Re: [CANSLIM] OmniTrader

From: "Charles & Lois Layne" <lelayne@earthlink.net>
Subject: Re: [CANSLIM] OmniTrader
Date: Mon, 27 Jan 2003 08:48:03 -0500

Next Article (by Date): [CANSLIM] Resp to OmniTrader "Maria McAdams"
Previous Article (by Date): [CANSLIM] OmniTrader McCall
Articles sorted by: [Date] [Author] [Subject]

> Have any of you ever heard of the program called OmniTrader?  I
> I am a new investor, and I am not investing a lot of money right
> now.  I try to be a CANSLIM stock picker as much as possible,
> but I am intrigued by this program.  I have thought of using the
> Weekly Review list from IBD on Fridays and plugging those stocks
> in this program.

I have not used OmniTrader; I did use a program by the same company that has
been discontinued.  I thought their service was OK.  I next tried TC2000; I
liked it even better because it had plenty of functions for me and was less
expensive.

However, I am not currently using TC2000 or any such programs.  I understand
your enthusiasm as a new investor and your desire to 'try out' all these
neat bells & whistles.  This is especially so if you like tinkering with
computer stuff and analyzing data.  That's what I ran into; I was constantly
analyzing data - loved to tweak things just the way I wanted them.  Maybe
you are different; I'm describing myself.  Then my wife came in one day,
started following WalMart for awhile (it had been in our holdings off and on
for sometime, so familiarity was there) and began trading it successfully on
a short term basis.  Whereas I was happy if I could net a couple hundred
dollars or so holding a hundred or so shares for a few years (with all my
analysis), she could turn $200 or more in a few days; sometimes even the
same day.  We've had our downtimes, too - currently sort of have our capital
tied up & waiting some things out.  I know such short term/swing trading/day
trading is not CANSLIM, but I still like following the CANSLIM insights.

Now, before spending money for a lot of bells & whistles, stop and consider
what is available to you already at no extra cost.  What is available
through your brokerage?  I use Ameritrade, and there are many basic and some
advanced tools handy right there.  I can do screening, charting, research,
etc. right from their website.  No extra charges.  There are a plethora of
other sites that provide no-cost access.  Quite a few have been mentioned on
this forum.  Additionally, the stocks mentioned on these e-mails usually
provide PLENTY of starting material for the beginning investor.

I'm not advocating not using stock programs like you mentioned, but I do
advocate checking out what may already be available to you and testing it
out thoroughly before spending money for a new program and subsequent
subscription.  I haven't minded saving myself a few bucks.


Chuck Layne



- -
- -To subscribe/unsubscribe, email "majordomo@xmission.com"
- -In the email body, write "subscribe canslim" or
- -"unsubscribe canslim".  Do not use quotes in your email.

Next Article (by Date): [CANSLIM] Resp to OmniTrader "Maria McAdams"
Previous Article (by Date): [CANSLIM] OmniTrader McCall
Articles sorted by: [Date] [Author] [Subject]

Go to Jeff Salisbury LWGate Home Page.