HI All Can you tell me what percentage of your trades based on this software are successful? thanks Sterling
I just cant use the Trade Prospector service, 1st: cant understand it, 2nd: support/resistance seems taboo for me. Those are patterns that are 50/50% and its better to flip a coin than to keep watching when a stock will reach support or resistance. I feel that participants in this forum saying wonderful things about Trade Prospectors are just receiving revenues for advertising of their services. IMO ,I requested several trials of TP and it never worked for me. Its prospective plays are way too subjective for my trading and I tend to like objective, rule based trading systems that can be backtested historically. Storkelif
hanson ,good point but we dont know for sure if your are correct about people getting paid or not. Do u have a better Ta software to recommend? If you want abjective info about TA software go to the yahoo club called "investing with deep insight and discuss this with KE4PRF as he no longer sells his bulltrack software to the public so he will be able to give you his objective opinion without pressure to buy anything. He seems to be well respected and seems to have done alot of different kinds of testing on software. I might try this trade prospector,cant lose anything for trying it free. wall
Sterling: I am a Trade Prospector user. I am a novice trader. I have had mixed success with TP applying it to multiday swing and position trading, but I feel this is predominantly due to my inexperience in execution and lack of proper tools. Which highlights the point about Trade Prospector that you must keep in mind: Since TP is not a strict mechanical system (they do not claim to be one, either) that gives absolute entry and exit points, a person's results with it are highly dependant on several factors. A trader's experience, skill, trading platform, datafeed/charting software, and risk tolerance will have a tremendous effect on his success. No suprise there! What TP does for me is to demystify choosing what to trade and remove much of the tedium in analyzing charts and technical indicators. (I've studied and learned this stuff, but I don't particularly enjoying pouring over charts and numbers every night.) I can punch up support/resistance points and much other data in moments. In this respect, I'm sure there are numerous other services that will do they same thing, but I've found the TP data to be 1)easy to understand, 2)easy to access, 3)very enlightening when used as directed, and 4)reasonably priced. Also, Third Millenium's daily market updates have helped me decipher the market and their customer support is the best I've ever encountered. (I've received responses to emails within 10 minutes...at 11pm at night!) Their biggest drawback? Probably the learning curve, attributable to their less-than-perfect documentation. Granted, I was attempting to learn how to use their software while at the same time teaching myself how to trade, which hindered my understanding, but I still feel their learning materials could be better written. I suggest: 1) Subscribe to the 30 day free trial, 2)download, print, and read both their Trading Guide and User Guide, 3) visit the Raging Bull PRSPCTR board to ask questions and learn. Then make up your own mind. BTW: I am merely a user of TP. I paid THEM $400 to use their program. Also, there could be something better out there, but for me, TP works great.
Quick note... I just came across the thread started earlier this year regarding Big Easy Investor, which I've not used. Privateer makes the valid point that Trade Prospector is most appropriate for intra-day trading. I would agree. I stated that I do multi-day and position trading, but my goal is to get good at intra-day.
I am a former user of Trade Prospector and I will say that once you learn how to properly use it, it is a valuable tool. Basically one of the main things it does is calculate for you all the key support and resistance levels for various stocks as well as suggested stop levels. It also scans the market and will show you the stocks with the most volatility, best daytrading candidates based on price action, swing trade candidates, etc. The only reason I stopped using it was that I focus only on a few same stocks that I trade, and calculate the support/resistance levels myself from reading the charts, so don't need all those features. However, there are many experienced, knowledgeable traders who use it religiously and quite successfully. Check out the message board for it on ragingbull.com. Type in TPRSPCTR in the board search.
