Blue Wave Trading Feedback

[gcgecko 10]

I sat in on a webinar for this system the other day. It was like most others, showing lots of winning hindsight 20/20 old static charts. I asked him to do a live webinar showing his trades executing at the hard right edge of the screen and then came all the excuses. I guess this probably answers all of my questions. But, I would like to hear from anyone out there who might have more extensive experience with this system seller. A valuable part of this thread is saving people from wasting their money on bad systems. Thank you and good trading!

[edabreu 10]

I sat in on a webinar for this system the other day. It was like most others, showing lots of winning hindsight 20/20 old static charts. I asked him to do a live webinar showing his trades executing at the hard right edge of the screen and then came all the excuses. I guess this probably answers all of my questions. But, I would like to hear from anyone out there who might have more extensive experience with this system seller. A valuable part of this thread is saving people from wasting their money on bad systems. Thank you and good trading!

 

I currently use the BWT toolset. I do not use all the tools, only the price bars, the moving average, the range bands, and the cci filter. I bought them years ago when they were not as expensive. Would I buy them again? Yes, definetly. I have found for myself that when I started to trade the tape, the range price bars, and the volume that the indicator tools came together for me and aided in my trading. I trade range charts. A range bar is a pre-defined price bracket. I use a 6 range for the ES. For each market I use a range bar appropiate for that instruments character. So, my focus in on the movement of the price bracket, and the patterns it creates as it moves around the chart. I use the trend colored price bars to aid in seeing the types and shifts in the trends, the ma to help see the turns, the bands to define a possible deviation extreme and to aid in the pattern recognition. The cci helps with the speed and distribution of incoming volume. This is how the tools help me to understand what I see and I trade accordingly.

So, if you saw him successfully trade his toolset, you would assume you could too? If you saw anyone trade their way, their tools you would assume you could trade like them also? Hmmm...... if you could follow precisely a system that had a backtested performance rating of 65% success to first target would you buy and trade that system?

I have found that I work better with a 12oz hammer than a 14oz hammer, and that a black carbon pencil works better for me than a carpenters pencil. So, I think that finding the right tool set to fit your style (if you know it) is important. If you don't have a style or know what kind of trader you are (scalper, position, swing, etc) then you need to see if the tools you are considering is something you can adapt to. No tools help if you cannot work them.

So, my straight answer is this. I have them, I use them. They fit me, and its a good fit. I make money trading, and the signals are clear, precise, and very accurate.

[ZOSO 10]

I currently use the BWT toolset. I do not use all the tools, only the price bars, the moving average, the range bands, and the cci filter. I bought them years ago when they were not as expensive. Would I buy them again? Yes, definetly. I have found for myself that when I started to trade the tape, the range price bars, and the volume that the indicator tools came together for me and aided in my trading. I trade range charts. A range bar is a pre-defined price bracket. I use a 6 range for the ES. For each market I use a range bar appropiate for that instruments character. So, my focus in on the movement of the price bracket, and the patterns it creates as it moves around the chart. I use the trend colored price bars to aid in seeing the types and shifts in the trends, the ma to help see the turns, the bands to define a possible deviation extreme and to aid in the pattern recognition. The cci helps with the speed and distribution of incoming volume. This is how the tools help me to understand what I see and I trade accordingly.

So, if you saw him successfully trade his toolset, you would assume you could too? If you saw anyone trade their way, their tools you would assume you could trade like them also? Hmmm...... if you could follow precisely a system that had a backtested performance rating of 65% success to first target would you buy and trade that system?

I have found that I work better with a 12oz hammer than a 14oz hammer, and that a black carbon pencil works better for me than a carpenters pencil. So, I think that finding the right tool set to fit your style (if you know it) is important. If you don't have a style or know what kind of trader you are (scalper, position, swing, etc) then you need to see if the tools you are considering is something you can adapt to. No tools help if you cannot work them.

So, my straight answer is this. I have them, I use them. They fit me, and its a good fit. I make money trading, and the signals are clear, precise, and very accurate.

 

But you use a lot of discretion with those indicators.

 

It's important to note that the auto-trade, black box strategy using those indicators has not done well.

 

Caveat Emptor.

