to cancel Tradestation and I’m working on having it done by thte end of the year.  I already reduced my data to only ES delayed and I haven’t even used that in 2 months.  I’ve greatly cut back my swing trading and when I do swing trade, I do it based on the volume profiles and support & resistance.

I’m looking into using TradeStation with OwnData, but in any case I’m canceling my TS data.  The reason is I use IQFeed and having TS data is redundant.  If TS was modern, they’d support other datafeeds and/or participate in the CME exchange fee waiver.  But they don’t.  It’s a shame because TS data has always been great.  Until recently, they were one of the few options for retail traders to get continuous adjusted contracts.  IQFeed now offers this.

I won’t miss any of the indicators I bought and/or wrote for Tradestation, none of them worked for me anyway.  But I will miss a few things and one of them is the COT report.  I used to compile this by hand by downloading the report in CSV and importing into excel and then creating lookup functions in Tradestation.  I learned that method from Barry of Eminiwatch.  Then TS started offering the COT as part of their datafeed.  That was awesome, one of the few to do that (Genesis Navigator is the only other one I can think of).  Since next week will be very light trading, here is my last COT chart:

I think I will finally give in and agree with Richard, I no longer find the COT data useful.  Currently we see commercial hedgers of the large contract (top right in blue) are selling the heck out of this rally.  Anyone who traded off that would be in trouble.  You need really deep pockets to trade like them because they’re hedging and not trying to make money by speculating.

The ES hedgers are completely opposite, they’re buying the rally.  And I’m afraid I can’t make sense of it any more.  My trading is very short-term with holding periods of 3-5 days usually.  So bye-bye COT.

I miss how Tradestation is really fast.  I often had 20 workspaces open, each with 4-8 charts, and Tradestation rarely crashed or even paused for more than a second.  It was incredibly efficient.  People mock it for being outdated (ok I mock it too) but performance is solid unlike many other platforms that constantly freeze & crash.

I also will miss Easylanguage.  I love easylanguage.  I was a professional Java developer for over 15 years and I can use all the power of C# with Ninjatrader but I still prefer Easylanguage for simple prototyping and statistics.

If Tradestation had good profiling capabilities like MarketDelta and ability to use IQFeed, I’d consider keeping it.  Multicharts is close but weak on the profiling.

So I’m simplifying and will remain with Market Delta & Ninjatrader.  I’ve racked up several thousand dollars in fees on Tradestation and its data.  I opened a $10k account with them to get the platform cheaper and those fees bled my account to death.  I mention this because for new traders, cutting costs is really important.  While it’s good to pay for good tools, it’s not good to pay for the same thing twice.

  3 Responses to “Good-bye Tradestation & COT”

  1. Michael,
    why you still keeping MD and not using footprint charts, Investor RT does the same for half price?

  2. I’ve used footprints off & on throughout the year. The past few days I took another look. Footprints require a lot of practice & discipline.

    I’ve been experimenting that maybe a volume profile is good enough, seeing the histogram. Not sure I need to see the exact bid/ask at each level.

  3. For all traders who has account less then 100K is important to cut costs. TD Ameritrade doesn’t charge montly fee and market data with Tradestation I had to pay every moth almost close to 250$ that means per year 3000$ with 10K account %30 even with 20K account 15% same like many hedge funds yearly rate which is counted extremly sucsesfull….

 Leave a Reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>