Q: Do you have any training materials for The Wizard?
A: Yes, we have tutorials, instructional videos and PowerPoints. All of these are located under the "How To Use" tab in the program. We also have Boot Camp usually 4 times a week and webinars 2 to 4 times a week for those who are still looking at the Wizard
Q: Does the Wizard have a blog?
A: Yes. It is located at theWizard.com/blog
Q: Where can I find past Webinars
A: Go to theWizard.com and check the events page.
Q: Does the Wizard give you a target price?
A: We show a target price for all conservative scans which exits part of the position at different points and helps you protect your profits. Aggressive scans only show a stop value to exit the trade. Please read this blog entry for more information about our conservative scans: http://thewizard.com/blog/changes-in-the-conservative-scan/
Q: After the 50% & 75% targets, do you show where to finally get out?
A: Yes, for every signal we publish a stop price which will tell you when to exit the trade completely. The stop prices are recalculated every day (every Friday for weekly signals.) Before any targets have been reached you should only exit the trade if the price closes beyond the stop. Once a 50% target has been reached the stop price moves up to the entry price to protect your profits and you should exit if price touches the stop. Once the 75% target has been reached the stop price moves up to the 50% target level and you should exit if the price touches the stop price. See this article for more details: http://thewizard.com/blog/changes-in-the-conservative-scan/
Q: What is a conservative scan?
A: This is a trading method with built-in money management. We give you profit targets where you exit part of your position in order to protect your profits. Read our blog entry here for more details: http://thewizard.com/blog/changes-in-the-conservative-scan/
Q: What is a conservative stop?
A: ALL CONSERVATIVE SCAN STOPS ARE HARD STOPS, ONCE THE 50% TARGET IS ACHIEVED. IF THE 50% TARGET IS NOT ACHIEVED ONLY EXIT THE TRADE IF THE PRICE CLOSES BEYOND THE STOP PRICE. ONCE THE MOVING STOP OVERTAKES THE BREAK EVEN STOP THE MOVING STOP BECOMES A HARD STOP.
For more information, read this blog entry: http://thewizard.com/blog/changes-in-the-conservative-scan/
Q: Does the system say where to place the protective stops?
A: Yes, They are on every scan of every security.
Q: Where can you find the trailing stop in The Wizard?
A: The scans list the stop price with the other information when to buy or sell.
Q: Where do you enter the parameters for trailing stops
A: There are no parameters for stops. They are the exact prices we use.
Q: When would I get a “get out exit” signal?
A: We have a moving stop that will give you the exit. It moves everyday, therefore, you must monitor and change your stop every day, unless you are trading the weekly signals. You would then move your stop every Friday.
Q: How are stops calculated and is there an avg. risk per trade the wizard calculates?
A: It is apart of the algorithm that is part of the support resistance model. There are different risks/stops with each trade.
Q: Is the stop price adjusted daily or weekly depending on the trade?
A: Yes. Daily stops can be updated daily and weekly stops are updated at the end of the week.
Q: If you set a trailing stop doesn't it move with the stock automatically?
A: Stops usually change everyday.
Q: Does your Trailing Stops move in reference to the gains achieved as a stock climbs in value?
A: Our moving stop is always closing in on the current price.
Q: Why doesn't my portfolio show when the stop is hit?
A: The stop is a reference stop. We wait for the close and if the price is past the stop we exit. Many times the stop will be hit and then price reverses and goes the other way in our favor. We have tested it and get better results with a stop on close of the stop price or better. On a conservative scan that has already locked in profits by reaching the 50% or 75% target the stop behavior changes to a traditional stop at the touch of the price.
Q: Do you place the actual stop losses with your broker so you immediately get out of the trade when they are met or do you wait till the end of the day to see if the stop loss price has been hit?
A: Our stop policy is that we use the stop for a reference and prefer to wait for the price to close past the stop price. We have tested this and have found that many times the stop price is hit intraday and bounces off of it and changes direction. The only exception is when you are trading a conservative scan that has already reached the 50% or 75% profit target. Please see this blog entry for more information: http://thewizard.com/blog/changes-in-the-conservative-scan/
Q: Can I place a stop order with my broker instead of waiting till the end of day closing price?
