Day Trading Misconception #5 – What’s All That Buzzing Going – Indicators and Software

Let’s go back to the trader at his all-important, overpopulated desk with more blinking lights than Time Square during Christmas.

If you look closely all his screens have charts full of indicators bustling and pulsing colorful movements.

What you’re seeing are different softwares and indicators to help the trader make better decisions. Which is an incredibly necessary thing for all traders.

The thing is, you can get away with two to three indicators, if not less. And they don’t have to be a distraction.

Important to know, the minute anyone tells you to buy software other than the platform you need to trade from – run for your life! No one should ever – EVER – sell you software. Because blinking lights and computer programs to help you get in and out of trades don’t work.

Softwares

Software has become a huge market for day trading schools and programs. Most of them will not only sell you the course you have to take, but tell you without the software you can never trade well.

Some schools tell you that you can join their six month program and the software comes with it the tuition. However, what most of them don’t tell you is that once you are done with the program, so is your access to the software. If you want to continue with the software you can either buy it for $5,000 or more, or continue paying a monthly fee to stay with their program.  

1. If you are relying on a program to give you the green lights to enter your trades you are looking at huge failure before you’ve even started.  Computers cannot monitor what is happening in the markets precisely, only a real human can.

2. If you have anything more than three indicators, and they are customized with the school you are with, you need to question what the extra fee will be to have it once you are done with them or if you get to keep them when you’re done with the program for free. The goal of a good teacher/mentor is to make sure you learn to fly on your own. If they want to control you through their software and indicators, I would really question their credibility.  

Day trading industry can be a tempting place for empty promises of earn-quick schemes, and the #1 way to recognize this is with companies selling you software or operating from a software that they created to use on a trading platform.

Important distinction – to trade you will need a trading platform. This is completely separate from any trading school you join. And you will need to join an academy because like any other profession you need to learn. You can’t learn to fly a plane without the proper tutelage.   

Day Trading

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After that, if you have any questions you can always ask me at traderchick.com. Come to my Facebook group and introduce yourself, let me know your experience with trading.

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