I totally understand where everyone is coming from. I’ve bought the software and had a few one-to-one sessions. I guess the question is one of value for money. If you are successfully trading and making the sort of returns you expect then obviously this is not for you. IF, however, you are losing money then you might have to try something a bit different. Let’s say you fall into the latter category; you spend your £3k on the software and utilise the individual training and after 12 months you make £10k; then is it worth it? Of course we are talking about financial markets with the usual warnings about losing money etc so you pay your money and make your choice.
As for the software, it does identify potential trades and does a lot of the ‘leg work’ for you but it does still require the user to verify whether to trade or not. I’ve just started and so can’t, at this stage, say whether it’s good enough for the long term. But I will persevere and report back in say 6 months. They do state you should be looking to make about 3% per month. So with a £3000 trading account you should make about £1250 after 1yr. or if you had say 20k you would make about £8.5k in a year. Of course they are a business, so they are going to make money and try to upsell, that’s what businesses do!! They use CapitalIndex as their broker and as I can tell they are regulated by the FSA in the UK; so funds up to £85k are protected. I’m not a sales person for them and I’m not stating one way or the other if it’s good or bad; just reporting my views. I’ve had one good month but that doesn’t mean much, hence I’ll try to update later in the year.
Hope this post helps!
How did you code to determine the higher high, lower low cycles etc in MT5?
Fractals essentially. I look for candles left and right of the candle in question to see if they are all lower candle highs (for resistence) or higher candle lows (for support). Fractals indicator is a good example to show how it works.
Lol, you are getting ripped off for using smart charts. You pay 4000 for a course? You can buy 12 trading robots of the MT4 marketplace for that price that use more advanced indicators other than Moving average…
The reason smart charts does not work is because just like every other advice i see out there, you can’t assume that just because the market is currently trending that it will keep trending. These strategies like pip runner, they are all designed to work well on a trending market. See some strategies work well if the market is trending but the key to actually being profitable is using a strategy that is good for trending when you know statistically the market will keep trending. You can’t use “the market is currently trending” and then use an algo good for trending markets and expect to make a profit if you don’t know if the market will continue trending probability wise.
You can be profitable in trading only if you can correctly determine the upcoming phase of the market most of the time - if it is trending or ranging.
That’s why the smart chart software also don’t work. They are designed to use a trending strategy when the market is currently trending with no good judgement of where the market is heading next.
This is the best (and also free) trading advice compared to these scammers.
Greg Secker’s software isn’t it? Not sure it is worth what he charges for it but I guess that depends if it works for you and helps you to trade profitably.
From that I guess that everyone using MT4 is making loads of money!!
Seems silly that over 80% of traders are losing money every day if it was that simple. As I say, I’m not promoting it. I’m new to trading and so want to see what others are doing. Looking at the reviews for the MT4 EA they too are very mixed. Some people say they are great; some say the lose or get no support from the author.
I would be very curious as to what others are using to make themselves profitable. Are you allowed say on here what your using? I’m a developer too, so very interested in algorithmic trading.
Hi,
I attended a free seminar in JAN 2022 but opted out of the course because I felt it was a scam and while the seminar was going on I did some background research and found that it is a potential scam. I got a call after the seminar had completed and the lady who spoke to me was quite keen on ‘when am I ready to pay’. Folks, I suggest do not put your money in this