A: If you prefer to set a stop for each of your trades, you can place a stop order with your broker at the same price as The Wizard's stop. If your trade is automatically stopped out but the day's final closing price exceeds the Wizards stop, you can always get back into the trade the next day. While this method is not preferred, if you are more comfortable doing this, it is an acceptable way of trading with The Wizard
Q: Does the initial sell stop (on a long trade) become a trailing stop or is the trailing stop updated in your portfolio scan each day or week?
A: The stop does become a trailing stop and it is updated in your portfolio scan each day or week.
Q: I noticed that the initial stop is neither a fixed amount difference or fixed percentage of the purchase/sell price for all securities. You also say that the stop changes daily depending upon the security and market. I am wondering if either the percentage of daily closing value or the absolute difference between the stop and the purchase/sell price remains constant for a given security over time?
A: The stop is a moving stop. It is for a reference and should be taken when price is past the stop at the close. It is not a set percentage and it does not follow a set risk pattern. It is a part of the algorithm that is part of the support resistance model. You should monitor it daily unless you are trading the weekly signals. Then you would only monitor it for a close past the stop on Friday. Please see this blog entry for more information: http://thewizard.com/blog/changes-in-the-conservative-scan/
Q: Do you show sector trends for ETFs?
A: At this point we do not show sector trends for ETFs
Q: Do ETFs have to match the trends of the total market trends such as Nasdaq, DOW, S&P 500?
A: Not if they are not affiliated with the market. For example, some ETFs are the inverse of the market and some track foreign markets.
Q: Do you recommend trading penny stocks with this program?
A: Yes. We actually have a power scan for penny stocks.
Q: Would you first check which sector is the strongest and then check the ETF for that sector?
A: Yes, this is a good strategy
Q: What different types of scans do you offer?
A: We offer three types of scans. First you can create your own scan, second your can scan sectors or industries and third you can use one of our pre-built "Power Scans"
Q: Can you create a list of ETFs to scan?
A: Yes, the watchlist feature makes this simple.
Q: Can you create your own scan lists?
A: Yes, you can use a watchlist to define a list of stocks and then filter them using our trend or price / volume filters.
Q: Do you provide pre-built scans?
A: The Wizard provides pre-built strategies called PowerScans. Each PowerScan has been thoroughly tested to ensure that only high probability trades are included. All you have to do is choose a PowerScan and spend a few minutes every night checking it. It's that easy.
Q: With your scans, is the long term trend also a week trend and the short term trend is a daily trend?
A: Yes
Q: When do daily and weekly scans update?
A: All Daily scan updates are done by around 7PM EST every day. The weekly scans update every Friday by 9PM EST
Q: Can you scan for stocks making 52 week highs?
A: We will have that scan soon.
Q: Can you scan by browser or industries?
A: The Wizard also includes powerful Sector and Industry scanning tools. Ranked by their trend strength, the strongest and weakest sectors and industries are easy to find. Once you've identified which sector or industry you'd like to examine, one click of the mouse shows you all the stocks within it.
Q: What scan is the best?
A: Scans with the direction of the market, sector, industry and the stock in the same trend with high volume.
Q: Is it possible to scan my own basket of stocks ?
A: Yes you can have a watch list of your basket of stocks that you monitor for pre-sells and pre-buys
Q: When using the Scan feature, why would you want to NOT hide Flat signals?
A: We leave it there to show you the condition of the Signals in the total market. These are good indications of a changing market.
Q: What is the monthly and annual pricing for the products?
A: The Wizard Stocks & ETFs and The Wizard Futures & Forex are both $99 a month. You can get both products for only $159 a month. The annual cost for both Stocks/ETFs and Futures/Forex is $995 (a savings of 16% or $193). The annual price for the combo is $1,595 (a savings of 16% or $313)
Q: Is the product a month-to-month subscription or is there a minimum contract length?
A: The agreement is month-to-month. You can cancel at anytime. If you purchase a longer term contract with a larger discount then you are locked in for the contract term
Q: Does the $99 price include exchange fees or do I have to purchase these separately?
A: All exchange fees are included in the monthly fee
Q: If you start with a single product, how do you upgrade to the combo package?
A: Call support and we will upgrade you and prorate the first month.
Q: How do I cancel my subscription?
A: You can manage your subscription and cancel the automatic billing from the first page once you log in. Also, you can contact us via the contact link above or call 877- 396-8130 to stop the service.
Q: Can I trade options with the Wizard?
A: The Wizard is an excellent way of trading options. It gives you the underlying securities direction, whether it be long or short. If you place your option trade when you get the signal, you should see some great results. The leverage will give you even larger returns for a smaller investment.
