Hi Guys,
I am fairly new to trading, only a year or so training and have been using indicators to manually enter and exit positions with some success. I have been thinking for some time about purchasing some trading software, is there any that you would recommend that really works well…?
Software to do what? I’ve never needed anything other than MT4 to trade.
Hello ‘Skinner’…
As ‘TheDayTrader’ wrote, you should not have to pay for software… What did you have in mind?
On FXCM, for example, I can go to their app store and find a stack of free additional indicators and charting apps that
are free for all demo/live customers…
Even if your broker did not offer something similar, your charting software should have all indicators that you need, and more…
What is it that you are looking for?
Cheers.
Jesus, whatever you do don’t purchase software. My dad did that and ended up forking 3K -_- that could have ended up going into his trading capital, there are a bunch of good trading software’s out there that are FREE, it makes no sense to BUY free? use that towards for your trading capital.
There is this new trading software called Stig trader I was looking at… does anyone know much about it.? I think its Just new and has automatic EA’s with a number of different strategies. Can also use active lines to set levels to activate trades and Fib retracement lines to activate trades if you want to pre set them up… The list goes on but it looks as if it has the whole package and everything I need for me to trade manually or automatically with a in built money management system so if i lost it calculates my next trade for me… Looks good to me… and they have a beginner and pro version… Not sure which to buy…pretty small outlay… I reckon It will help me and I have not seen anything near as good as this…
Agree agree agree. Why buy if there are too many out there for free 
Not sure this is the best advice Skinner … as a rule of thumb, the free solution is rarely the best.
Many professional traders use software to improve their performance and efficiency, and they don’t expect to get it for free.
I don’t know this software but if you can get a trial, you should try it out and see if it adds value to your trading. In my opinion, if it does, and if the cost is in keeping with the value it adds you should purchase it.
Many charting packages cost an amount per month. If the trading account is large enough to justify the expense I see no issue with paying for charting if a trader likes the package. Frankly if £100 or so a month is an issue then there are bigger issues with the trader’s approach than whether they ought to be using free software…
My recommendation for you is not ask for any trading software, and do some work on developing your own trading strategy. Personally don’t believe in trading software.
I personally use CQG platform theres nothing like it. I have seen coders try do duplicate what cqg offers into mt4 but fails in a big way. You should check it out…
[QUOTE=“SimonTemplar;618160”]Many charting packages cost an amount per month. If the trading account is large enough to justify the expense I see no issue with paying for charting if a trader likes the package. Frankly if £100 or so a month is an issue then there are bigger issues with the trader’s approach than whether they ought to be using free software…[/QUOTE]
Simon is correct, if you look at your trading as a real business then spending money on technology is just part if your business. Insisting everything should be for free suggests it is not a business but is a hobby, depends on your approach.
I also agree that traders should know and practice their technique (something many retail traders don’t do) but this is not instead of using technology, it is working with it. You can’t properly use technology if you don’t understand the basic principles and of course exactly how the technology helps your process.
Any good business manager will review any new technology or system that comes their way and make a decision as to whether or not it can help their business otherwise we would all be using paper, pencils and filing cabinets still, and of course trading for the masses would not be possible.
I had a quick look at the website and it seems quite versatile and perhaps worthy of Skinners review. But more importantly, if Skinner is looking to be a professional, looking to see what is new or in development should be a regular part of the job.
[QUOTE=“jakephelps010;618265”] Simon is correct, if you look at your trading as a real business then spending money on technology is just part if your business. Insisting everything should be for free suggests it is not a business but is a hobby, depends on your approach.[/QUOTE] Yes and no. A laptop = necessary (yes cost money but even a used $50 laptop is powerful enough to run mt4). I have had my laptop for almost 5 years now and it works plenty well enough for forex. Mt4 = free. Indicators = possible cost (added risk when you buy ones and they fail or fail shortly after), vast number of free ones. OR, if you are an algo trader like myself, Microsoft excel = around $120 or so (for a brand new copy) and that’s for Microsoft office which includes several other programs. However, I’m running Microsoft Excel 2000 and I got it for free. I’m running 14 year old software and I wouldn’t upgrade if you paid me. Yet I’m still taking more pips than I am losing when it comes to trading. A skillful trader doesn’t need to spend a fortune on the “newest bells and whistles.” A smart trader makes profit before he invests in all this technology or “upfront business startup cost” if you want to be all technical. Technology may help “refine” your edge but I do not think it is necessary to pay for it minus the necessary essentials posted, UNTIL you prove you are profitable. Follow this advice and more than likely you will save money, work very hard to become successful rather than rely on spending your investment capital on new software or technology that has yet to prove itself via forward testing/the future. Besides hard work pays off, I’m a firm believer there is no free lunch and you will not trade successfully using software or someone else’s indicator unless you fully understand how it works.
Besides what sets these professional institutional traders appart from “us” retail traders? These fancy ass indicators? Hell no. Education in non conventional wisdom, whether it’s taught by the firm or self taught. Those who are self taught are the ones getting tapped and scouted by the firms. Not ones who paid for some indicator or fancy software found on the internet by some supposed self millionaire who more than likely is not a trusted source. Maybe I should make a fancy EA, show some back tests and prove it’s perfect in the past (extremely easy by the way, have done it multiple time) and sell it. I would make a fortune. Forward testing my friends + back testing. Back testing means nothing without future ongoing positive results period.
