Profitsource?

Question

have any one use this software? what is the probability that the elliot wave predicted by this product will actually be against you

Answer 1

I currently use the software, but not strictly for Elliott Wave. There is no Holy Grail of investing, and Elliott wave is no exception. As far as probability, I believe Elliott Wave is best used in conjunction with other indicators, fundamentals, etc, but not as an all encompassing buy or sell trigger. Many people are lured into Elliott Wave without fully understanding the nature of the beast, and I would suggest reading up on Elliott Wave before making a software purchase based primarily on the Wave Theory.

There is other software out there that includes Elliott Wave besides Profitsource, and I looked at most of them. My advice would be to examine why you are looking to purchase the software, and then make comparisons between the different companies that include Wave Theory in their software. There are many full-time traders that use the software, but there are few that strictly look at Elliott Wave alone. That being said, there are many more traders that don't use Elliott Wave at all.

I wouldn't advise staying away from systems though. For any trading, I would suggest planning, researching, backtesting, paper trading, and then putting your system into practice (real money) when the probabilities are within your risk tolerance. If you read enough books and talk with enough traders, you'll find that most of the successful ones use some form of system in their trading style. Trading is more about discipline than it is about gut feelings.

Just my two cents.

Answer 2

Selling software makes this company money, if the software worked, they wouldn't sell it, they would use it.
If the software did work and everyone bought it, it's system would break down as everyone does the same thing when it tells them.

Stay away from Systems.