[edabreu 10]

But you use a lot of discretion with those indicators.

 

It's important to note that the auto-trade, black box strategy using those indicators has not done well.

 

Caveat Emptor.

 

Yes, I use a lot of discretion which centers on the price bars and their location. You simply cannot blindly take every signal.

I do not use the auto trader. But from my research of it, for the ES, a 7 range bar with a setting of 1.81 from the hours of 9:32 to 11:15 am est seems to work best.

[edabreu 10]

But you use a lot of discretion with those indicators.

 

It's important to note that the auto-trade, black box strategy using those indicators has not done well.

 

Caveat Emptor.

 

BTW - to be fair to Randy of Blue Wave, that is definetly not a black box. Also, it has been doing pretty well since August on the ES. You can check out their website and see the reports including the trades.

What it actually does is just take every signal of the bar color changes. If you turn on some filters it will qualify some of those bar changes. So, in essense it does just what you as a trader without the auto trader should be doing if you bought into his system.

So it is important to find out the best sensitivity setting and the best chart type for the instrument you are going to use it on. I think they have a chart based on backtesting of different settings for different instruments.

I personaly have issues with the fee they are asking than with the actual auto trader. All my tests with it have shown it to be pretty good actually.

[Guest trader1152]

But you use a lot of discretion with those indicators.

 

It's important to note that the auto-trade, black box strategy using those indicators has not done well.

 

Caveat Emptor.

 

Zoso, Are you using the BWT Autotrader?

[Guest conciclo]

Hi zoso,

 

are you a customer from bluewave?

It is easy to tell some bad results, but not showing the arguments.

I have heard a lot in my life , but I would never talk bad in a forum without a propery knowledge.

I'm using the system and the indicators in a public trading room with my private real account, where everbody can see the results.

How every successful knows, trading automatically follows certain rules, but trading in situations where YOU ( a trader ) has to decide to run or stop the auto trader, is the key to make every system profitable.

I trade with a success rate about 74% over several markets and I'm winning...

Some guy trading with 10k account and are thinking they are big player...instead o beeing plankton in a pool of whales...or they have lost their money in the market and are now frustrated...

I know there are several reasons why the most of the traders are loosers...

 

Come on...and show who you are! And than let's talk....maybe this change your mind

 

Markus

[edabreu 10]

A couple of issues:

 

The BWT current trade room is a 'sales' room and it's pretty frustrating since it trades off hours, and the moderator seems to be in trades before the room opens and so is of little benefit to those looking for a trade signal room. There is nothing wrong with this, let's just call it what it is.

As a indicator sales and demo room it is excellent. The moderator really does well.

As a trade signal room it needs a bit of work. How about the attendee's? Can they do well also?

As a learn to trade room it really sucks. If you do not have the tools and the auto trader it really makes little sense to you.

 

However, the indicator's are excelllent, and the auto trader is very good. Remember - it is not how good the moderator does, but how good you are able to do following his/her lead. So before you consider any room - know what you are looking for. Trade signals? Learn to trade? Shopping for tools...it is important!

[gcgecko 10]

that all sounds good, but in this business seeing is more believing. Every website has posted good results, but then when you actually get to see it perform in real time it is usually a different story. Why is that, I don't know? Again, why don't they offer a free one week trial to the room where they broadcast the system running on a real time chart so you can sit there and watch it trade. Again, so many other software vendors are willing to do it. I would not consider software vendor that is not willing to let you see the system run in real time during market hours. I don't care what BS reason BWT wants to give, it is BS and the system must not be very good if they are not willing to let potential users see it before making the big purchase. I would stay away and go test more legit software products ou there!

[edabreu 10]

I thought YOU are Blue Wave,

or that you are (directly or indirectly) associated with Blue Wave.

 

 

 

When I say associated, I don't mean as a customer, but as a beneficiary.

 

No, I am not. I am an independent trader. I use the indicators which do work very well for me. I have beta tested for BW in the past, and did moderate for them in the past as well as for other trade organizations in the past, as well as traded for a hedge fund in the past.