Q: Can you discuss using options instead of buying/selling stock?
A: If you have an option you have a right to buy or sell that security for a specific period of time at a specific price. The options allow you to control shares of stocks at a fraction of the cost of owning the actual shares.
Q: Any plans to include options trading as you have done with stocks, futures, Forex?
A: We have plans to develop more robust options strategies. Contact us via the link above for more information or to express your interest in this area.
Q: Can you scan for stocks that are optionable?
A: We are working on a scan for this. Normally any stock above $5.00 is usually optionable. You can easily scan for stocks within a minimum / maximum price range using our scan interface.
Q: I like to trade the RUT using options, can use this system?
A: You can trade the direction of the trend using options very well.
Q: It would seem that only short term trades would be advisable if trading options. Do you avoid the need to go too far out with The Wizard?
A: You can do either short term or long term depending on the long term or short term trend.
Q: How do you make a watch list from your scan results?
A: There is a button above the scan bar that says add to my Watchlist.
Q: Can you import a watchlist?
A: Yes you can create a watchlist and insert as many symbols as you wish. You then can set alerts to get any changes in the watch list every day or every week.
Q: Can you add your own stocks to the Watch List
A: Yes, it is very easy. Just click the "more" button next to the stock and then click "add to my watchlist"
Q: What are the main differences between watch lists and portfolios?
A: Portfolios can only accept Pre-Buys and Pre-Sells so that you get an accurate accounting of the trade. Watch lists monitor everything.
Q: When do my Portfolios and Watchlist update?
A: All Daily updates are done by around 7PM EST every day. Weekly updates are done every Friday by 9PM EST
Q: Since you are not watching charts what would you use as a key to remove the entry from the portfolio?
A: It will say the trade was either cancelled or closed.
Q: Does the Wizard have a product for mutual funds?
A: Yes there is a Wizard product for Mutual Funds. For more information on it, please visit http://TheWizardMutualFunds.com
Q: Do you track Mutual Funds?
A: Yes there is a Wizard product for Mutual Funds. For more information on it, please visit http://TheWizardMutualFunds.com
Q: Does the Wizard Mutual Fund handle Target Date Funds?
A: Yes it calls signals for over 22,000 Mutual Funds
Q: Is there an app for the iPhone? If so, where can I buy it and how much does it cost?
A: There is an iPhone application and can be found on our product page or in the iTunes store. The cost is a one time charge of $9.99 for the app. As long as you are a paying subscriber to the stocks and ETFs product you are eligible to receive the information on the application.
Q: Does iWizardPro work on Droids or Blackberrys?
A: An android version is available in the android marketplace, currently we do not have plans to support the Blackberry platform.
Q: Do you hold stocks thru earnings?
A: We hold stocks until we get stopped out or until we hit a target and take a profit.
Q: If a trend arrow changes from Green to Red, do you sell your stocks?
A: No, once you are in a trade you wait for the stops or targets to take you out.
Q: Do targets update while you are in a trade?
A: Targets are pre-set when the trade enters and they will never change during the trade.
Q: What's the learning curve for the wizard?
A: It is a very simple system to learn. We have plenty of training aids and live webinars that can get you trading in a matter of days.
Q: What is the easiest way to learn the Wizard?
A: Watch the videos and tutorials in the "How to Use" tab in the program. They will show you how the Wizard works, how to run scans, use your portfolio and watchlists and much more. We also have Boot Camps for our subscribers and webinars every week for those who have not purchased a subsription. All Boot Camps and Webinars are FREE!!!
Q: What type of trader is The Wizard ideally suited for?
A: Swing traders and investors. This is not a day trading program except for the Forex that offers signals every 15 minutes 24 hours a day.
Q: Could you day trade using The Wizard? Can you get in and out of a trade before the market closes each day?
A: The Wizard is not designed to be a day trading program because the signals are updated at the end of each day. However, the scans show the long term direction for day trading. Forex scans are available down to the 15 minute interval, and they update throughout the day.
Q: Is this system's results more consistent with long term vs. daily signals?
A: They are much the same. However you will stay in trades longer with the weekly signals. And you will usually have more profit. A longer time frame will take out most of the consolidations and keep you in a trade longer.
Q: What is the average % success rate with the wizard?
A: It depends on each scan, but you can always see our current winning % by selecting "Scan All" for each scan
Q: What are the winning % of open signals?