Hello folks, sorry for the late reply. TradeProspector well I want to say, hsanson, no one of the users I know ( posting on the RB TP Board ) get's paid for posting positive comments on TP at any board. One can try it for 30 days free of any charge so there's no use of dragging people to the 3mt website. From your comments, I can see, that you haven't found any use in applying TP because you think trading S/R is like flipping a coin. To be honest, trading any TA signal is like flipping a coin ! But If you would have understood what's laid out in the TP manual, you would know, that there's practically no other software out there giving you such exact entry and exit points in trading for such a variety of stocks and Indexes. Furthermore, it allows, to construct a trading plan around those S/R levels. Nobody stops you from using additional indicators to confirm the TP calculations. But you'll hardly find a software that's so straight to the point. It's not enough to recognize a significant chart-pattern or get a MACD signal and step in or exit the trade at random or gut-feeling - you need to know the crucial culmination points where a market is about to turn around. These pivot points form what's called S/R. Whether they are derived from Fibonacci-Retracements or various moving averages doesn't matter - and I don't care. TP is calculating all these important points and displays them in way which is easy to apply in real trading. This doesn't give a guarantee, that every trade will be a winner. 3MT is the last claiming that TP can guarantee this. IT's NOT THE HOLY GRAIL ! But using TP can enhance your odds quite substantially compared to those traders not knowing where to look for a profitable entry and exit. Despite all the hundreds of tradingsystems available out there today, IMHO most traders still trade their gut-feelings, be it intraday or in swingtrading. I lost quite some money in trading my "feelings" about a stock, until I discovered how to apply TP correctly. Since than, I can say, that about 70% of the trades I made using TP have been profitable, on the other 30%, my losses were very very limited. And that's what counts for me. TP educates you in way, that you think before you trade and helps you, to keep emotions at a lower level during a trade, since you know what to look for and what you can expect. Trading this way is not for everyone. But it helps me to maintain the necessary disciplin. If you take a program like TradeStation, MetaStock or OmniTrader on EOD basis, which I have used heavily in the past, you might get dozends of trading-signals but which one is the best - the most reliable ? Hundred indicators mean hundred different signals / opinions you may follow. This isn't any better than flipping a coin. With TP I can focus on 3 important components of my trading : 1. I know which stocks to trade 2. I know when to trade them 3. I know how to trade them ( including various options-strategies ) What more can you expect from a software tool ? In addition, 3MT provides valuable market insight every day and intraday plus a daily selection of promising stocks / options-trades. I haven't traded all of their daily proposols, but most of those I did trade, went out with a profit. Trading is always about taking risks, but trading with TP means taking very limited risks. For what concerns multiday-trading vs. Intraday : TP provides the tools for multiday-swing trading. But you have to digest the markets / sectors condition first before entering a multiday-trade. I mean, what can you ecpect when going long for more than a day, when the whole world is shorting the particular market or sector ? Being a contrarian is ok - at important turning points of a market. But being a contrarian in a strong trend is financial suicide. If you trade the various BP's, Swingpoints etc., and you notice, that the recent close is nearer to the downside BP than to the upside BP, your overall strategy would be to expect more downside potential than betting on the unlikely event, the market you trade might reach and break through the upper Breakpoints. Also, when you see, that TP has identified a cluster of overhead resistance prices above the last close, chances are great, that the stock will not break them all in a day -so may watch out for reversals at key levels. TP helps in identifying these key levels whether intraday or on an end of day basis. So you can determine your stop-losses and manage your trade according to the progess in the trade. I have documented such real a multidaytrade in VSH on my website ( german language ) in realtime as an example, how I apply TP. http://www.tradeshark.de/files/Tradeplan Bspl.htm IMO, working this way gives you an edge above most other traders. And, just to make it clear again, although you will find a link to 3MT on my website and a german translation of the TP description, I am in no way related to these people and I don't receive any special benefit's other than being a beta-tester sometimes for new add-on's or new releases of TP. I pay my annual subscription like any other authorized TP user. I like the program and I like it to help people interested in the software find out, how one can apply TP in real trading. Just like the other fellows on the TP RB board. Nothing spectacular, no hype. Sorry for the long post, but I think, trading with TP involves more than just looking at some crunched trading-figures and than flip a coin. regards &
Zboy I was wondering why u quit using TP? I was reading one of your old posts about rambus and seemed to be doing well with it. Sterling
Sterling, Yes, I was doing quite well using TP, and I'd still recommend it to anyone looking for a good analytical tool. I simply began calculating my own daily key support/resistance levels and discovered that on my own I was coming up with basically the same BP1 and BP2 as TP was. So I just started doing the same job myself that I was using TP for. I do still refer to it on occasion, and for those who don't want to deal with calculating their own breakpoints it's definitely a great tool.
zboy2854A Would you let me know which stocks do you usually trade and which formulas do you use to calculate BP and S/R. I'm considering purchasing TP but would also like to know how to calculate those points by myself. I'm not sure if BP and S/R are calculated using formulas or just by looking at charts. Thank you.