My broker’s giving me this free trading tool autochartist? Is it any good or just a selling gimmick? I’m fairly new so don’t have much idea!
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Hi!
First things first, I have never known this Autochartist. I never heard of it. However, I think that if this Autochartist has a demo version, try the demo before going live. This may help you to learn more about its strengthens and weaknesses. Besides, if they have a community forum, visit it and see what the members are saying about it.
All the best!
The autochartist will show you some patterns with different settings, however, it will be necessary to test whether specific settings are likely to be profitable in the future. If your broker gives you free access to autochartist, there is worth use it. Regards Greg
I suppose I could create a demo account with the broker simultaneously and check, if that’s what you mean
I’ll be able to change the settings for every trade I hope
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From Autochartist site to brokers - and so it is that many brokers use them for a freebee to new clients.
Nothing wrong with learning for free - so long as there is no cost use it.
I remember trying it out - it taught me some about ‘patterns’ on charts.
This last few days I noticed a classic Head & Shoulders pattern form on cable - software usually suggest a sell on the break of the neckline:
What actually followed was that although the neckline was broken (yellow horiz) that neckline became support for buyers rather than resistance for sellers.
Reason?
FA.
Seasonal says buy GBP plus AZ vaccines roll out. - the market reversed the pattern logic.
When its free the test it. Thats the best way to understand it.