- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Automated trading software....
Posted on 3/1/15 at 11:20 am
Posted on 3/1/15 at 11:20 am
Has anyone tried this soft ware where you basically plug in your criteria and let it go to work? It works while you're not at home or while you're in front of the computer. In one sense it seems to good to be true, but it also doesn't always make money.
3
Posted on 3/1/15 at 11:47 am to Early Riser
How is it different than using GTC limit and conditional orders? Does it actually send orders based on anything other than price movement? Is it an algo?
ETA: I assume this is the same software you posted about the other day, so I'll just leave my reply here. I'm in the trading technology industry, working with hedge funds and large asset managers so I'm fairly knowledgeable about the functionality traders use and how they make decisions. I just watched the demo online, thoughts below.
First off, very little of the functionality offered is something you can't already do with your run of the mill advanced or conditional order on somewhere like E-Trade or Scottrade. It would certainly require more manual work on the trader's part, but any serious day trader would likely prefer to manage this themselves. The ability to create and share rules is pretty neat, but I don't personally think anything in there is going to lead to you some secret recipe for success. More than likely, it's just going to leave you with a huge commission bill. Why do you think they were able to sign so many of the discount brokers? It certainly costs them to hook into this system but is well worth the extra commissions this system will help them drum up.
The canned strategies they provide(what was used in the demo) are absurd. They showed the trade history of a mock account that had been automated for 2 years buying/selling 100 shrs of Dow stocks under $50 when they made certain price moves. It was up about 30% but the PL of each trade didn't seem to be netted for the cost of commissions, and they we only making $30-$100 per trade, so that is a massive chunk, before even considering short-term tax rates.
All in all, I like portions of the system and would probably use it to trade and track PL intra-day if it were free or cheap, but the cost is way too high($3500/year?!?!) for what it offers. I definitely wouldn't recommend it to anyone considering their main selling point is their automated strategies, which seem like horse shite to me. If they could make this more of a broker sponsored system(meaning they get a portion of the commissions) and get the price point below $1000, they would probably do really well with the stay-at-home day traders(something I think is an awful idea as well).
ETA: I assume this is the same software you posted about the other day, so I'll just leave my reply here. I'm in the trading technology industry, working with hedge funds and large asset managers so I'm fairly knowledgeable about the functionality traders use and how they make decisions. I just watched the demo online, thoughts below.
First off, very little of the functionality offered is something you can't already do with your run of the mill advanced or conditional order on somewhere like E-Trade or Scottrade. It would certainly require more manual work on the trader's part, but any serious day trader would likely prefer to manage this themselves. The ability to create and share rules is pretty neat, but I don't personally think anything in there is going to lead to you some secret recipe for success. More than likely, it's just going to leave you with a huge commission bill. Why do you think they were able to sign so many of the discount brokers? It certainly costs them to hook into this system but is well worth the extra commissions this system will help them drum up.
The canned strategies they provide(what was used in the demo) are absurd. They showed the trade history of a mock account that had been automated for 2 years buying/selling 100 shrs of Dow stocks under $50 when they made certain price moves. It was up about 30% but the PL of each trade didn't seem to be netted for the cost of commissions, and they we only making $30-$100 per trade, so that is a massive chunk, before even considering short-term tax rates.
All in all, I like portions of the system and would probably use it to trade and track PL intra-day if it were free or cheap, but the cost is way too high($3500/year?!?!) for what it offers. I definitely wouldn't recommend it to anyone considering their main selling point is their automated strategies, which seem like horse shite to me. If they could make this more of a broker sponsored system(meaning they get a portion of the commissions) and get the price point below $1000, they would probably do really well with the stay-at-home day traders(something I think is an awful idea as well).
This post was edited on 3/1/15 at 12:43 pm
Posted on 3/1/15 at 12:13 pm to Chris Farley
Check out cool trade and tell me what you think....
Posted on 3/1/15 at 12:18 pm to Early Riser
Posted on 3/1/15 at 12:55 pm to Early Riser
Just did, edited my first post with response.
Posted on 3/1/15 at 1:10 pm to Early Riser
shite like this always kinda pisses me off.
If their software worked, why on earth would they be sharing the secret with everyone else for $3500 a year instead of using it to get rich themselves directly from the market?
They sell it to suckers instead of using it themselves because it doesn't work.
If their software worked, why on earth would they be sharing the secret with everyone else for $3500 a year instead of using it to get rich themselves directly from the market?
They sell it to suckers instead of using it themselves because it doesn't work.
This post was edited on 3/1/15 at 1:13 pm
Posted on 3/1/15 at 1:26 pm to Chris Farley
Mr. Farley is almost certainly correct. I'll just add that the mock accounts they show you are cherry-picked to be the best ones. They will never include in their advertising the accounts that lost 50% in a week.
Posted on 3/1/15 at 1:31 pm to TigerstuckinMS
Agreed, the more I read about it the more it bothers me.
One of the key pieces of functionality it is pimping is trading in "stealth mode", which according to the site:
The reality is that 1. No it doesn't and 2. Even if it did, no ones GAF about some schlub in his basement trading 100 share lots of MSFT(their target market, considering no real trader would buy this junk).
ETA: FoShizzle - I didn't even consider the damage this thing could do to someone who builds their own strategies. Imagine logging in and seeing that you've done a few hundred trades in a week AND are down big time. SO much room for error.
One of the key pieces of functionality it is pimping is trading in "stealth mode", which according to the site:
quote:
The ability to trade in "stealth mode" is also a key distinction between automated and CoolTrade™. As the computerized stealth-based robot is able to detect conditions before a human trader can, robotic stock trading has become increasingly popular with "day-traders" / "scalpers" who rely on speed of execution to repeatedly take profit on stock fluctuations throughout a trading session.
The reality is that 1. No it doesn't and 2. Even if it did, no ones GAF about some schlub in his basement trading 100 share lots of MSFT(their target market, considering no real trader would buy this junk).
ETA: FoShizzle - I didn't even consider the damage this thing could do to someone who builds their own strategies. Imagine logging in and seeing that you've done a few hundred trades in a week AND are down big time. SO much room for error.
This post was edited on 3/1/15 at 1:34 pm
Posted on 3/1/15 at 7:32 pm to Chris Farley
I kind of figured that. I'm new to the game. I've dipped my toe in the water a few times. Last week I bought KTOS to watch for a while. I'm a nurse anesthetist in the healthcare field so all the jargon and numbers with the market are taking me some time to wade through. I saw this program as a "set it and forget it" but I should know better. It's just that you watch the demos and think "man I could do That!"
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News