Yes, there are some profitable winners. But be clear, my definition of "consistent money" focuses on increasing the value of the portfolio. Not in the amount of correctly identified, and executed, trades. The software does not control the decisions on trade executions. And I wouldn't advise trading emini's with it. IMHO, the product is hard enough to understand (apparently) and I would not advocate its use in that arena.
Hey Peter, Send the software back, get your refund and give the money to charity. At least you will do someone some good. The strongest evidence against the validity of WideTrade's claims is the fact that someone is posting extensively about how he "trains" people to use the software. The software itself is as simple as anything can get, and if it gave valid and reliable signals why do you need all this extra training? The simple fact is that WizeTrade does not give any better signals than a MACD, Stochastic, RSI, DMI or any of the other myriad of oscillators and indicators out there. The point is that interpretation of the signals is crucial to the success of your WizeTrading, and if that is so, why not use the free indicators included in your eSignal, RealTick or whatever data feed you have? Doubtlessly there are people making money with WizeTrade, however most of them are the ones selling it or selling training on how to use it. If you monitor the WT Yahoo message board, there seems to be some folks out there who are making money trading with the software. However, there people who claim to make money with Indigo and any of the other 'out of the can' programs. Simply, there are some people who are good traders and make money with WT or any other system, but don't fool yourself into thinking that because they are successful, you have a decent change at success. If you're itching to spend several $K on market education, at least spend it on some outfit that will cover a wide range of TA tools an analysis. Your odds are better than a bet on WT. Just a helpful note from a fellow traveler... Cheer, kp ps: I am a WizeTrade owner. I dedicated a couple hundred hours to mastering the program, and came up with the conclusion that ultimately the system is subjective. Subjective is acceptable, except that those pretty green and red lines change! That way, when you look at a WT chart, WT is never wrong! "See if you bought IBM when green crossed red, and sold it when red crosses green, look at how WT would always have you on the right side of the market..." Do they still use that example? What they don't say is how many times green crossed red, and then uncrossed, and never leaves any evidence that it had been crossed. As for you, you're left long IBM, when the red line is on top! What does WT say? "Why would you ever buy a stock with the red line over the green?" Beware my friend. Unfortunately it took me about four months to figure this out, and by then, there was no refund.
There are folks who need training in what those indicators are and how to use them too. And after receiving that training, there are those who still can't use them properly, consistently, successfully, either. And that is one of my points. I do expose many of my clients to those things before they make purchase decisions. And in spite of that, they still do what they want to do. Which sometimes is buy something that they don't understand before they purchase it. Interesting. I was very critical of the Yahoo site as I thought the full picture was not being given, IMHO. I would heartily agree. But if you still purchase the software and are not having much success maybe you could/should find someone who does have some experience and see if they'll help you out a bit on how they overcame their troubles. Glad to hear that you are at least a voice with some experience with the product. That doesn't make either of us more right or wrong than the other, it just happens to voice a result that is different than mine. And that's ok for/with me. And there is a technique that will help you to know when to make the "Subjective" trade (Hmm, don't most trades meet the classification "subjective"). You can then develop a trading standard that includes an exit strategy (in advance), and you can make it work. Will you be perfect? No. Could you make money? It is possible. I do argue with that IBM example as presented. But if you apply realistic stops, the profitable result is possible.
Canyon, Thank you for the thoughtful response. There is nothing in your post I would disagree with. My primary 'disagreement' is with WizeTrade and the way it is presented to the public. WT itself is a 'secondary' market product. By that, I mean the customer pays about $4K for a product that will ostensibly make the market simple, understandable, and trade-able for the average guy. That is what any and all of the educational services claim to do. However, once Joe Public buys WT, he then learns that he must now learn how to interpret the nuances of WT's red and green lines before he can be a successful trader. So, after buying the product, he must embark on an extensive training program that is essentially no different than a training program at some trading school! My essential point is that, if the purchaser of WT needs to pay hundreds and possibly even thousands of dollars to learn WizeTrade, THEN WHY BUY IT!!! When the whole idea in the first place is to simplify market information in such a way that anyone who can tell the difference between red and green can trade!! Educational dollars spent on TA books or courses, statistically, will produce better results than money spent on buyin WT, and then paying WT or private coaches to teach one how to use it. You are apparently experiencing a degree of success with WT, and I'm happy for you. I write these things for the benefit of those who are thinking of exchanging $4K for software that essentially does nothing. Prosper! kp
Btw, it's $3K if you waive the 1 week trial which you might as well do if you're purchasing the software.
You have a supporter in that whole explaination. That has been my biggest bone of contention with the company. I do believe that there is much more to do in trading than just waiting for red and green lights.
I have been using WizeTrade for two years and WizeFinder for a year. Both leave much to be desired. I have not made enough money to pay for the monthly charges let alone the original cost of the WizeTrade software.
I've read elsewhere here about a magical 'the lines UNCROSS' phenomenon. I saw this where I formerly worked--an IT group at a large company. Another guy in the group was using WT to buy options, and one day I looked over his shoulder and noticed what I called 'flapping'--two lines would appear to be crossed over one another, then would suddenly, in the blink of an eye, be 'uncrossed'. If he'd taken the signal to buy, he would have been in deep do-do. I asked about this, and he said, 'oh, yeah, that happens all the time. You have to wait for the end of the data collection interval to get a positive confirmation.' I guess it'd be nice for my friend, and everyone else, if WT would just tell, in plain English, on what indicators their signals are based (an oscillator of some sort almost certainly comprises a large part of it). $4000 for THAT? For an indicator which lags the market so badly? Me, I'd rather spend the money on a nice vacation and cool frosty beverages somewhere--or, radical idea, use it as part of my trading capital.