A Critical Review of Metastock 8.0: Is Upgrading Worth the Money
If you are like many other traders, you have been eagerly
waiting for the release of Metastock 8.0 for one reason, and one
reason only, the reportedly redeveloped system tester.
Metastock`s one major flaw has always been its lack of back
testing capabilities, though previous versions of Metastock are
head and shoulders above the competition on other fronts. But
whatever criteria you use to trade with, be it moving averages,
candle sticks, fibonacci retracements, or any other trading
system, you`re going to need to back test it. Everyone needs to
thoroughly back test, or simulate, their trading system in ways
that can match the conditions you will be trading in. It`s
something all serious traders do.
Consequently, when Equis International (the makers of Metastock
8.0) announced "an all-new type of exploration that emulates
running system tests over an entire database of securities", I
could hardly wait to get the Metastock 8.0 release.
While waiting to receiving my copy of Metastock 8.0 I began
building trading systems. By the time my copy of Metastock 8.0
finally arrived, I had around 20 systems ready for testing, and
couldn`t wait to try them out.
However, when I loaded up the software, I was in for a surprise.
It looked like nothing had changed. I thought maybe Equis
International had kept the same interface and added in greater
flexibility and some more features, but after searching in every
nook and cranny, I found next to nothing that was new. It looked
the same and, except for a couple of small changes, it was the
same!
Then I came to the System tester - now called the "Enhanced
System Tester". This was my major reason for upgrading from
version 7.22. This is what appeared to be only real difference
between Metastock 7.22 and Metastock 8.0.
After fiddling around with the Metastock 8.0 Enhanced System
Tester for a few hours, and testing my 20 systems, I reached the
verdict that I wasted my money on the new version of Metastock
8.0. Despite the supposed improvements to the Enhanced System
Tester it, like it`s predecessor, left a lot to be desired.
Even though the Metastock 8.0 Enhanced System Tester tests
multiple securities in one batch, it treats each security
independently of the others. Therefore, when Metastock 8.0 tests
the first security, it uses your predefined float and takes the
trade over the test period selected. Once that is completed, it
repeats the same process for the second security, using the same
initial float, with no reference to the first security.
In the end, you receive the same result that you would have if
you simply tested each security individually and added the
results together. Not only is this process dreadfully slow, but
the entire reason for testing your system is side-stepped. When
your finished all the explorations, the performance of your
trading system is still unknown!
The moral of the story is that if you already own Metastock 7,
don`t worry about upgrading to Metastock 8.0. Simply stick with
the version you have and keep your fingers crossed that Equis
International gets it right for Metastock 9.0.
David Jenyns, leading expert in designing profitable trading
systems, MetaStock website offers a huge free collection of
trading related tips and tricks. Gain free access now. Click
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