Do stock trading tips work? Do stock tips provided by the call providers work?
Yes it does work, but only sometimes.
It will not work every time. If you learn about the market and have some experience, you will also have almost the same probability of success in trading.
Do stock trading tips work? Steps to follow !
1. First, check if they are SEBI registered advisors in INDIA, or similar registered advisors in your country. This will help identify scammers and rookies.
2. Secondly, it is better to learn and to predict the market by yourself because you cannot trust anyone nowadays because people may spam you with many types of schemes. So do not blindly trust anyone. And no one is 100% right all the time.
It is always better to learn as much as you can about the market, investing, trading, reality of the stock market etc. It costs nothing these days as gaining knowledge on any topic can be absolutely free.
And now if you take the help of a call provider, you will know where the call provider is wrong and where the market is prone to give a false signal.
And also you will have to learn the reality of the stock market because none of the strategy found in the history of stock market is 100% accurate every time, so this has to be kept in mind. This is the first reality of stock market.
3. If you can’t analyse stocks everyday and you are planning on getting a stock call provider, the most important step is your money management.
The call providers will only give you signals about when to enter and when to exit. They will not know about your entire financial situation.
4. What you can do is you should always come clean with your call provider and tell them how much is your risk per trade. Risk management is the most important if you are trading all by yourself or taking the help of a call provider.
Keeping that risk management and money management rules in mind you can move on to the next level.
5. The next step is to test their signals for few months, do demo trades, and see how accurate it is in 100 trades, so you can see how much is their total percentage of accuracy.
Then you will know what is the strategy and the accuracy of the strategy. Then you will become confident in entering a trade.
6. Then start with the smallest capital possible and make your way up to the top most level.
One smart way is to skip the step 6, learn from them, and start trading on your own.
Learnt from my experience
I can say all this with confidence because I experienced the same when I started trading. I lost around Rs.5000, as that was the fee of that particular call provider at that time.
It is not completely a loss because I learnt what I should not do in the stock market.
I thought that was the best way to start trading in this stock market but that was not true.
Because when I started out I did not know anything about the stock market, money management, risk management, emotional management etc.
I also didn’t know about the right timing, that was the major problem I faced while following their signals.
Because they will just give me some price level to enter and exit. But I entered a bit late and the exit price was too close to the entry price which did not some up to a profit including the brokerage fees and all.
When I asked why profits were so small and why there were so many losses, they yelled at me saying that YOU are doing it totally wrong.
How on earth will a beginner understand all these things????
They are supposed to explain us what the strategy is, what we are supposed to do and we should keep a stop loss and all those things. But I did not get any information of that kind and they just yell that me saying that you should have followed it properly.
That was a total waste of time and money. And again I followed them but again the same I got some profit in one or two trade and then again I took a lot and the process repeats.
That’s where I thought why not we learn everything about the stock market and do it ourselves. There are so many YouTube videos out there where you can learn everything about this market for free and they are also free courses by international mentors and experts.
I thought why not try this and I learnt everything I could about the stock market and I came to know that trading or investing is all about few simple things.
A decent strategy, money and risk management, emotional management, reality and basics of the stock market.
These are the things you need to master before becoming consistently profitable.
It took me a year to become consistently profitable in swing trading. And now I don’t depend on anybody for trading signals, which is the most awesome thing to do in the entire world.
I am completely independent of employers, call providers or any kind of financial support.
You should try it. You will love it.
I would suggest you to learn everything about the stock market, just the basic technical analysis is enough for trading. Asking for a help from the call providers is not usually recommended but if you want to do it you can get just some confirmation from them.
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