Which is better? Should I use free trend indicators downloaded from somewhere on the Internet or buy the most expensive and hyped one right away?
First, let's go through the facts.:
- Commercial trend-determining indicators are superior to their free, publicly available counterparts.
- The difference between free indicators and top products is actually not that big.
- The mere presence of an excellent paid trend indicator will not turn a loss-making trader into a highly profitable successful investor. Because unprofitable trading is usually based on more global causes.
- It is quite difficult to buy a really good indicator. The market is flooded with aggressive advertising, overbidding, and even outright deception. It's difficult to figure this out without experience. So if you buy indicators at the beginning of your trading career, you will most likely collect outright junk and waste your money.
The following scenario seems to be the most rational:
- You use free tools downloaded from the Internet and understand the intricacies of technical analysis and what really suits you.
- You begin to earn income from trading activities and form the basis of your system trading. As mentioned earlier, you won't miss much at this stage due to the lack of a sophisticated and expensive trend indicator.
- Choose an indicator that really suits you and your system. Compare and analyze. When purchasing a technical analysis tool, you need to be sure that it will overclock your system and actually make your trading a little more profitable and accurate.
Downloading and using free stock market indicators somewhere on the Internet is not greed and a pathological craving for freebies, but a wise and pragmatic choice. Free doesn't mean bad!