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expensive software

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  #1 (permalink)
Ocean City MD
 
Experience: Intermediate
Platform: ninjatrader
Trading: futures
 
Posts: 3 since Jun 2010
Thanks: 0 given, 1 received

I have lost thousands of dollars in the market but what makes it worse is I have lost thousands on software and systems that I wish I could have my money back but since I cannot I would like to let anyone that is interested on software that did not help me 1. Blue wave after I bought it owner tells me he does not have time to teach me how to trade. 2. Roy Kelly after I bought it did not work stop using about a year later wanted to give it another try but needed to redownload the software so I called Roy and asked him if he could resend me the file so I could try it again on the same platform Esignal he said I would have to pay again because he had made changes to his indicators so I went on his website to see and guess what? not one change. 3.Prime Line indicators I thought I was buying a package for several thousand dollars all it was was some other indicators and him telling me how to set them up. Do you ever wonder how many software packages these people sell ? probably hundreds of thousands of dollars. Do you ever wonder if these people can even trade to make a living?

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  #3 (permalink)
Italy (IT)
 
Experience: Advanced
Platform: ATAS, R|Trader, NT8
Broker: Rithmic
Trading: CL, Brent, GC, TF
 
LukeGeniol's Avatar
 
Posts: 1,501 since Apr 2010
Thanks: 408 given, 983 received


Hi Travel, welcome on futures.io (formerly BMT).


I'm sorry that you have encountered in these unfortunate events.

I think we must be careful to the for sale trading software, there are a lot of scam, and especially to the fact that surely none of them can give us certainly a gain. Most times we buy software because we expect that we can surely make money. But if it were so, there was no more issues, all would buy that software to make money.
I think a set of trading tools indicators, software etc. could give us just a trading improvement.
Anyway I think most of trading software builder do not trade, just make money selling their software. This is just like other business there are serious people and a lot of other people that want only make money.

Luke.

Take your Pips, go out and Live.
Luke.
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  #4 (permalink)
QLD Australia
 
 
Posts: 2 since Jul 2010
Thanks: 0 given, 0 received

Hi Travel,

I am sorry to hear that you have not gotten your monies worth from the various software packages you have invested in.

It is a complicated decision when buying into software (or education for that matter) regarding trading. Most vendors do not allow you to try out the software prior to purchase (there are vendors around that offer trial versions). So sometimes you have to invest many $$$ on the glossy brochures or fancy websites promoting the software. Once you pay and try to use it may ionly be then that you discover that it may not suit your needs.

That is the fantastic benifit of sites like this one. You can discuss the features and benifits with real traders and get honest (hopefully) feedback from people who may have the same needs as yourself.

Make sure you do due diligence before spending more on any software. That is how I came to be a member of this site (searching for info on Ninja Trader).

All the best,

Roo Dog.

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  #5 (permalink)
Market Wizard
Berlin, Europe
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,842 since Mar 2010
Thanks: 4,238 given, 26,613 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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  #6 (permalink)
Singapore
 
Experience: Beginner
Platform: Multicharts, R
Trading: EUR / USD
 
Posts: 185 since Feb 2010
Thanks: 106 given, 98 received

i think searching for a "holy grail" in indicators / software / training courses is a phycological issue. I catch myself thinking "if only I could get an indicator / software" which would help me be profitable - the idea that the answer is out there and that I just haven't found the right piece of software or advice, when really the answer is within me.

This is not a easy thing to digest or swallow.

I think these people pray on these emotions and feelings - should be made a criminal offense. Thanks goodness for places like this where experienced successful traders provide advice and guidance for free.

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  #7 (permalink)
Denison TX
 
Experience: Intermediate
Platform: Ninja Trader, MultiCharts
Broker: IB
Trading: ES
 
Posts: 9 since Mar 2010
Thanks: 3 given, 8 received

I think most of us have bought software and courses that don't work. That is probably a good lesson to anybody reading this. I did a income tax return for a CTA one time. He put out a newletter and he did not even trade any of his recommendations. Did not trade for the several years that I did his income tax return.

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  #8 (permalink)
Ocean City MD
 
Experience: Intermediate
Platform: ninjatrader
Trading: futures
 
Posts: 3 since Jun 2010
Thanks: 0 given, 1 received

Thank you everyone I wish everyone success and hapiness. I do agree that this is a great site. I have not given up I have learned so much and I really appreciate everyones help.

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  #9 (permalink)
In the heat
 
Experience: None
Platform: Tradeovate
Trading: Energy
 
PandaWarrior's Avatar
 
Posts: 3,162 since Mar 2010
Thanks: 6,324 given, 13,368 received

Hi Travel,

Welcome to the site.

Several have mentioned you can get indicators for free or almost free. That is true. However, just because you can get them does not mean you need them.

Think really hard about downloading tons of indicators and trying to figure out how they work.

My advice is to start simple. A simple moving average or an ema will do the trick. There is a great tool here on the site called futures.io (formerly BMT)CMA. It is really fantastic.

you can get it in the elite downloads section here: View Download Details - Big Mike's Day Trading Forum

I use it as a way to identify support/resistance and possible reversals.......

good luck

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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