Which software works? which is a scam? seems to good to be true!!!

Discussion in 'Trading Software' started by mortamer, Aug 13, 2003.

  1. mortamer


    A friend of mine just bought the wizetrade program and gave me a quick run down on how it works. (by the way, he's NOT trying to get me to invest in anyway, just wanted to show me what he's up to) It seems to easy and to good to be true. I did some research and found many types of these programs available on the net. My first impression is, if these really worked, the word would be out and everyone would be rich by now. I figured this would be the place to find out if these buy now/sell now programs are B.S. If not, which of these programs are the real deal and the best out of the bunch for the money. Ive seen prices from $99 bucks-20k. Can someone set me straight on this issue? Thanks:confused:
  2. Every single one of them is bullshit.

    Also.. any publicized chat room, guru, mentor.. are full of it too.

    The people that know how to trade.. trade everyday and are quiet.

    The truth is.. its just like any other business.. the guys that are making serious money.. dont brag about it.. or try to teach others how to make $ in their business.

  3. CalTrader

    CalTrader Guest

    By very careful with your money. Many sales claims for many products in this industry are barely operating within the realm of legality. You can part with many dollars paying for platforms and systems etc. Trading is about your skills in understanding particular markets, being very disciplined with your trades, and developing multiple strategies for different markets and market conditions.
  4. mortamer


    Thanks for the replys. Im a member of many forums on different subjects and when a newbie comes in with a question soooo basic, I find many members dont even dignify the post with an answer. I felt maybe this was one of those questions. I appreciate the repsonses. The truth is, I am a newbie and was inspired by the program I saw. Not in the get rich quick sense but it opened my eyes to the stock market itself and becoming apart of it the old fashion way, "with time and work". My gut feeling is that these programs are bullshit and I agree with you on the fact that someone making money this easliy in stocks would not be out sharing it with the world unless the product or program itself was the means to thier income. Are there any good legitamte programs out there that successful traders are using to aid in analysis and strategy? Ive read some of this forum but at my level its all greek and will take a little time to interpret as I research the game.
  5. just21


    How much do the system sellers make?
  6. This is simple...just ask for some real world samples of back to
    back statements from satisfied customers...If the firm has no possible way of providing the simplest of bottomline proof...then what are they selling...seminar hotel rooms..cds..internet print...software .....
  7. There are three basic types of software used. The most basic, like QCharts or RealTick, provides data, charting and indicators and sometimes a direct brokerage link so you trade off the same software. The next level up provide all this, plus some means of programming in your own custom indicators and trading systems and backtesting them against historical data. TradeStation is a prime example, although it is by no means the only one. A third type of software is different and consists of a proprietary trading system that generates signals for you. Some of them stand alone, some require additional software like TS and some provide charting as well. This last category is the most pricey and controversial. The CFTC has prosecuted many vendors of trading systems for false claims, typically invovling some wild claims about actually making money trading it.

    In the world of trading systems there is a huge distinction between so-called hypothetical performance and realtime results. The former are generated by using historical data, and obviously there are many opportunities for an unscrupulous vendor to massage the results.

    I would advise you to read a few books on technical analysis and trading before you get too far along in this. You might want to look at Technical Analysis of Stocks and Commodities mag and www.futurestruth.com.
  8. mortamer


    Thanks for the advise eveyone. I plan to do alot of poking around and research before anything happens. Ruling out the scams and knowing how to spot others is an important initial step. I have family members who are a few steps ahead of me with actual investing so I can get close up and learn from thier mistakes as well.
  9. WarEagle

    WarEagle Moderator

    ...just don't pay any attention to the ads...

    Good post AAA. And good luck to you Mortimer...its a long hard journey, but well worth it.
  10. Trading successfully, consistently, day in and day out, is a craft that is learned over time and dedication to the craft.

    It would be rare indeed to find this in a black box. Save your money and put it into a good charting program and trade small shares (50 - 100 lots) until you get a real good sense of what is going on and how to trade.

    Trading can be a very rewarding craft indeed. But this I promise you, there is no such thing as easy money. There is no holy grail to my knowledge, that can be purchased that will make easy money in the markets on a steady and consistent basis.

    If there is any such thing as a holy grail of trading, I believe that it comes from within the trader, after the trader has learned his/her craft and him/herself. This cannot be bought from a vendor selling black boxes, but must be bought from ones own willingness to learn market behavior inside and out and learn ones own behavior inside and out. (this can take some time) Add the discipline to follow ones own trading rules/plan/method (assuming that you have them) and then you just might bring home the bux. Anything less is folly.

    Traders work their money, investors let their money work. If you are going to be a trader, then you must learn to work your money. As far as I know, that just cannot be bought in the form of red lights/green lights.
    #10     Aug 13, 2003