A: It depends on each scan, but you can always see our current winning % by selecting "Scan All" for each scan
Q: Are fundamentals a part of your algorithm?
A: No a company's fundamentals plays no part in The Wizard's calculations other than the fact that the fundamentals are already in the price.
Q: Are you using any indicators (i.e. macd, adx) with the wizard to make your buying or selling decision?
A: No we use a proprietary algorithm that is not using either of those indicators.
Q: How long has this product been around?
A: It has been around for over 6 years.
Q: How long has the wizard been in business?
A: Since 2004
Q: Do I have to set up with a charting package such as eSignal or Tradestation?
A: You do not need a charting service to use the system. If you wish to view charts with some basic indicators put your cursor over the symbol and ask for a detailed quote then click on the chart to get to the additional charting services.
Q: Can you have the wizard up on two computers at the same time?
A: No, only one person/account can be in the product at a time.
Q: What Futures contracts do you track?
A: We track over 160 futures contracts.
Q: What Forex currency pairs do you track?
A: We track the top most traded 29 pairs of currency in the Forex.
Q: What Futures categories do you have?
A: The Wizard futures categories are Agriculture, Currency, Energy, Index, Meals, Metals and Softs
Q: Do you have a trend block screen for Forex & futures like you do for stocks?
A: Yes
Q: When does Forex update?
A: The daily Forex scan updates by 5:15 PM Eastern time each evening, the Weekly updates on Friday at 5:15PM Eastern. Our intraday forex scans update throughout the day.
Q: Do you know what the average pips earned per day or week or month is?
A: We never know how long a trend will last so therefore we do not forecast profits or losses. We only show what our actual signals produce.
Q: Do you use continuous contract data for your long term trend for futures?
A: Yes
Q: What time frame do you use for S & P e mini?
A: We only have daily and weekly time frames at this time.
Q: Can you search for a specific stock/ETF/Futures Contract or Forex pair?
A: Yes, just select the blue "Search for Symbols" button in the Scan Options section. You can search by Symbol or Name and can enter multiple symbols (separated by commas) for each search.
Q: Can you put a stock into The Wizard to see where it stands?
A: Yes, just select the blue "Search for Symbols" button in the Scan Options section and enter the symbol or stock name.
Q: What is the difference between the dark green and lighter green arrows? Is it the same for the red arrows?
A: Bright Greens and Bright Reds are Very Bullish and Very Bearish and the darker greens and reds are less Bullish and less Bearish.
Q: What does the small "f" mean on some of the green arrow trends?
A: The first day or week that the arrow has turned Bright Green or Bright Red.
Q: Does the Wizard have back testing?
A: Look at the calendars on the arrows. They will show you how the wizard picked the buy and sell signals every day or every week clear back to 1993 on some securities.
Q: What is the length of time for Long Term and Short Term Signals?
A: Until they are filled and then we do not know how long the trend will last. We do set targets on the conservative scans and then we can take profits along the way.
Q: How often is the BGS Momentum list updated?
A: It is updated on a monthly basis
Q: What is the BGS Momentum looking at?
A: Stocks that have a similar filter to the IBD 100
Q: Does the wizard provide data to trade the TSX?
A: Not yet but we are looking at adding this exchange soon.
Q: Where can you update personal information such as credit card info?
A: Login to The Wizard and under the "My Account" section you can change your credit card information.
Q: How do I change my password?
A: When you first log in there is a link that says "Click here to manage your account" where you can change your password, view previous orders, etc.
Q: In the performance statistics, does it exclude the flat signals or are they included in the stats?
A: The Flat signals are not included in the calculation.
Q: What constitutes a winning signal?
A: We do not know. We enter a trade with the highest probability and manage the trend until we get stopped out. No one can forecast a for sure trade. However, we call all winning trades any trade that is showing a profit.
Q: Any plans of real time quotes in the future?
A: In the Forex product we offer smaller intraday minute signals (15, 60, 120, 240,480 ).
Q: Have you back tested which is a more effective approach - using the weekly or the daily system?
A: Weekly is the best long term investment
Q: Do you have pre and after market data ?
A: Our signals are updated by the exchanges every night by7PM EST and again before 11PM for corrections.
Q: What is the definition on % avg. profit ?
A: We calculate the % average Profit by taking all open signals and divide the total profit and losses by the number of open trades.
