From a trading perspective, it is important to find tools or programming languages in order to generate trading strategies that will improve our chances of success. This is where you can choose different types of tools or frameworks to generate trading strategies; I will differentiate between 3 kinds of tools:
- Integrated Trading Tools: Tools for programming simple strategies, or for generating new indicators, this kinds of tools are normally integrated with commercial packages, VisualChart, MetaTrader, NinjaTrader or ProRealTime. The biggest advantage is its simplicity and its integration with traditional trading tools:
- General Statistics or Data Mining Tools: In this category we find tools such as Matlab, R o RapidMiner. These applications are characterized by strong generic mathematical packages that integrate froms statistics functions to neural networks functions. Due to its mathematical power are used widely in the field of finance.
- Programming languages: There are many programming languages like c / c++, Java, SQL and allow us to automate our trading strategies. We can program any strategy using multiples finance libraries in internet to obtain maximum power and flexibility, at the expense of increasing the time cost and complexity to obtain a final solution.
From the different types of tools, I prefer the second type o tools, being one step ahead of the tools included in conventional trading packages. They provide a simple programming environments to create complex strategies. Matlab is one of the mathematical and engineering tools most used, its computing power and libraries make it suitable from aerospace to finance sector. In Matlab, there is a specific module for finance,rom my point of view is the most complete framework. The main drawback is the high Price. Project R represents a similar framework to Matlab but from the OpenSource world. There are multiple modules for stock trading, from portfolio management to the generation of indicators. Their capacities in this sector have nothing to envy of Matlab. Finally RapidMiner is an OpenSource package focused on the pre-processing, analysis and data mining. One of its strengths is the library of classifiers and function approximators based on neural networks, Support Vector Machines, bayesians networks… that allow to be extrapolated to the world of trading (this last one can find examples neuralmarketrends). Finally it should be noted that there is a plugin that integrates the best of RapidMiner with R. I will start usign this package to work and get results.
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