Protrader...is anybody using it?

  1. 2,271 Posts.
    During a visit to Perth yesterday, a friend asked me to go with him to the Protrader offices and give an opinion on their product (he had already attended a seminar).

    My first advice to him was that there were thousands of guys out their offering packages and ways to get rich quick on the exchange. He has never traded the market and has basically zero knowledge,

    After spending a couple of hours there, I must admit the software and training package did impress me.
    We have dozens of professional charting packages, boasting dozens of different charts and drawing tools, hundreds of lagging indicators etc etc. Metastock is probably the daddy of them all here, and is a very good charting package.

    However, it is simply that...a package that will draw you charts untill you are blue in the face, it's interpretting them that takes considerable skills and study.

    Here Protrader seemed to differ. It actually scans the market for proven trends (eg descending triangles, flags, head and shoulders etc) and daily shows stocks that are breaking out of the pattern. Parameters can be set by the individual, and it readily shows important info such as shares on issue, market cap etc.

    I thought the package was very cheap at aroung $700, with daily data, training and all the fruit being about $70 per month. This gives something most of the others don't, a quick scan of what stocks are actually showing these trends and breaking out of them, and there are only a few each day. Training can actually be via your headphones and you can bring up charts to see what they are talking about. The parametres for showing a stock in these trends appeared to be sound, without being overly complicated. It seeks proven market patterns and has to be backed by volume etc. All the lagging indicators are available for those who freak ut on them, but are only used as extra verification. With a little personal elimination of stocks they show breaking trends (eg how many shares on issue, how many the directors hold, how much upward movement before overhead resistance etc), should prove profitable. Their basic scan for the newbies without taking into account the things mentioned above still shows very good profits (if you can believe their figures).

    They also offer a 1800 broking service at $57 in and out (up to $10,000, over that is .75%) are on the phone from 6am, and DO manage stop losses for that price.

    I promised my friend I would enquire on here and find out if any of you are using it and how you found it.

    Thanks in advance.

    Bomber
 
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