Better emini vs blue wave trading

[Gann Trader 10]

I am thinking of purchasing either the Better emini or Blue wave trading indicators for Tradestation, the reviews I have read so far are mixed and not exactly encouraging but I was just wondering if anyone would be willing to offer any comments, criticism or encouragements on either method. Both websites have done an excellent presentation of their method, but obviously they are not going to say anything negative. The best recommendations are usually not from the vendors but from customers . I would like to know if anyone is making or losing money and do you find either method reliable or unreliable.

 

If for any reason anyone does not recommend any of these 2 methods, then what other method, system or indicators have you found that is better and more reliable for futures trading.

 

Thanks for sharing your opinion, hopefully it will benefit all of us.

[steve46 12]

Could I ask you a question? What appeals to you about buying a system rather then developing one yourself?

 

I am asking because you express some concerns about the ones you name...yet you still think they might be worth buying (at least thats how I interpret your words)

 

Thanks

Steve

[Gann Trader 10]

hi Steve46

Great hearing from you and thanks for taking the time to reply. Well your suggestion is well taken but even though I have been trading the futures market for more than 20 years, primarily from a technical perspective, I am not a programmer so attempting to design my own system would not be within my capabilities. For me to even make an attempt it would mean devoting time to learning easy language for Tradestation. So with that in mind I would rather focus on someone else method, but someone that has established a track record of success with a background in trading.

 

There are several good public methods available and individuals with a proven record of success, for example Linda Bradford Raschke who wrote "Street Smarts," Tony Crabel who wrote "day trading with short term price patterns", larry pesavento who developed a few methods based on H M Gartley and of course the various methods of WD Gann.

 

Anyone of these authors just to name a few have done more in the area of research than any of the above two mention systems, and yes if I was able to and I agree with your suggestion, it would be a much more prudent decision to develop my own method based on any of the ideas from the authors I referred to.

[TheNegotiator 13]

Published does not necessarily equal good. Good does not necessarily mean anyone can be successful with the method. Trading for 20 years I'd have thought you have some pretty good ideas of your own by now?

 

Either way, parting with cash for indicators/systems and the like isn't somethings I'd think to be a good idea unless you make good money already. Paying for systems is not going to turn a bad trader into a good one.(not saying that this is applicable to you or not).

 

Just a suggestion, but if you know what you want why don't you find a programmer and get them to write some code for you on Ninja(or another platform)? Easy and it could be cheaper.

 

[malocclu 10]

IMHO developing your own system is the best way to go. You could possibly take someone else's system and tweak it to suit your personality. With your level of experience I would assume you are not as profitable as you would like. Perhaps just taking an educational course might be all you need. As one who has spent thousands on indicators and courses I can safely say education, not indicators is the better investment. A good trader can trade using only price and volume.

[SIUYA 11]

agreeing with the other two.....

plus if you want a system that is good, cheap, reliable and has the ability for both programmers and non programmers to develop automated systems on then try Sierra Chart.

it has some simple automation methods using spreadsheets whereby you dont need to program a lot if at all.

While it has what appears to be a steep learning curve at the start it is only because the system is very detailed, but once into it it seems to be able to do most things, simply and easily, and the programmers also quickly respond to new requests if they can be done....

additionally, you can pay for programmers to do work that is not too massive a projects and I know from experience they are good value if the project is straight forward and not too complex.

[Abde 10]

Hi Gann Trader,

 

don´t waste your money for any indicators from vendors. None of them had reinvent the wheel. You can find such indicators elswere for free. If you have no idea where you can find them, send me a private message and I will tell you.

 

All the best,

Abde

[Tams 20]

I am thinking of purchasing either the Better emini or Blue wave trading indicators for Tradestation, the reviews I have read so far are mixed and not exactly encouraging but I was just wondering if anyone would be willing to offer any comments, criticism or encouragements on either method. Both websites have done an excellent presentation of their method, but obviously they are not going to say anything negative. The best recommendations are usually not from the vendors but from customers . I would like to know if anyone is making or losing money and do you find either method reliable or unreliable.

 

If for any reason anyone does not recommend any of these 2 methods, then what other method, system or indicators have you found that is better and more reliable for futures trading.

 

Thanks for sharing your opinion, hopefully it will benefit all of us.

