The Smart Charts (thesmartcharts.com) | Trading Reviews and Vendors


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Trading Reviews and Vendors


Discuss and review vendors of commercial trading products, trading rooms and services, trading indicators or third-party paid add-ons




 

The Smart Charts (thesmartcharts.com)

  #8 (permalink)

Just starting out...
NYC
 
Futures Experience: Advanced
Platform: NT
 
Posts: 1 since Apr 2010
Thanks: 0 given, 1 received

no good

I helped papertrade their indicator for several months in the development phase and it does not work as purported. They sometimes suggest to take all arrows, and other times, just the "valid" ones, but there was no way to ever get a consistent def of what valid is (this observation is pulled from the examples on their site and my actual experience, it is not my opinion).

When you use a math formula to determine entry, such as an arrow, then every signal is as valid as the last. They're either all valid or not. Valid doesnt equal winners, but to say that a particular arrow is "wrong" means the whole logic behind the programming is wrong. This was a great source of consternation for me. The programmer agreed that an arrow is an arrow, but the CEO, who has very little practical experience trading, did not, and insisted we trade some arrows, but not others. This defeats the purpose and the supposed strong suits of the indicator.

At the end of the day, if you already have a strong trade understanding with risk mgt skills, than you are already doing what this indicator is intended to provide, which is alert you to possible trend changes, and then keep you in that trend until it ends. It will not dramatically improve your skills and there is no reason to buy it. If you don't know what you're doing, then this indicator will likely chop you to death, rather than teach you what you need to make it as a trader, which is setup selection and risk management.

Take nearly all the examples on their site, and apply the same rational they use to enter the trade, be it the step up in the indicator, the 5ema, whatever it is that gets them to enter. Usually you can see several other points where the same logic applies, and yet, no trade.

This indicator incorporates a huge amt of end-use decision making, so the claims on their FRONT PAGE

Quoting 
No noise, no subjective analysis. Smart Charts allow you to trade with confidence and accuracy, not with emotion, as the real-time or end of day signals alert you to:
- Enter A Position With Maximum Accuracy
- Cut Losers Early
- Let Winners Run
- Take Profits

are false.

This indicator will work, if you pick the right stock and right entry. But then again, so will a simple MACD, so it doesnt add a lot in that regard.

Their chat room and back end mgt is disorganized (at least when I was there) and more startling, the CEO didn't have a business plan for the better part of a year and spent several months toying with various ways to sell the promote or sell the program before just deciding to "go with it." In a sense, they are flying blind.

This is sad, because when you DO trade EVERY arrow on a high beta stock, you may end up with 50 trades a day, but the system is net profitable in my papertrade experience. However, you must trade multiple stocks, all day, and through a prop desk to achieve commissions low enough to make it viable. Due to this limitation and fees, it would be difficult for anyone not trading through a prop desk with 200k + to make reasonable money.

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