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Order Flow Analytics & IQfeed - my experience

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Order Flow Analytics & IQfeed - my experience

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  #1 (permalink)
Hong Kong
Experience: Beginner
Platform: Jforex, MetaTrader4, NinjaTrader, MultiCharts, Sierra Chart
Trading: TF, NG, CL, GC, FDAX, FGBL
Posts: 38 since May 2013
Thanks: 37 given, 35 received

A few months ago I tried the OFA free, and I've been using the paid version of OFA & VCA as well as IQfeed for several weeks now, and here's my experience:

I know how to repair most computer problems and I've formatted my Windows 7 computer twice, yet I still get random disconnection from IQfeed! And I'm forced to pay for this data feed for 2 more weeks because it has a 2-week-notice requirement for service cancellation!

My broker is Mirus, and I haven't had a single connection problem with Zenfire + OFA, so there's definitely nothing wrong with my computer or internet connection (60MB/s).

Before purchasing OFA softwares, I strongly recommend that you either:
1) Already have a fairly good trading strategy that allows you to at least break even consistently every month.
2) Are willing to risk $2,750 on OFA Experience to learn some strategies.

Why? Because just like what DB said in many of his videos, the examples shown are cherry-picked! In reality the software can't give you the profit as easily as shown in those videos! After spending $295 for VCA and $150 for OFA subscription, I'm still trying to figure out how to make a profit every month! (so far I can only break even, and I still haven't been able to make that $445 I spent) If I have at least $13,000 (which I don't) I'll probably risk $2,750 to take their lesson, because unlikely most other software vendors, they won't teach you how to utilize their software after you purchase it! You have to figure it out yourself!

Also, after purchasing the OFA softwares I had questions regarding the definition of something on my OFA chart, I emailed [email protected] and he told me to submit my questions in their website's "Technical Support for Clients." But after I did that I only received an automated email stating "Please allow us time to get back to you and we will resolve the issue as soon as possible." After 9 days of no response, I emailed [email protected] again and he finally answered my questions. Now, after more than 1 month, I never received an answer from OFA's "Technical Support for Clients." DB said that they take their customers' support very seriously, but this is not what I received, and it's certainly not something I appreciate after spending hundreds of dollars.

Last but not least, I don't understand why OFA don't offer any refund, many honest trading software vendors offer a 14-day refund or trial, and I think that's very reasonable because when it comes to trading softwares there are simply too many bogus ones. Yes, OFA do give out a free version of their software, but that's still not the same as the paid version, which as various adjustments that can be made. As a result, there's no way for people to know if those adjustments can offer a satisfactory improvement in their trading!

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 Big Mike 
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Last Updated on September 11, 2013

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