 

if you want to be a consistently profitable trader... do the following:

 

1. learn to trade. ie. don't depend on others, don't rely on black boxes, don't read trade advisories.

 

2. to learn to trade, you have to learn to read the market. there is no 2 ways about this... either you want to be a trader and read the market, or do something else.

 

when I say read the market, I don't just mean the "price" and price alone. Monitor the market is to take in every single bit of information the market can throw at you. ie. volume, bid, ask, size, news, etc.,

 

indicators can help, but only when you can figure out the context.

ie. you have to know the market first.

[onesmith 10]

If you have viable concepts then I'm willing to code them. I've writen a ton of strategies. I do it because I love it. I'm not the least bit interested in selling anything.

 

Of the 2 vendors you mentioned, it was easy for me to determine a bias, in favor of the one that believes in his stuff and has his heart in trading. That's not an endorsement or recomendation. You would be better off studying how he's able to bring that passion to his trading and determining why you haven't been able to do that in your own trading.

[renvik 10]

if you want to be a consistently profitable trader... do the following:

 

1. learn to trade. ie. don't depend on others, don't rely on black boxes, don't read trade advisories.

 

2. to learn to trade, you have to learn to read the market. there is no 2 ways about this... either you want to be a trader and read the market, or do something else.

 

when I say read the market, I don't just mean the "price" and price alone. Monitor the market is to take in every single bit of information the market can throw at you. ie. volume, bid, ask, size, news, etc.,

 

indicators can help, but only when you can figure out the context.

ie. you have to know the market first.

 

In my opinion this is the best answer. The only way I know of understanding the market structure is through volume profiling. Free volume profiling tools are available for Ninja Trader.

 

Good luck,

Kumar

[Gann Trader 10]

You have all provided valid and constructive ideas and the general consensus appears to be that developing your own method is the wiser choice versus purchasing a method from a vendor, however the task of developing a professional level trading software is not as easy or simple as some of you may have suggested.

 

The basic approach by the less professional vendors seem to incorporate the standard moving averages, RSI, bollinger bands, overbought, oversold indicators and breakout strategies, etc, but these are very basic studies and todays market is a lot more sophisticated than in the past, making these studies irrelevant or obsolete and the reason why most systems fail to produce a profit.

 

To be able to design a profitable system I would think it would require thinking outside of the box, that means not using the same approach or the same set of technical tools as everyone else . The majority of indicators tend to lag behind the price direction in the market so they generate poor entry and exit signals. So to create any kind of method that would be profitable, would require a certain level of sophistication whereby a preemptive decision could be made. What I am referring to is to having the ability to forecast market directions before they occur, the ability to strategize trade signals with a 90% accuracy. To be able to identify the hidden cycles within the market and capitalize on that knowledge,

 

Using the above criteria as your core building platform within your software architecture, then implementing a smoothing indicator such as the Jurik indicators to remove the noise, or perhaps the Hilbert or Hurst sine waves this would only help to enhance your entry and exit points.

 

This in my opinion would be the direction I would take if I decided to develop my own software as you have all suggested, but such a software may have already been created. While the idea that I am proposing may appear to be a star wars type idea, or something you would only find in a science fiction novel, stop and think for a moment that the greatest discoveries of the past began from ideas that were ridiculed ,scorned and rejected.

[Peterg 10]

What indicator do you think any of these vendors will give you 90%?

 

Do they provide stats on their indicator's performance?

 

Are you aware of how many ninja trader indicators and automated strategies are in the public domain.

 

Are you aware that their are vendors that daily trade their indicators and strategies with real money in very reasonable price chat rooms anywhere from .50 to a 3 bucks a day cost. And you can see them in action and how to implement them.

 

Its all about context, not the indicator or vendor quality per se.

 

Loads of free stuff out there, its obscene.

[Gann Trader 10]

I actually was not implying that any vendors indicator would give you a 90% return, I was simple stating that it was possible to develop a method with the ability to forecast tops and bottoms because most indicators are lagging and they tend to generate false signals. There are natural geometric cycles within the market that constantly repeat themselves, its not an accident when a market makes an important top or bottom, the markets are cyclical in nature and with some work and a bit of research, these cycles can be identified and profitable trading decisions can be made.