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Here is a list of questions that you should ask yourself and your potential software vendor prior to purchase.1. Do they offer a free demo? Any software program that you are serious about trading with your own hard earned money you should be able to put your hands on and actually use for a week minimum.2. Do they have clients that you can talk to in a live chat room or on the phone? Most software vendors have 2 or 3 clients that are great referrals. If you are serious about buying and trading software talking to at least 10-20 active traders to satisfy the question, “does it work?”3. Can they show you live that the software works. It is a well-known fact that anyone can show you what could have happened in the past. The trick for most live trading is to be able to have an experienced user tell you IN ADVANCE what is going to happen next. After all, that is the only way you can make money trading the market. Most of the time these days this is accomplished by participating in a live Hotcomm chat room environment.4. What type of education do they offer? A tool is only as good as the user’s ability to make that tool work properly. A chainsaw in untrained hands can be a dangerous thing. A trading program without the proper training can cut your trading account very quickly. The best education along with a great tool is the winning combination. Education must also be broken down into levels. Let’s face it, most of us need very slow introductory education first then carefully working your way up to more advanced trading with the programs.5. If the software program is an automated trading system, as most of them fail over time, you must have a minimum of 2 years worth of account statements to back up their, usually hypothetical, over inflated results. 99% of vendors cannot and will never provide you with this.6. You must then take the time to back-test the program. This is where most traders fail to do the required work needed to be successful. Below I will outline a VERY SUCCESSFUL plan for back-testing a software program.7. Do they have a set of VERY SIMPLE easy to follow rules? If there are more than a few rules you must follow you will have a hard time learning them and sticking to them.When doing a demo of Nexgen Software Services Inc. T-3 Fibs ProTrader or any trading software program if you’re a newer user that is working on perfecting your reading of the indicators you need to have these invaluable resources that will help you through the educational path.The most important thing you can do as a client and student is to make sure that your using these resources correctly.I am going to detail exactly what you should be doing during your demo process to ensure maximum gains in the least amount of time possible.Once your charts are loaded and your demo software is loaded you should do several things.1. Attend all intro classes 101/202 one or two times. If your vendor does not offer these intro classes…think about another vendor.2. Most great programs have a video library that will make sure you understand what you’re learning and give you an opportunity to learn at your own pace. Review all video content more than once (typically 3-4 times is best initially)3. Read through the user guide for the software and learn it.4. Once your comfortable with indicators and setups spend a day or two in the advanced room going over setups in a slower (non-live) environment. This type of room is a SLOW MOTION learning environment to make sure that your introductory education can be applied as live trade setups.5. Move your way to the pro’s room. Most great software programs have a room that will have 100 or more traders in it, using the software and trading the software. This is going to be your most valuable resource for education and for talking with real clients that are using the software.
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