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Here's an automated system that I hope this community considers looking into. The name is TruTrade (not trueTrade and not truetrader). I'm curious if anyone knows anything about this company or the product. Promotional videos are impressive, but then who's aren't? I did take a live demo (mentioned below) and with my own charts side by side, it was accurate and profitable.
There are concerns though. The website has a telephone number that struggles to answer and cannot take a voicemail. The domain registration information is shielded by a registrar in Panama (I think). There are no performance results posted on the website, nor any mention of backtests or forward walk testing. No drawdown stats, Sharpe ratios, ... anything. There are no reviews of this system on the internet (but the company does provide ample 'live' trade example videos in their YouTube channel.) The only 'information' I could find on the net were various press releases from the company made to look like news articles planted on news aggregator websites. These releases provide the name Danny Rebello of Scottsdale, AZ. All of these press releases are from late 2020. Essentially the only way you can find out more is if you sign up on the website for a live demo. A few red flags to be sure.
Nevertheless, curiosity got ahold of me and I signed up for the live demo. Within minutes I received a call on my cell from "Nevada" ... which I usually ignore as telemarketing ... but thinking that it might be them I picked up. It was and I setup a time for him to call back and give me a demo. I was hoping to see the bot trade during optimal trading hours (for me that's 8:30am - 11:00am CST), but he offered to call back in 2 hrs., which was about 1:00pm CST. Definitely a lull time during the day which I initially wasn't thrilled with.
Actually it was a good time to see this thing because if it could be profitable during a choppy part of the day, maybe it would do really well during non chop periods. And to be honest, it looked pretty good. 3 profitable trades in the 50 min demo and the chart had absolutely no discernible trending whatsoever.
The sales pitch was not heavy and did not try to create scarcity by offering a "today only" deal. In fact, the guy who called didn't seem to care one way or another when I said that I couldn't pull a $7K trigger on this deal at that moment. He just said to call him back if I was interested.
So, although this has piqued my interest, I'm skeptical (by nature) due to all of the red flags noted earlier. Look, I wouldn't be adverse to dropping the $7K for the bot (or $3500 to trade micros only.... which is a little strange TBH) if it was going to meet my needs.
I posted this on elitetrader as well, although that site is typically somewhat negative on automated systems and trading algos. Hopefully, someone here (1) knows something about this system or (2) would be willing to setup a live demo for themselves and report back their impressions.
And, before I get accused of being some type of advertising shill plant by the company... believe me, I'm not endorsing this. I'm just a consistently profitable discretionary day trader that considers everything and always looking for an edge.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
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I wouldn’t waste a second looking over this “system” so I don’t know a thing about it. That being said..... what I do know about this system is it will not make you money. It will only make that guy who called you money once someone buys it.
I’m honestly trying to help.
Sure it will make trades that work, guaranteed. Random trades will make money. But, it will give back this money plus more.... guaranteed. Without question.
The market is not some mathematical puzzle or problem to be solved. It is a very large group of people interacting.... It is a social experience.
I know I know .....all the bots .... still people using tools they made.
The simple fact that there is zero information about this “system” on the site, as you pointed out, speaks oceans.
I don’t have time to get into details.... just one.... any approach to the market has to take into account risk tolerance. Briefly, position size plus stop placement or where you say, done this is not working and exit. This is extremely individual. Large accounts (>$100k) can make many market approaches work compared to small accounts.
If a “system” fails to discuss this.... it is not a system at all.
All true, what you said. Still, given a set of entry parameters, a program will surely execute much faster than a human will...especially with psychology, uncertainty and hesitation.
Major financial institutions use automated trading all the time, very successfully. I don't think it's farfetched that the market would bring automated solutions to the retail trader. There are even some on this site that talk about their own algos that run 24/7.
Still, until this company can provide for detailed information and there are some independent reviews, it just doesn't pass the sniff test.
I have been respectfully asked to remove this post.
I'm closing this thread to avoid split topic.
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
