Trademonster paper trade review
Many traders will remark about how much their trading education cost them, literally Have a look at the OptionsMONSTER software - it runs inside a browser window - ignore the side panels and just concentrate on the centre, it is quite intimidating to look at first-off, but actually relatively simple and well-laid-out once your eyes have been exposed to it for a while; try the following -.
This all looks pretty good and it's real market data, - real-time once you open a real account , and a "real" trading platform - so why bother with this "StockWave" rubbish! For example, a typical stock could have options with 25 strikes available, both calls and puts, both of which can be either bought or sold "long" or "short" - that's possible trades to make for single option combinations, now think of how many there are for 2-leg combinations, 3-legs and 4-legs.
Those of you who know some maths and the formulae for combinations will know how big this is as it involves factorials. Among all of these possible trades it is possible that there's a nice little trade to be made, with good win probabilities and decent expected return, and without too much risk - it's just that you will never find it!
StockWave to the rescue StockWave can search automatically for trades for you - it can do so exhaustively , which will get very slow for 3 or more leg combinations, or it can do so using an optimising global search algorithm to find some good candidates. It will output them on a table and you can rank them by payoff and expected return, then review them back on the Trade Creator window - and if you like it, then it is at this point that you go back into CBOE optionsMONSTER to re-create the same trade over there and check it out - note that you need to check things thoroughly now, that the payoff profile looks the same and the breakeven positions agree - note doubly that the initial prices used in the trade searcher MUST agree with those in optionsMONSTER, if they don't you will simply be wasting CPU cycles to calculate garbage!
Please note that the expected return and success probabilities will not be quite the same as StockWave uses its own custom "pricing model", i.
TradeMonster was formed with options traders in mind and this is very apparent. A minor complaint would be that trading can involve having to open a lot of different windows rather than everything being integrated. This can cause a bit of frustration but is by no means a major issue. This opens a much simpler window and allows you to place your orders quickly and easily without any of the bells and whistles. Spectral Analysis gives you a visual overview of your planned strategies while straegySEEK helps you pick strategies based on criteria you define yourself.
This is especially useful for traders that struggle with discipline or applying a solid strategy. This tool walks you through six steps to help you complete the full process from research, testing, executing orders, and exiting positions.
Beginners and even intermediate traders could benefit enormously from this. It also has a paper trade feature which allows you use the trading platform to make virtual trades and keep track of your results. TradeMonster offers most of the research and analysis capabilities you need but there have been criticisms that they aren't as in depth as they could be. The charting tools are certainly a little weaker than many of its competitors and the range of technical studies available is somewhat lacking.
For additional research you can sign up to researchLAB. It's free to use but it's separate from the main platform which is not ideal. There are also paid subscription services for more comprehensive technical indicators and more thorough research. Overall the research and analysis that is available at TradeMonster is certainly sufficient, but it's fair to say it isn't of the same high standard as the trading platform itself. Customer support isn't the strongest point of TradeMonster.
They do offer both telephone and email support, but there have been reports of poor responses. This isn't something we have experienced ourselves though, and the broker has made a concerted effort to improve this area. Perhaps the biggest disappointments are that customer service is not available 24 hours a day and that there is no dedicated technical support.
TradeMonster unquestionably gets a lot more right that it gets wrong. The research and analysis tools, along with the quality of the customer support, could be improved for sure, but they are far from inadequate.
The fact that the trading platform is of such a high standard means that these issues are really quite minor. The fee structure isn't ideal for small volume traders, but it doesn't make trading excessively expensive either.
It certainly provides good value for high volume traders.