Best and worst software

[kenny123]

Let's get a top 3 and bottom 3 list going. Interested in who is making money consistently with what program and who lost money using some of the junk out there.

[⭐ klhk]

I think may be quite misleading to name any. Software is just a tool, how you config it, use it and finally, interpreting results from it are due solely to your personal skills rather than the software itself. It seems to me it's more fruitful to discuss the uniqueness of the software

[ruten]

You are absolutely right !

[zoheb]

I think this is a nice idea. It is a great initiative to help those struggling to become profitable.

 

@kenny123 is just asking members to mention what works/does not work for them.

 

If there is a tool that someone finds helpful, why deny someone else looking for an edge to try whether that can work for them. Members who do not like the idea can anyways stay out of the thread, why kill the idea.

 

Ofcourse, what works for one, may not work for another without tweaking it basis instrument/time frame/trading style etc, but why not let members looking for something try & decide for themselves.

 

I will soon list what I have found useful & post here shortly. @kenny123 how about starting off with what you have found useful, maybe a good idea to leave out what hasn't worked to avoid critical remarks that can derail this initiative. What does not work for one may work for another, let users figure out what does not work ;)

 

Thank you @kenny123 for starting this thread =D>

Edited January 8, 2017 by zoheb

[⭐ klhk]

Pls don't get me wrong. I didn't mean to *kill* the thread. Instead, I tried to broaden the discusssion.

 

To be honest, we are quite lucky here to have some resourceful contributors (who provide tryouts) as well as some skillful, helpful and generous minds (who provide the cures) to help us to demystify what's behind the price tags. We are more or less able to try out a lot of offerings in the market without limitation. So, sharing out what's unique, useful, is more fruitful than discussing which *consistently* makes/loses money. After all, IMHO, software is a tool and making money or not is about a trading strategy. May peace be with us all forever.

[⭐ adnen_messaoudi]

Well, thank you first for this question

But the good and right question for me is not where's the Best and worst software but as a successful trader WHAT YOU NEED , this's the KEY

And i will answer this question : what you need and what you don't need

For what you don't need it's all indicator, all ( EMA, RSI, CCI ... )

Now for what you need, it's 3 or 4 thing

1- Market profile & Volume profile ( both ) to identify what the market are doing and where he will go

2- Order flow to identify the structure of the market

3- VWAP , it's optional but remember vwap it's a level of volume and many algo work on it

4- Market Depth to identify where's the liquidity and where the absorption are happened

Now to answer you question about the software :

=> all software that give you market & volume profile, vwap, order flow, market depth are good. The other is a garbage

Edited January 8, 2017 by adnen_messaoudi

[⭐ nadjib]

Beginners often look for a magic bullet- a single indicator for making money. If they get lucky for a while, they feel as if they've discovered the royal road to profits. When the magic dies, amateurs give back their profits with interest and go looking for another magic tool. The markets are too complex to be analyzed with a single indicator. Markets are not known for charity and smart money tends to put on trades when the markets are quiet, but amateurs tend to jump on news.

Alexander Elder.

[traderallen]

The first thing to understand is that my view comes from my trading application which is that of a home-based retail trader. So we’ll start with what software I like. “I like” is defined as something I do not like to trade without. Topping the list would have to be ninja trader, it is affordable and customizable for just about anything needed by the home-based trader. I’m not a big fan of indicators therefore is no surprise that my remaining pics would be more of utility type add-ons. The fact that part of my trading is in Forex means I cannot do without Ninz@ bid/ask display on my trading charts. I need to be able to see the spread at all times in Forex. Next would be the daily open high low indicator the ninja trader default is fine however there are some with a few more bells and whistles that would be okay, I prefer the default. This is because part of my methodology and reason for being profitable is my belief and less is more, the human mind can only interpret so much to data at a time. Therefore anything not deemed value-added is completely stripped from the trading chart. OHC allows me to quickly determine how the markets have been trading from the time the markets opened to the time I open a trading chart. DOM I sometimes use but is not necessary. Chart trader is usually fine and some really scalping for a point or two on the future side. Also in futures I like to have internals tick and trin and sometimes the A&D line.

As far as what do I not like, I hate to say anything because it brings out the trolls. So I’ll leave it to this, if you want to be a profitable trader you need to think clearly, and efficiently. The best way to do this is to clear off the charts of anything that is not necessary. If you must look at any type of indicator to make your decision you are losing focus on what is important and that is price action. The best indicators you have on your chart are the ones you draw yourself so that they go into your memory, support and resistance, swing counts, notes about market reaction. So you don’t have to rethink them when it comes time to pull the trigger.

[rlygangesh]

Well, thank you first for this question

But the good and right question for me is not where's the Best and worst software but as a successful trader WHAT YOU NEED , this's the KEY

And i will answer this question : what you need and what you don't need

For what you don't need it's all indicator, all ( EMA, RSI, CCI ... )

Now for what you need, it's 3 or 4 thing

1- Market profile & Volume profile ( both ) to identify what the market are doing and where he will go

2- Order flow to identify the structure of the market

3- VWAP , it's optional but remember vwap it's a level of volume and many algo work on it

4- Market Depth to identify where's the liquidity and where the absorption are happened

Now to answer you question about the software :

=> all software that give you market & volume profile, vwap, order flow, market depth are good. The other is a garbage

 

good but i don't think that your above comment is true if someone trade swing, long term or investor label trading. i know here only 0.0001% investor present but many are swing trader.