Highchartpatterns.com Review Update

My original review of HighChartPatterns.com covered their first three weeks of operation, or so. I wanted to give you all an update now, since you can only lock in their promotional $29.95/month price for a few more weeks. After November 12th, new subscribers will be paying $37.50, which is still a great deal in my opinion. But, if you are on the fence you might want to decide in the next couple weeks so you can get the lower price if you subscribe.

I think everything I said in my original review is still valid, and I won’t repeat it all here.

They have months of performance data available now, and they’ve been very consistent during some pretty rough months. They stuck to their guns during the worst weeks, and several days offered no picks when they couldn’t find anything good enough to recommend. Many of us would have been wiser to heed the warning and take those days off, rather than get chopped up like we did!

Their performance already looks good, but I should point out that on many days they record a trade as a loss, when many real traders could have made money on it. This happens when the first time a stock touches their number, it fails, but then it sets up again for large gains. If you’re like me, and you’re used to services taking credit for the high of day minus their trigger price, then you find this refreshing. Granted, on some picks the setup or the bid/ask action makes it hard to get in the trade anywhere near the trigger price, but that is the case with any stock service.

As I hoped, they have continued to provide great commentary and recaps of their trading days in their newsletter. They pick especially informative trades and break them down in detail for the readers. You can see some of what I’m talking about on the highchartpatterns blog.

I have found their picks to be relatively easy to trade, when they set up well during the day. They try to warn you about the tricky stocks, both in the text of their newsletter, and by relegating trickier picks to their “watchlist” section rather than the “primary” or “secondary” sections. I will say that they sometimes pick stocks that trade less volume than I’m comfortable daytrading. Unless those are trading multiple times their normal volume on the trigger day, they are automatically N/A for me (and I hope most other daytraders follow my lead on that). Those low volume picks would probably be decent to swing trade, since people tend to swing trade less shares than they daytrade.

You can see in my video about my daily trading prep, I incorporate the highchartpatterns picks into my nightly routine. I have plenty of my own scans and ideas, but there are days when they make a good back-up for me. Sometimes, the stocks on my scans just aren’t ready to break out, so it’s good to have another set of ideas to work with. Other times (like last night!) I got tied up and didn’t even have time to run my scans.

Bottom line: Both trades I made today were picks from their newsletter, and I made enough money to pay for their service for more than a year in the first two hours of trading. If you read my post about those trades, you’ll see that’s even though I left at least half my potential profits on the table due to my own overcautious trade management! When services are $100 or sometimes even $300 a month, I have to think hard about how much I get out of it. At $30 to $40, it’s a no brainer when they pay off like this.

I’m not affiliaited with highchartpatterns, and am not getting paid in any way for this. In fact, I am paying them!

[Update: I just found another viewpoint on highchartpatterns, at Phileo's site. Like my review, it says the service is well worth the cost.]