 

And I agree that a free trial for such an expensive system is a must. Back testing is not real time to you or me, and our ability to actually use the system profitably in real time is very important. If you do not have the capacity to work the system what good is the system to you anyways? No good at all. So with a trial at least you get a chance to find out if you can work it or not before plunking down almost $8g's. There are many good systems and methods out there, but what we need is the one that we can work profitably, not the one that looks good but is impossible for us to work it.

Also, rarely (have only done this once) do I ever tell anyone to stay away from one system, method, or style calling it crap. I don't know if it is crap for you or not. I keep the point of view that what works for me may or may not work for you. If you can get a free trial for things you are considering, then do it if you think there may be edge in it for you. Otherwise discard it.

[Tams 20]

No, I am not. I am an independent trader. I use the indicators which do work very well for me. I have beta tested for BW in the past, and did moderate for them in the past as well as for other trade organizations in the past, as well as traded for a hedge fund in the past.

 

And I agree that a free trial for such an expensive system is a must. Back testing is not real time to you or me, and our ability to actually use the system profitably in real time is very important. If you do not have the capacity to work the system what good is the system to you anyways? No good at all. So with a trial at least you get a chance to find out if you can work it or not before plunking down almost $8g's. There are many good systems and methods out there, but what we need is the one that we can work profitably, not the one that looks good but is impossible for us to work it.

Also, rarely (have only done this once) do I ever tell anyone to stay away from one system, method, or style calling it crap. I don't know if it is crap for you or not. I keep the point of view that what works for me may or may not work for you. If you can get a free trial for things you are considering, then do it if you think there may be edge in it for you. Otherwise discard it.

 

 

I think you are a bit confused with your reply.

[edabreu 10]

I want to clear a few things up about this topic and hopefully lay it to rest.

 

The BWT indicators are, in my opinion, one of the best available. They function not only discretionary, but also as a mechanical system based method with strict rules. Add to it a wise money management strategy and you have a really good trading system. Whether or not you use the auto trader or dicipline yourself to take the signals, and use the filters and price savvy to help recognize the lower probability one's, the signals are clean clear and precise. My particular method of using them is the result of a few years of great success, but in the beginning it took a bit of work to learn the other parts of trading that have more to do with you than the tools. So, that is what they are - really great tools to work with.

The holy grail..no of course not.

They will also require screen time and observation to build confidence in the signals.

 

You will still have to learn to trade - all the other really crucial parts about trading that no method, system or box is going to solve for you.

Will they work for you? That depends on you. They will require training (just like anything else) to use them properly.

 

What most newer traders are looking for are some good tools and also some good education and some direct training and guidance in how to use the tools well and actually see someone use them successfully consistently. Traders need to see someone trade successfully in the live market using the tools under consideration. Traders also need to see what dicipline, patience, and sound money management looks like under fire, and want guidance to duplicate the results for themselves.

I am looking forward to the re-opening of the BWT "TRADE" room, and hopefully the demo sales room will be seperated out so you can have an opportunity to check them out and see for yourself if they are a match for you.

If you asked me why the BWT tools have worked for me I would say because they are unique, and were not like anything else I had used before. Range bars have something to do with it also.

 

By the way...I get no compensation or bennies for these comments. I just think that so many traders come from such bad experences (myself included) that we tend to lambast anything we do not understand, use or know about, and we do newer traders a dis-service by dissuading them away from something that may work for them. Rather is to give your opinion based on sustantiated facts or direct experience, not on the 'rumor' and general bad history associated with the typical tool vendor.

[Tams 20]

I want to clear a few things up about this topic and hopefully lay it to rest.....

 

 

Who really cares about how you think about BWT ???

or if there is a free trial.

 

 

I said you are related to BWT,

 

and you go on and on and on and on and on about how wonderful it is.

 

 

You are not only confused.

You are out of $8,000 for something you could get free from this website.

Edited November 7, 2009 by Tams

[Tams 20]

just in case you, or your cohorts, have comprehension problem (which happens on public forums quite often),

 

I did not say you are a bad person,

I did not say BWT is bad,

I did not say your other posts, which describe trading, is bad.

[Soultrader 12]

Thread is closed due to misleading reviews. This tends to be the case for any review thread and as I result we may decide to remove this altogether. Thanks.