Amazing, the guy simply prints money. And if this investment genius is seriously considering WizeTrade- I would be a fool not to do so myself. Does anybody have a link to the WizeTrade website? I've got my credit card out and I'm ready to 'maximize my profits'.
It seems you have a trading method that works for you. If you wanted to start doing technical analysis or indicator based trading why don't you spend that money on mentoring with alan farley or something? With that kind of loot just go visit him or some other guru for a week. That's gotta be a better way to spend some money then wize trade.
I simply print money? what do you mean by that? I was making 65k/year and my wife the same so we are able to invest quite a bit extra money. I don't consider the 128k I have in my Scottrade account earth shattering. Maybe it is. Sounds like there are investors such as yourself who do not have good paying regular jobs and who have not had any kind of success trading. I guess I am very fortunate, but I want to make half a million or more. My 1099's for the past 3 years has shown about 3 million in stock sales. I don't consider myself a genius, that is why I am evaluating the software. Granted, I do think that I am (not to seem conceited) a more experienced trader than the 20 or so people that I saw at the sales pitch, I still think that some kind of momentum indicating software could help. I am sure the pro's must use some software or tech. analysis tools. p.s. I do remember reading in a book a few years ago that they have found only about 12 individual traders who, over an extended period of time, (10 years or more) had consistently outperformed the market. They all had one, and only one common trait. guess what it was. I believe I have that trait. cheers.
I have not purchased the package. However, I have a friend who did. He is a very good options trader (swing trading). He is extremely analytical and does lots of Excel analysis before he adopts a new idea. He likes to trade and is generally looking for stocks to do option trades on. He signed up for WizeTrade to use as a way to identify good trading vehicles and tracked the results for about six months. He was not at all happy and continues to use Worden TC2000 to find stocks for his options trading. He just wrote off the Wizetrade and stopped the eSignal data feed that WizeTrade uses. This took place over the last year. I think you'll find that few people on the board will have purchased WizeTrade. In general, in my opinion, they are not swing traders, they appear to be day traders and scalpers. However, you will find many comments about "snakeoil" and various programs such as WizeTrade. I'd go to Yahoo and see if there is a WT group. Perhaps you'll find some real user comments there. I'd reiterate some of the previous comments - get a software charting package and work with some moving averages and other indicators. You might even have a broker that has a good enough charting package available to you for free as a customer. There are many, many, software technical analysis packages available for well under $1,000 if you want to have something on your machine. TC2000 is not bad and gets you a package and a datafeed for about $30 a month. Get some "starter" books on technical analysis (use the Search feature of this site). Read, over a period of a few months, some of the threads on this site. You'll find many conflicting opinions. It will give you an idea of how difficult it is to start trading and to become successful. It will also show you that their are those that will be willing to help if the requester has done some work on their own. It will also reveal that there are some utter fools who enjoy being nasty to newcomers.
for me to contact your friend ? According to the contract, one cannot resell the program. However, it says that it can be loaded on multiple computers. I am curious if I could use his program and pay the $30/month feed for a month or 2 to really give it a test run. I only have until this Sunday, Jan 23rd to decide. I will be doing as much testing of it this week, but not sure if 4 trading days is enough. I wonder if the are able to track the IP address of each user and therefore find out if I was using his software. If I liked the software, I would certainly pay him for it. I do not think Wizetrade would allow me a month to test it. I will ask them after the one day training when I inform them I am returning it. Perhaps they will offer a longer trial if I tell them I cannot decide if its any good in 4 days of trading. One other real concern I had after reading the comments is that someone said this was just a rebirth of a company called WOW that went BK and took with them all the people's initial purchase of the software. I would hate like heck to pay the 3k and have them go BK and assume a new name and leave me out that money!! With all that said, I thank you very much for offering your comments and experience with the software.
The short answer is no. He is the type of guy that does not like to get involved in stuff like that. You seem determined to stick with WizeTrade right now. I'm sure they will be more than happy to take your $3K 6 months or a year from now. Strongly recommended you look into technical analysis before evaluating the "green light, red light" approach. A six month delay will be well worth it. If you'll search ET for threads on systems trading (which is what WizeTrade is) you'll find comments about the nature of systems being cyclic in their profitability or just failing after being successful for a time. Moving average systems and breakouts were quite successful some years back (research 'turtle trading') but do not work as well as they did in the past. The advent of powerful PCs in many hands has diluted/eliminated the success they previously had. Not everyone can win the market, if lots of people use the exact same system do you think they can all be winners? Delay your purchase, go to another sales pitch in 6 months. Ask them if they have a track record for the previous 6 months. I'd be willing to bet that they will artfully dodge answering your question. If after doing some study over the intervening time you are still convinced, spend the $3K.
Thanks Jack, I appreciate the response. I am very new to Elitetrader as well and am impressed with the full spectrum of folks that visit the site. I wish you a happy and healthy 05! RML
Run an ad in ET classified section I'm sure you can buy a copy from someone for 1/4 the price here on ET!
I am among the majority on this board who believe Wizetrade is a complete piece of garbage. I don't believe it is worth $500 let alone $3,600. In Investor RT I was able to duplicate their system in less than 15 minutes playing around with moving averages and linear regression periods. I also watched it live on a friend's laptop who did stupidly buy it and <b>you wouldn't believe how often the lines crossed and gave signals only seconds to minutes later UNCROSS.</b> That's why they usually give those seminars when the markets are NOT open! Just like stochastics often cross and uncross its the same thing in Wizetrade. If you look at the charts at the end of the day you will think to yourself any idiot can make money with this software. That's how they sell it too, if people saw how many 'signals' it gave only to take the signals off their charts a few minutes later not a single person would ever buy it. Every one of those false signals by the way is a LOSING trade. That being said, if you really feel like a program that gives you only red and green lights is the holy grail why not save yourself some money and buy it off of ebay. There are currently 6 obviously unhappy users that are dying to unload it at a considerable loss. <a href="http://search.ebay.com/wizetrade_W0QQfkrZ1QQfromZR8">Here's the link</a>