Thanks for all your comments but honestly I am going to explore this further. As Jakephelps010 said: I am not doing this for a Hobby and if I look it this like a business and this software assists and adds value to my trading or even enhances my results at all, I will be buying it… But I want to test it first. Plenty of free stuff out there I admit, I have seen most of it and some is good but I think this may make things a lot easier for me and take my trading to the next level. I am going to use a trial version and play with it over the the next week… Give it a go and tell me if you reckon it helps with your trading. As I said, It is the best thing I have look at, and seems to have thought of everything… I will be testing it extensively…Will be interested to see what you guys think of it…
I am not sure if they are all Millionaires who design these things, They could be everyday traders who make consistent incomes and have given away their 9-5 day jobs to trade full time and have a passion for trading therefore developed these things for traders. Of course to turn a profit but at the end of the day, you need to explore these things and not write them off as garbage just because there has been a few EA’s that have not worked so well in the past. Forget back testing if you like, get a trial version and test present data… Thats what I will be doing… Will update you with results… good or bad…
Cqg is the way to go brother!
[QUOTE=“Skinner;618287”] I am not sure if they are all Millionaires who design these things, They could be everyday traders who make consistent incomes and have given away their 9-5 day jobs to trade full time and have a passion for trading therefore developed these things for traders. Of course to turn a profit but at the end of the day, you need to explore these things and not write them off as garbage just because there has been a few EA’s that have not worked so well in the past. Forget back testing if you like, get a trial version and test present data… Thats what I will be doing… Will update you with results… good or bad…[/QUOTE]
Sounds logical I’m not trying to hate. Just simply trying to point out that it is not very smart to spend a lot of money on software or indicators from sources that are very hard to validate or prove have actually physically produced the results they paint in pretty pictures for everyone to gaze in awe over.
To address your first point about these designers not being millionaires… You make no sense. What are your goals in forex? If you are not in it to make a lot of money (millions or even just some extra retirement money), why even bother? I can already tell you will not have the determination or will power to stick with it to actually succeed. Why take that 98% fail rate chance to make a few hundred bucks or a few grand? Even if you do not have high goals, have you traded on your own yet and realized via experience how hard it even is to make a few hundred or grand and not lose it? Assuming your not trying to make a decent amount of money through very hard work, superb dedication, and pure passion, my advise is to stick to stocks. And long term preferably (very easy).
Second point. If they are not already making a lot of cash off the product they are selling you, does that not have red flag written all over it? Do you go to Walmart and purposely buy damaged or unusable product, or a product that even half ass works? I sure don’t.
I do have to point out there are way more than just a “few” ea’s that do not work well past or future. The internet is full of them. I mean FULL of them. Selling these services and products to new uneducated traders (and lazy, easiest possible route takers) especially since forex is really starting to become popular now is a very hot commodity now. Ask yourself this, if you where already among the top 2% that succeed trading fx, would you even bother selling your “edge” to some kid who is not willing to put even 1% of the work you did to achieve your results? Do they deserve to be practically handed on a gold platter your success, and on going by the way, for some small dollar amount that really amounts to pocket to change to you? Is your time not worth gold to you at this point being in that top 2%? Did you not work your ass off to not have to do anything but whatever you desire at your own pace, time, and wish?
I wouldn’t waste my time posting this page if I didn’t actually care. Keep in mind I’m not bashing you. I just want you to see both sides of the story before you waste potential investment capital on on a chance (consider your odds at winning the lottery higher than you actual finding an ea that does all the work for you, without you doing a thing to make a dime). Now a free trial sounds nice, maybe you can reverse engineer it, figure out how it works and make your own, or even get some ideas from it to create your own edge. That I full heartily support. But think about it like this. Assuming you traded demo before you went live, remember how simple it was to make money o the demo? Piece of cake right? What happened when you went live? Hard as sh** am I right? Now replace demo with ea trial, and live with purchasing the ea after being seduced by the trials results… I’m looking out for you man. Do keep me updated. I personally have no interest in the ea even if it succeeds. I do want to know if it works for you though because I do care. And I wish you the best of luck!
Just to come back to Skinner’s question about this program he was considering, STIG Trader. I did have a look at it,got the trial - it is quite interesting.
It is not an ‘ea’ as was being discussed earlier. Instead it works as a trade manager that allows the trader to configure a lot of the settings and … I can make indicators that will connect to it to turn it into an automatic system, using my own criteria. I purchased it to spend more time working with it and will consider adding to my trading armory.
I hope this helps Skinner, and would be interested to know what you thought.
Yes thats a good way to describe it… seems more like a trade management system. Using ur own indicators as EA’S is only a option within it, should you choose to use it…
After 2 weeks, I have already seen a difference to my ordinary everyday manual trading… very impressed…
if i could find one that has two factor authentication or requires a linked yubikey to be present in order to open/ close and / or modify trades i might consider it if i could afford it, other than that (other than native linux support, it runs well under WINE btw) i dont see why you would need anything but mt4, its own scripting languages, zounds of pre-made EA’s and what not scripts you can adapt to your own liking
it just misses additional security
YUBIKEY, i put it on their fora but they just ignored it
(that would require a yubikey to be inserted in an usb port, on which you would have to push the button to make any kind of modification to your current setup be it open, close or modify, it would prevent cats from lying on keyboards doing oneclick trades, and it would also prevent people with local access , be it by trojan or malicious room or housemates, to modify anything if they dont have the dongle)
thats REALLY a lacking option in an application that handles millions of dollars every day and not that hard to implement afaics, other than that, what he and he and he said , no need to pay for any kind of trading software
have you explored [B]this[/B]?
(additional costs)