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03/17/2008 Archived Entry: "Fibonacci Trader software, TRSI"

Hussam wrote:
> Dear Neal,
>
> I studied all your courses during the last 10 months,
> and I am more than happy with what I learned. They are
> great, and the best of all, they do cover everything;
> including a trading methodology and more importantly,
> money/risk management. Moreover, I am a member of
> your blog and read every update you send as soon as it
> arrives. Thanks a lot. You do nail those turns.
>
> I started trading full time 3 months ago. Fibonacci is
> my main tool. I don't have e-Signal or other charting
> software that has the TRSI. The reason is that they
> are quite expensive for a novice. I currently use a
> charting software called "Fibonacci Trader". It costs
> me $55/month for Forex charts. However, along with
> many other tools, it provides several Fibonacci tools
> including EXPANSIONS and the 3x3 moving
> average(excellent tools), which not too many charting
> software do. However, the TRSI(used on some of your
> courses, MOST of you updates and some of your new
> seminars ) makes it a bit of a mistery to me.
>
> I FEEL THAT I AM MISSING OUT ON SOMETHING.
> IS THIS TOOL REALLY WORTH HAVING ??? By the looks of
> it; YES. Please comment. I have been trying to work
> with the MACD and Stocastic, but it is not easy at
> all. I do rely primarily on the Fib (SK) levels to
> trigger an entry and determine target prices, but
> something is missing !! I started trading by taking
> the trend from the Daily chart; trade the 30 min
> chart, and try to trigger on a 5 min chart. I am not
> looking for the HOLY GRAIL, but just another tool to
> help. I.E. my question is, will it really help if I
> had a TRSI as opposed to a MACD and STOCHASTIC ????
> Paying for the tool is not an issue, when it is worth
> it. I'll do it.
>
> All the best. Hussam. (Spain).

Hussam, thanks for the great feedback.

The TRSI is definitely worthwhile. Unfortunately the owner of "Fibonacci Trader" wanted to charge me to program the TRSI. If he does it for free, he wants to own the indicator and distribute it himself.

Since I try to be very fair with my low charges to traders, I decided not to pay for it. TRSI would be an asset to Fibonacci Trader, but the owner is not agreeable. Perhaps he fears some competition of some sort (I don't understand why he would).

-Neal.