TradeOnAUTO - anyone tried it?

[churbo]

Has anyone tried the TradeOnAUTO software? I don't have an IB account so I can't take advantage of the free trial they offer - but if it gets good independent reviews I might bite the bullet and open an IB account so that I can test it.

If you have used it or used the tradeonauto trial let me know if you think I should try it or not.

Thanks!

 

[leothesnake]

I use it. Support is good. It is good for me because I set it up to trade automatically while I'm at work. (When I first got it, I watched it a few times and it is quite clever...)
I like that they post genuine statements and real trades in their blog.
You adjust how it trades to your own settings - so it's no silver bullet. I lost last month, but am well up this month.
(They weren't offering a free trial when I got it.)
I would like more information about what settings work best.
Providing your happy to follow their overall style (breakout trading), it is a good tool.

 

[churbo]

Hi everyone,

Since I didn't get much of a response (apart from snake - thanks snake!) I just decided to give it go and I set up an ib account (which wasn't too hard) and got the tradeonauto free trial. I thought I would share my findings with you.

Pros
- Support is really good - like snake said. It came set up and ready to go with a strategy which helped me get started. I had a few questions and they answered them all same day.
- I can run it at night when I am in bed. This is awesome for me because I am in New Zealand and the markets open at 3:30 am.
- Trading is no longer emotional for me because I am asleep. I usually find the emotional part really hard and because I trade in the night I find it hard to get to sleep if I have a bad night.
- It is more flexible than I thought it would be. Like snake said you can set it up to trade how you want and I like that I am in control!!!!

Cons
- It is quite expensive.
- It only works with ib which was a pain for me because I had to set up a new account just to try it.

Happy trading!

 

[AndrewS]

Hi Churbo, I've read the book by the author of the TradeOnAuto system and I've been following his blog. I would be interested to know if you have continued to use his software after your free trial.

Like you agree it's a little pricey, but if it works...then thats the ultimate goal.

 

[churbo]

Hi Andrew, yes I decided to continue using the software after the trial. I must say I am very pleased with my decision! I paper traded most of Nov and then started trading live in Dec. So far so good! I have a set strategy that I am trading and with the software it is just all very simple to use.

If you are interested in the software then you should give the free trial a go - it is free after all!

 

[AndrewS]

Hi Churbo, thanks for the reply. I don't have an IB account at the moment and already have two other trading accounts...stretched a little thin. Might try to get it coded for TradeStation!

 

[AndrewS]

If you don't mind me asking...how many contracts do you usually trade at time? On his blog he only does one contract at a time since he is trying to illustrate that it can be done with a smaller account. I think the real benefit of the software comes when trading 3+ contracts though.

 

[churbo]

Hi Andrew, I am trading two wheat contracts at the moment - though I am getting close to trading three after a good month and a half! I guess that the money management would work better if I was trading more contracts (i.e. the difference between 1 and 2 contracts compared to the difference between 5 and 6 contracts). I suppose I could trade a different contract (say corn) which has a lower margin than wheat, but to be honest, trading two wheat contracts has been fine.

FYI - I had to switch my account to IB and it was pretty easy - I just filled out a form and the broker did the rest.

 

[TradeOnAUTO]

Just a quick note to let everyone know that TradeOnAUTO Lite is now available. "Lite" is sold on a monthly subscription basis. If you are interested you can read more about it here: http://www.tradeonauto.com/products/lite