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Has anyone tried following the 'advice' of PIA First?

I'm almost tempted to think that it deliberately gives false signals to encourage punters (sorry, valued clients) to enter bad trades for IG to profit from.

Why else would IG pay for something that generates such appallingly bad signals?

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@dmedin,

I am not a fan of PIA at all.

In fact IG's Analysts tend to post reports/blogs well after the price action has created a trading opportunity which many have profited from and looking to exit with their profits. 

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Okay, sounds like I need to be on Twitter then.  I've held out on social media for years, but since companies are now using it (and not offering alternatives) I guess I have no choice.

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@dmedin,

I am not sure what trading style you adopt or what your trading strategy is. I follow 'Trend Following' principles for trading only and not investing. My investment philosophy is very different but anyway that is for a different time. 

The best way to trade is to establish which indicators you wish to use and why? What signals are you looking for and which indicators will best serve those signals for you? If you can do this then there is absolutely no reason that I can think of why anyone needs to follow the likes of PIA. 

PIA are for those as you call them 'punters' that want to make quick money but do not want to learn to trade to put the effort and time in which is required. They are lazy and want to try and trade and earn profits the easy way. Well guess what? Trading is extremely difficult and there is no easy way. So these 'punters' follow the likes of PIA and others. They dare not question their technical analysis or challenge their trading ideas. 

The amount of traders that I have come across who do not have the following is shocking:

  • Trading Plan
  • Trading Strategy
  • Trading System

Without the three above it is very difficult for any trader to make any profits consistently throughout the year and then year after year.

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@dmedin,

Just one more thing. No amount of charts, lines, arrows, more charts, etc. can help predict the future movement of prices. No amount of technical analysis can predict with any precision future price behaviour. Technical Analysis and charts are based on historical price action. They are very useful to see what has happened in the past. The most important information is what is happening currently. 

What both technical analysis and charts can do is assist to show you how the price has reacted in the past. This can be used in the 'decision making basket' to assist you in making an informed decision. When you use certain signals and indicators using technical analysis it can increase the probability and put the odds in your favour for a potentially profitable trade. That is all. It does not guarantee it any profitable trade.

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Not sure youse are understanding the signal service at all. Firstly both providers are third party companies and stand aside of IG so IG blogs and analysis etc have nothing to do with PIA or Autochartist. Secondly they provide computer generated chart patterns that are in the process of forming and nearing completion so they are more a screener than purely analytical. Sometimes the pattern completes and sometimes not but completed patterns and the resulting price movement are well studied and have stats to back up their probability of success. 

So you are looking at a screener that is flagging up the possibility of a chart pattern completion but it is computer generated and it's up to the client to decide if the trade and risk/reward involved is acceptable. 

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I'm actually finding the PIA First suggestions useful, when comparing carefully with my own analysis, rather than simply agreeing with everything.  I'm sure it's right more often than I am though.  😋

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@dmedin,

I would think more in terms of what can you do in terms if identification work, using indicators and signals to come up with your own suggestions. Then look to see if they are similar or different and try and find out why?

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PIA First gave a nice signal last Friday.  Since the down move has retraced > 70% it's likely to retrace all the way and then some.  It gave a good recommendation to wait for a slight pull back before entering a trade and I agreed with it and committed to it on this occasion.  (See my humble graph)

Today however PIA First is recommending buying at 11010.  That's going in completely the opposite direction to the trade they recommended before the weekend.  Dodgy?

usd.jpg

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4 minutes ago, dmedin said:

oday however PIA First is recommending buying at 11010.  That's going in completely the opposite direction to the trade they recommended before the weekend.  Dodgy?

Computer generated and may be for a very different time frame, and the target was for the info available at the time of publishing the signal, things might have changed so will need to watch closely.

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