The history of selling technical indicators is more intricate than what most traders and investors realize. Many investors view the act of selling indicators as dubious, similar to selling miracle cures. While this perception holds true for vendors who promote indicators as a shortcut to riches, it's important to recognize that not all vendors should be categorized in the same way.
Distinguishing the Good from the Bad
1.Contribution to the Community: Responsible vendors understand the importance of giving back to the community. One way they achieve this is by sharing open-source scripts. By openly sharing their code, vendors demonstrate their commitment to transparency and contribute to the collective knowledge of the trading community. This not only allows others to learn from their work but also fosters a sense of trust and collaboration.
2.Ethical Marketing Practices: Ethical vendors prioritize honest marketing practices. Rather than making exaggerated claims, they focus on presenting their indicators as valuable tools that assist traders in their decision-making process. They avoid misleading statements such as "guaranteed profits" or "unbeatable success rates." Instead, they provide accurate information, set realistic expectations, and emphasize the educational aspect of their indicators.
3.Transparent Branding: Transparent branding is a hallmark of responsible vendors. They avoid using flashy or misleading names that create false impressions or overpromise results. Instead, they opt for clear and descriptive branding that accurately represents the purpose and functionality of their indicators. Transparent branding builds trust and helps traders make informed choices based on the actual value of the indicators.
4.Creating Original Products: Responsible vendors strive to innovate and create unique products that offer fresh perspectives and added value. They focus on developing indicators with distinct features or methodologies that provide traders with new insights and perspectives. By avoiding imitation and replication, they contribute to the diversity and richness of the indicator market, benefiting traders with a wider range of choices.
The Dark Side of Indicator Vendors
On the flip side, unethical vendors employ deceptive marketing tactics. They may use extravagant lifestyle imagery, promising that their indicators can lead to instant wealth and success. However, these claims are often unrealistic and misleading. Such practices exploit the desires and vulnerabilities of traders, preying on their hopes for quick financial gains.
One common tactic employed by these unethical vendors is the use of extravagant lifestyle imagery to create a sense of aspiration and allure. They paint a picture of a luxurious lifestyle that can supposedly be achieved by using their indicators. However, this imagery is often a facade, designed to manipulate traders into purchasing their products without providing genuine value or realistic expectations.
Moreover, it's worth noting that some of these vendors choose to publish their indicators as invite-only in private mode. This means that the indicators are not visible to the broader TradingView community unless a direct link is shared. This practice raises concerns about transparency and accountability. Legitimate vendors, on the other hand, prioritize transparency by publishing invite-only scripts in public mode, making them visible to everyone. By doing so, vendors allow traders to evaluate the indicators and gauge their quality, fostering trust and promoting fair assessments.
The Positive Impact of Responsible Vendors
Responsible vendors have the potential to make a positive impact on the trading community. By offering quality products, fostering transparency, and embracing ethical practices, they contribute to the overall integrity and credibility of the indicator market. They empower traders with reliable tools, promote educational initiatives, and foster a collaborative environment that benefits the community as a whole. Through their responsible actions, they elevate the standards of the industry and help traders make more informed and successful trading decisions.
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