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Are there any reputable signal providers out there? I understand all the risks and will still trade off my charts i draw up however looking for some additional confluence to substantiate structure I have drawn.
Based on my experience of a couple of trade rooms, or reading other people's journals before trading, anybody else's opinion just adds an extra layer of things I need to all add up before taking a trade.
If I want to sell a pullback to a level but the trade signal is bullish or neutral, do I do nothing? If the market then sells off I curse myself and then end up potentially chasing the market and getting whipsawed out.
Or the trade signal is bullish but I think I should be shorting a level we are now at. I short and get stopped out. Angry again.
Or you have no idea what to do that day and just follow the signal and make money. But it is only because somebody else is telling you what to do, and they presmuably aren't revealing their system for coming up with the levels so you are reliant on them.
I am finding in the end I am better off using my own analysis, accepting the losses and accepting the gains. Take the trade, monitor for continuation, get out if you don't like it.
The market can either go up or down, the less "if this, and this and this agree then..." the better as it just leads to missed trades and frustration as your mind will focus on all the positive trades you miss.
My advice, but take it with a pinch of salt
"You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade" - Gary Norden
Although I'm not really answering the question, I pretty much agree with this.
Trying to put together too many things -- while the market is moving, mind you -- has been a good way for me to lose, just because of the added complication at a time when simplicity is going to be of greater help.
If you add to that the fact that the signal provider is not telling you how the signal is derived, you're also flying a little bit blind.
