V. 22:3 (85-89): Product Review: Wealth-Lab Developer 3.0 by Dennis D. Peterson

V. 22:3 (85-89): Product Review: Wealth-Lab Developer 3.0 by Dennis D. Peterson
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Product Description

V. 22:3 (85-89): Product Review: Wealth-Lab Developer 3.0 by Dennis D. Peterson

Wealth-Lab Developer 3.0 (WLD3), like the previous release, provides the means to test trading strategies as well as evaluate individual indicators. Several features have been added to make the user interfaces more robust. Unlike most trading evaluation products, Wealth-Lab does not require that you pay for a datafeed, as its interface uses free Yahoo!, MSN Money, or WallStreetCity end-of-day data. It is a modestly priced product that you can own outright with no additional fees.

Most important, Wealth-Lab has a large repertoire of trading scripts that represents the thinking of many individuals. These trading scripts are called chartscripts. I think at the very least experienced traders will get some tremendously beneficial ideas by trying out some of these trading strategies. And frankly, some of the scripts are just plain good.

Along with trading scripts there are five other valuable capabilities. First is the ability to create watchlists, which are sets of symbols you can evaluate against different scripts and money management schemes. This is valuable since different groups of stocks trade differently. Second is the ability to evaluate individual indicators. Third is the ability to build trading scripts by clicking and dragging on names/titles, so you do not have to learn Wealth-Lab script at all. Fourth, WLD3 gives you the ability to evaluate a set of chartscripts against a watchlist. Fifth and finally is the ability to scan a watchlist, set alerts and, if you wish, create a trade automatically.

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