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Discretionary Trader
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RoyWild
Posted 1/18/2014 9:27 PM (#5574)
Subject: Discretionary Trader



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Jim

In a post on the OT forums you mentioned the following:

All in all, I'd consider this to be a very worthwhile plugin for the discretionary trader and also (via function calls), a fairly worthwhile one for the mechanical trader.

Can you share your thoughts on the above for both the discretionary and mechanical trader pls

Thanks

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JimDean
Posted 1/18/2014 9:51 PM (#5575 - in reply to #5574)
Subject: Discretionary Trader



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Well hmm - not sure how to answer that without writing a book. ;-)

Since you titled this thread for discretionary focus, I'll make some comments about that. Mechanical should prob go in another thread.

First of all -a disclaimer - I have not yet actually started using the plugin - my initial comments were reactions to the brochure and webinar, plus my own long-time beliefs and approach to the market. So, I can't (yet) attest to the "accuracy" of the tool - ie how well it does what it sets out to do … my recommendation for discretionary traders is more based on what it sets out to do, and how it packages the interface.

1. I like the use of the "tab". Attractive layout, and 75% of the most useful info is visually digestible at a single glance, which makes it fast to pgdn thru.

2. Although the statistics are not visual-friendly like the rest, they chose an excellent subset (given space limits and "typical trader" interest). I think it would have been cool if they made the colors of some of the stats change based on their values - maybe later.

3. I've always believed and taught that tradeability and profit potential and group strength are important factors - in fact I've posted a lot of stuff in the N forums including algorithms, as much as six years ago. I like to think that had some small part in the genesis of this and some other things N has released (not that it matters). But it does fit well with my "worldview of trading methods".

4. Although I'd prefer a lot less "proprietary mystery" of the math they use, that's a personal quirk - most people really don't care. What I do like is how they have effectively "normalized" these debatable and complex concepts and metrics into simple "thermometers".

5. Finally, this this might seem more important for mech than discret traders, I'm always pleased when they provide lots of the core calc's as callable functions - which it seems that they did as fully as possible, here. For the discret trader, this means its easy to create OmniScans or EZ Setups or sortable FL columns or custom indicators that have a homegrown mix of combos of the various metrics, so that the TIME it takes to do a careful eval of a given symbol by this tool is very quick. Bottom line is that using the methods I mentioned, you can pre-cull a list automatically so that the ONLY discretionary SnapAnalyzer decisions you need to do for symbols one at a time from the Tab are the ones about the statistics.

It's a pity that the Tab is not avail for overseas - but given the interest level and number of posts made already about that, I'll betcha a "SA II" will come out that solves 95% of that.

I hope that helps. I won't be able to usefully comment about the mech benefits till I've had time to really mess around with it.
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RoyWild
Posted 1/19/2014 10:15 PM (#5580 - in reply to #5575)
Subject: Discretionary Trader



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Thank you Jim for the detail response.
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RicCampbell
Posted 2/6/2014 7:22 PM (#5651 - in reply to #5574)
Subject: Discretionary Trader



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Would be a lot more interesting if it worked in Rt or with futures/forex. Like to see how the filter works in these modes.

Edited by RicCampbell 2/6/2014 7:32 PM
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