Q: What if a trade gaps up or down at the market open and I miss the entry price. Do I get in later or pass on the trade?
A: The Wizard does not like to chase gaps at the open. If you miss the trade because of this, you should simply look for another trade.
Q: How do you avoid stocks that are long in the tooth?
A: You only take the trades of Pre-Buys or Pre-Sells. If you do this you will not be in trades that are long in the tooth.
Q: What if the ask price is higher than the pre-buy price, what do you do?
A: You wait for the price to come back to the Pre-Buy price or you move on to another trade. The signal on the stock will change when it does not get filled after a couple of days.
Q: Can I get in the trade even though I missed the Pre-Sell or Pre-Buy?
A: The Wizard recommends that you only take the pre-buys and pre-sells at the exact price. This is a breakout system looking for the trend and a Pre-Buy or Pre-Sell may never be filled if the consolidation continues and you get a change in your signal.
Q: If the price is trading below the pre-buy suggested price is it suggested we get in at a lower price?
A: Never get in at a lower price. This is a breakout system looking for the trend and you may never be filled if the consolidation continues and you get a change in your signal.
Q: If you put an entry into the portfolio on a pre-buy and the market changes and does not execute the entry do you go back and remove it?
A: The portfolio will show the trade as cancelled.
Q: Why don't you eliminate pre-buys or pre-sells on conflicting brightest color arrows?
A: There are trades that are aggressive trades that happen during consolidation periods and we show all signals. The better trades are with the trend. Double Greens or Double Red are still the highest probability trades.
Q: If the pre-buy price is not hit, do we still watch this stock and for how long?
A: We stay with the pre-buy price until it no longer shows in the scan as a pre-buy
Q: Do you purchase the stocks before the market opens?
A: You can put your order in before the market opens, but you only put stop limit orders in so you may or may not get filled.
Q: How should I enter my order with a broker?
A: All entry orders should be entered as Stop Orders. Stop Orders wait for a specific price to be hit for the order to be filled. Because The Wizard provides exact entry prices, using Stop Orders is required.
Q: Are all entry prices executed as "buy stops"?
A: Yes
Q: How do you pick the best trade that day if there are many choices?
A: Look for the volume to be Green on the V (which indicates the volume is above the 50 day moving average) and take the highest momentum stocks that are at the top of the scan. All scans have the highest momentum stocks at the top, whether buying or selling a security.
Q: What if I see a stock hit its pre-buy price and then the price dips below the pre-buy price. Would you consider this as a trade opportunity?
A: No!!!!! This is a breakout system looking for the trend. Wait for as close to the Pre-Buy price as possible. If the Pre-Buy price was hit you should be in the trade.
Q: How far back do your trend calendars go?
A: Our trend calendars provide the trend history all the way back to 1993, showing you exactly how The Wizard has called the market for over 15 years.
Q: Is the trend calendar a leading or lagging indicator?
A: The weekly and the day are leading indicators of that week or day.
Q: If the trend calendar shows the upcoming week, how do you check how it performed in hindsight?
A: On a weekly calendar we show for the upcoming week but not on the daily calendar. You can check any arrow for the color of the signal on any day back to 1993. Green meaning we were long and red meaning we were short.
Q: Can you show calendar trends for individual stocks?
A: Yes there are calendars for stocks, industries, sectors or anywhere there is an arrow. You can simply click on the arrow and see the past and current trends.
Q: How come the calendar trend for the long term shows the upcoming week? Do you forecast ahead?
A: The long trend is for the weekly bar that ends on Friday and is good until we get a new signal the following Friday.
Q: Are The Wizard's Long and Short trend indicators an aggregate of collective time frames?
A: The Long term is the weekly time frame and the short term is the daily time frame.
Q: If a current trend has been going on for awhile would you wait for a new trend to develop before getting into additional trades in the trends direction?
A: As a trend extends you are having a higher probability of a change of trend. However, we never know how long a trend is going to be. We stay with a trend and take the buy or sell signals it gives us on the daily and weekly signals until we get a change of direction.
Q: What indicator is used to call the short and long term trends?
A: The Wizard is a complex algorithm made up of many proprietary indicators.
Q: Are you a Broker?
A: We are not a brokerage firm and you can use any broker you would like.
Q: Is The Wizard integrated directly through any online retail brokers?
A: We are working on broker affiliations, if you have a broker suggestion please contact us via the contact link above.
