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expensive software

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Market Wizard
Berlin, Europe
Trading Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
Fat Tails's Avatar
Posts: 9,798 since Mar 2010
Thanks: 4,236 given, 26,397 received

Hi travel.

everybody who starts trading will lose money. That is part of the experience, if you want to become a good trader. The rule "Keep your losses small." has no meaning, unless you personally have experienced a larger trading loss.

Besides, if there is any seasoned trader here, who never lost money, please show up, and tell us, how you trade. I will be your eager follower!

If it comes to trading software, however, there is no need to pay thousands of dollars. You can get all the basic tools you require for a reasonable fee . Many indicators can be downloaded free of charge from this forum or other websites.

The main problem is the approach. The idea that money can buy you money is simply not true. If you buy a system that comes with a selection of canned indicators, there is a high risk that it will not be profitable under the condtions that prevail when you trade it. If it is a black box system, then you do not know what it is all about, and you will lose confidence to trade it after the first serious drawdown.

Let us assume that you like the trading approach of Nexgen-T3. The T-3 Position Trader will cost you between USD 3,500 and USD 16,500. What do you get for this money? A valid trading approach and and a selection of indicators. All the indicators (or similar ones) can be easily found for free. No need to spend the money. However, setting up a workspace does not make you a profitable trader. You would now need to spend a thousand hours of screentime to find out what the indicators really tell you. In the end it should be possible to trade such a system with an edge.

I have found that it is important to follow a limited number of indicators in trading. Follow one approach and stick to it. Not change it all the time, because you will create conflicting signals. Stop travelling, settle down for something and dig through it. There are lots of valid approaches that can be found on this forum.

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