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Thanks. @artemiso is right. I know CTAs and hedge funds that use Tradestation, as do many retail people. But there are tons of other products much better, depending on your needs. Same goes for Excel.
For automation and backtesting specifically, I only do things I know my software can do correctly. Does that limit my systems, or make things more difficult for me? - Undoubtedly yes.
If I may ask: why don't you expand your software and/or skill set? Do you believe it won't give much benefit or do you believe in 'don't change a winning team'? Or do you have more practical objections (i.e. no spare time)?
Good questions. It is probably a combination of things. Extra time is a big factor. Also, I've been able to solve my programming/strategy issues with software I have and know, although sometimes I know I am doing things the hard way (try trading exchange supported spreads with Tradestation. Oh, that's right, you can't with their main platform. So testing spread strats becomes a real chore.)
Some of it is just exposure to the "other side" - most of the people I talk to are retail, or have retail foundation (and have now moved on to CTAs, hedge funds), etc. I'm sure my tools would be different had I started in this by working at a hedge fund or bank.
I don't see myself running out of ideas to test and implement with the tools I have, but I think I know when that time might be. And if need be I'll do it.
I hope this answers your questions. It is a good topic to discuss.
In this position, I'd definitely spend some time with a typical programming language (Java, C#, C++, Python, MATLAB, R). I have my personal preferences among these languages, and others in mind, but any of them would suffice.
Thanks for your post. Now I'm really curious what tools there are which costs more than NT and what value they have. Would be glad to have more details.
I agree that tools can create more value/efficiency. But in general I wouldn't agree that the more expensive the better. Maybe I just missed out some great trading software which retail traders just don't know or even can't afford.
Great post! There is a lot to think about in it. My biggest gripe with retail software is that, in an attempt to make is super easy and user friendly, the software encourages and nutures a lot of bad habits, as well as creating pitfalls most people don't see until they lose money because of it (again, myself included).
Regarding the part of your post I quoted, I know that is how a lot of traders (at least retail) traders approach (myself included).
I'm curious, since you aren't from the retail world, how does your process differ, if you can share?
I think what makes the trader successful is not the tool, but the skills of the trader. The tool is just a "helper". He can be also very succesful with tools that cost nothing.