There is a huge number of trading signals available on the internet, are they pure scam or real bargain ?
Properly used the technology can make your trading day very smooth,
It is clear that nowadays artificial intelligence can save the trader a huge amount of time, and it’s just not possible for the human eye to monitor dozens of charts at the same moment with the same focus as automated programs can do.
Market analysis is a duty that is really time consuming and it also consumes the trader’s concentration what is a limited resource.The “boredom trades” are often the result of this loss of focus, because the trader spent long time to analyse but also must wait patiently for his scenario to happen,
(sometimes even too tired of waiting he won’t take it at all) it is where artificial intelligence can make his life really easier, the technology can analyse the market for him and send him the signal only when the pattern appears, this will save a lot of the trader’s time and energy and allow him to concentrate on what really matters: the trade management.
The problem :
There is a huge number of trading signals on the internet, some of them are pure scam and other real bargain, so how to differentiate them?
1.Is it a real signal or just a bait?
Firstly, it’s important to differentiate the real trading signals (5%??!), provided by professional traders or technical analysts from the “marketing gurus signals” provided by broker’s affiliates.
Big majority of signals available on the web are free to join if you open an account with their affiliated broker through their links or if you have been tracked by their cookies, in this case the signal provider will get a commission from every single winning or losing trade you will execute; we understand easily the conflict of interest og this business model… At the end those ‘trading signals’ are just a bait to sell you a broker.
2.Pattern signal from a pro or blind signal from “phantom experts “
A large majority of signals available are blind signals, the user receives a signal without knowing on what strategy/pattern it is based. From this point there’s no chance to exploit it properly. Usually it’s even hard to identify who’s behind the signal.
To be efficient a signal must be triggered by a specific pattern, and the user should know exactly what to do when he receives it, this is the way professionals are doing, providing explanations or training before sending the signal, as we do at bestdaytradingplatform.
Falling blindly for fake signals is surely not the best way to benefit from the technology;
but paying a reasonable price for a quality trading signal that your provider can teach you how to use, or ask a programmer to code your own,(check some solutions here), could make a huge difference in your trading results.