Hello, I`m looking for a reputable technical analysis provider. someone like trading central but one that can give you the stops and take profit points. Do you have any recommandations of such firms?
Every profitable trader I have ever known is fully independent, they find their own trades. Even if you were to find one of the few winners out there that offered such as service it is not possible to follow them. It something most new traders try & have no luck with.
If I did, they wouldn't be worth having anyway. Here's (part of) the point you're missing, Andy: there are loads of signal providers out there, offering their technical analysis with recommendations for entry-levels, targets and stop-losses, and in my opinion, you should avoid them all. It's relatively easy (given plenty of knowledge, understanding, judgment and due diligence!) to identify a TA/signal service that has had a good few months of profit, but it won't be the same one that's still making profits in three months' time, and there are reasons for that (which aren't trivially easy for the uninitiated to understand). At any one time, out of the thousands of them, it follows that there will be a some that happen, just by the laws of chance, to have had a run of a few good consecutive months. But there's also selection bias at work, which predicates that those few are usually the ones you see advertising and promoting and being recommended most prominently, and therefore the ones your Google search will find (not to mention that they often also do "search-engine optimization" of their own, for their pages, to ensure that outcome). Unfortunately, the fact that they happen just to have a few good months has very little (or "no") bearing at all on their chances of having a good few months again when you subscribe, because they had it by luck and "because someone has to", not by skill. They're successful marketers, in short - not successful traders. And that's an additional "hidden reason" why it's so very common to start following a "successful" TA service and for it all suddenly to turn sour as soon as you start following it. The bottom line, here, is that trying to make money by directly copying others is, for most people, most of the time, a dreadful idea.
The only I could see this making sense is if you already knew how to trade and wanted someone else to screen for setups...which you would then know the why and how to trade them.
Here’s my setup for opening a trade. First, is it a trading day. If answer is “yes”, then I open a trade. Whew! How do I close the trade? Run my algorithm which sets off up to 8 closing triggers.