OmniTrader Tips

Greetings once again from Nirvana Systems.  Now that we have covered the basics (and some of the "not-so-basic"!) features of the program, where do we go from here?  In this, our last OmniTrader Tip, I want to help set a course for your continued use of OmniTrader. 

Recommendation #1:  Find Your Personal Style

Some people are looking for very short term gains, while others are trying to find positions that will give a good return over a longer period of time.  Some may have the time and desire to watch the minute bars, while others have day jobs and would only like to monitor long term positions at the end of the day.  Regardless, it is important to find your personal style and set realistic expectations and goals.  Once your goal is defined and your methods for achieving that goal are in place, the rest is a matter of going through the motions.

Recommendation #2:  Find Your "Comfort Zone" in OmniTrader

OmniTrader has many different profiles and trading models that are tuned to find specific types of candidates.  Once you have identified your trading style, use the options provided in OmniTrader to find the type of trading candidates you are looking for.   You can also customize the default settings provided in the program to get OmniTrader to prospect your desired type of candidate.  The interface of OmniTrader makes this easy to do, but customization is not necessary for all users as the profiles and models provided should be sufficient for most users.

Recommendation #3: Learn to be Wrong

Human nature dictates that we want to win, we want to succeed, and we want to be right.   Unfortunately, the quest for perfection has no place in trading.  Ask any trader you know and they can tell you story about when they "should have just gotten out".  Minimizing losses is the most important aspect of trading, bar none.  Once a trader told me that he was able to overcome the emotional attachment to always being correct by viewing his positions as inventory.  If certain inventory wasn't performing well, just dump it and bring in something else.  Great approach!  Whatever device it takes to get past the obsession of always being right - use it! 

Recommendation #4:  Continue Your Education and Practice

The more you know and the more you practice applying what you know, the better you will become.  As you continue to learn more about OmniTrader, technical analysis, and the art of trading, you will find some things that help you and some that don't.  For example, some chart patterns will be very clear to you and help you confirm candidates or exit levels, while others will not be as easily identifiable or not even seem like valid indications of direction (I can think of few!).  Use Game Mode and Lab Mode in OmniTrader to practice your techniques and "hone" your trading skills.

Thanks for reading our OmniTrader Tips.  Nirvana Systems wishes the greatest success in all of your trading endeavors.

Regards,
Jeff Drake
Director of Education
Nirvana Systems, Inc.