Wizetrade or other software for a beginner

Discussion in 'Trading Software' started by Steve123, Mar 5, 2004.

  1. Steve123


    I have been considering buying Wizetrade but noted that the reviews were mediocre on this site.

    Does anyone have any suggestions for trading software for a beginner that is cost effective and easy to use?

    Hopefully with good customer support and education.

  2. abogdan


    I'll happily sell you a vast verity of moving averages in any color you like. I'll also give them the most exciting names so you'll feel special. I would also be happy to teach you how to use them and would come up with the most unbelievable interpretations to each of the crosses so you can brag to your friends about it. I could even come up with the tape that you could watch with your family and feel like a savvy investor/trader. Anything else I could do for you?
  3. Steve123


    Wow Maestro,

    Are you saying it's all smoke and mirrors and phony sales?

    I'm not looking for an ego trip, just want to figure out how to make some money.

    Thanks for your reply.
  4. abogdan


    Sorry Steve, I couldn't help. We have discussed this crap on ET numerous times. You can go and search the archives. But, seriously, please do not waste your money, there is a lot of material on ET. Search first and don't buy this crap.
  5. In my opinion, Wiztrade is virtually useless. Also the product costs too much. In addition, you don't have to develop any skills to operate the system. To me, this adds up to SCAM. Use the search feature at the top of the home page to find other comments by ET Members. Good luck, Steve46

  6. There are a variety of money making professions available, such as doctor, lawyer, or IT specialist.. "Trader" takes no less time to learn to make money than any of these. IMO the best place to start is with Wycoff's 1910 book "Tape Reading" (by "Rollo Tape") available at Amazon for under $20. It's really a book about short term trading, not so much tape reading. It's a gem.
  7. gms


    That's a common goal. You think if it were as simple as buying a program like wizetrade, that would take care of the whole figuring part for everyone.
  8. abogdan


    Second that
  9. Steve123,

    Actually, trading with moving averages can be quite profitable. Moving average = moving trendline = trading with the trend can provide more money in the end, if kept simple and done right.(with patience and strict money management)

    Time and experience is the only way that I know of to learn how to trade moving averages and crossovers (anything else for that matter) for good consistent profits. There are many different ways to make consistent profits trading. Trend following just happens to be one of them.

    I don't think that time and experience can be purchased by buying a red light, green light box. I can't say that for certain though, maybe it depends on the time and experience of the box's inventor. Maybe such a box exists, I think that it could - but chances are it's not for sale.

    Maybe someone does make consistent profits using wisetrade. I don't know whether they do or not. If I had to guess - I'd guess not many. The reason I think that is, is simple. I consider such purchases by traders to be traders looking for shortcuts to profits rather than traders being willing to collect experience over time.

    A decent way to start is to get a low cost broker so that you can trade small lots and not be eaten alive by comissions. Subscribe to a decent charting program and make a few trades. Then be willing to do this for a long time. Unless you are some sort of prodigy for trading - surving the game long enough to learn a few things that work for you - is the game.

    Read study and watch. Watch how the market that you intend to trade moves. Trade it a little, write down the trades - what worked - what didn't, then watch some more. It costs very little to watch. Then trade a little more, etc. No need to hurry. If you feel the need to hurry, shut it all down and go wash and wax the car or something.

    I think that maybe a real good trader can make decent consistent profits using an average system/method/edge and that a not so good trader can lose using a real good method. In most cases traders are not born good traders (maybe some), but in most cases the traders that do learn their craft well, do it through hashing it out - through trial and error - climbing the mountain a little bit along. Sometimes sliding back, but always keeping their eye on their goal.

    It can take a long time to climb the mountain, but the trader that learns as he/she goes, will not get knocked off the top nearly as easy as the traders that try catching a quick ride to the top by helicopter.
  10. Ask around for a mentor.

    Interview three.

    Choose the one you like.

    Sit by him for a few days.

    He will tell you when to set up an account and how big.

    Do not trade more than one account until you triple you initial capital.

    Take you initial capital out.
    #10     Mar 5, 2004