Cogni Trade Review

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Cogni Trade Review

Cogni Trader Review: Recently, we have received an e-mail from our reader requesting us to review one new Automated Trading Software or Binary Options Signals provider, which ever automated trader or Binary Option Robot it is. Anyway the system is called the Cogni Trade. Hence, we will scan the Cogni Trade under our various lenses to provide you with an in-depth information. The following text provides the details about several aspects of the Cogni Trade for your consumption.

Cogni Trade Review

The first and foremost thing which we look out for in any brokerage or signal service provider is about the promoters of the company. The promotional video on the website shows that Cameron Doyle is the brain behind the software and the website, and he claims that he is an ex-IBM and current CEO of the Cogni Trade. Further digging deep into the website to know the whereabouts of the company has resulted in the dead end.

Also, our research on the internet has also thrown no results informing the location of the business or about Cameron Doyle. We could not establish from any source the correctness of Cameron’s claim of him being an ex-IBM. This is a clear warning signal as indicated in several of our articles. As there is no information regarding the company, there is no information about the registration and licensing details. We further investigated the Cogni Trade to know more about the software.

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    How Does it Work?

    The website shows a fancy yacht under which golden words from the Cameron Doyle has been written. It indicates that he has made millions using the Cognitive Computing Technology, and the big boys at the wall street know about this but will never reveal as they talk it behind the closed doors. The website claims that the software has performed tremendously since the beginning, and the total profit count has climbed to $ 136,650,100. It also claims that with a success rate of 95.2 percent it is the holy grail everyone is looking for.

    As indicated in the promotional video of the website, the software is designed to find the most profitable opportunity in the market and provide signals with 95.2 percent accuracy. The software uses state of the art technology to provide signals as soon as it senses an opportunity in the market. The website also guarantees that a minimum of $ 1,500 per day can be made by utilizing their services while the large payouts are also possible. It further adds that they customers have made as high as $ 16,000 in a day.

    The customer needs to enroll themselves on the website, select one of the affiliated brokerage houses and make a deposit to start trading on the website. The website indicates that it has been designed with a cutting-edge technology of Cognitive Computing Technology which is available with the select few in the world. It can process tons of data in real-time to search for a profitable opportunity in the market and when it is 100 percent sure about the opportunity then only it sends signals to their clients. The website also boasts that it has an impeccable accuracy of 92.5 percent which makes their registered members make $ 1,500 daily. However, these tall claims have not been backed by any data nor the website’s disclaimer page.

    On the homepage of the website, it uses “guaranteed $ 1,500 daily” whereas on the disclaimer page it states that “due to the high-risk nature of trading, ‘Cogni Trade’ explicitly does not make any express or implied warranties or guarantees that user will make any profit or that users will not lose any or all deposited investment funds”. We leave it up to you to decide the trustworthiness of a broker who “Guarantees” on the homepage and “disowns” the same on the disclaimer page.

    Cogni Trade Accuracy

    One of the prominent features of the promotional video is that it uses the real people like Dharmendra Modha, Manager, Cognitive Computing, IBM Research, and Eric Brown, director, Watson Technologies Research. We are sure that these individuals name and faces have been used to allure the naïve in the market, also, the “bytes” of this gentleman has been picked up from the YouTube videos and without their consents. This clearly means that the real promoters are not afraid to use the faces of known personalities to disguise the onlookers.

    The promotional video also shows some of the customers boasting about the software and its success rate. However, our research to find the genuine review on the world wide web have ended without a result. This clearly means that the faces used in the promotional video to boast about the software are fabricated and are far from the reality.

    The investigation on the ‘Cogni Trade’ has revealed several aspects of the software, website, and the promoters but there are still some concerns which remained unanswered, and we have enlisted hereunder for your consumption.

    Real Owners Behind This System?

    The person named as the founder and CEO of the Cogni Trade is Cameron Doyle who claims to be an ex-IBM. However, our research on the Cameron Doyle and ‘Cogni Trae’ have resulted in nothing. Also, the website shows two gentlemen at the start of the video which seems out of context for them and also, the promotional video shows some reviews of their customer as ‘bytes’ during the video who doesn’t do anything but boasts the software and its success rate.

    The dead-end to investigation means that there is something terribly wrong with what has been claimed and shown on the website. It is clear that the person claiming to be Cameron Doyle may also be faking or paid actor reading his script.

    Over The Head Claims

    The website not only claims but guarantees a sum of $ 1,500 per day with an automated software with a killing 92.5 percent accuracy. Either of those two statements is wrong, as they are guaranteeing something that must have a 100 percent success ratio or they are just bluffing to attract the people in their scheme. The over exaggerated claims are definitely indigestible as the best known automated binary software service provider have achieved the success ratio of only about 80 percent. These insane claims are also not backed by any substantial data on the website.

    Cogni Trade Features

    The homepage of the website provides “Guarantee” on the amount of money one can make by using the software while on the disclaimer page the website completely disowns the “guarantee” itself. The dual standards of the website are scary to any logical thinking individual.

    These are all known techniques deployed by many websites. They claim something unbelievable on the front page, and hide from the law by writing in small letters under disclaimer page. The double entendre of the website is a clear indication of the intentions of the promoters.

    Limited Spots

    Mr. Doyle in the promotional video also indicates that the software is available to only select few. He will allow only 20 members per day and will limit further enrollments. This is also one of the old technique to induce the customer to make an immediate purchase which has been successfully utilized by several e-commerce companies. This technique is also very common amongst scrupulous websites and promoters.

    We urge our readers to stay away from making any impulse purchase and further advise our readers to read all the terms and conditions before making any purchase.

    The Technology

    The website in its name and its promo video reiterates again and again about the Cognitive Computing. The Cognitive Computing is an evolving technology and it is apparently used by the like of IBM to process large data.

    Even if the technology is not a myth, it is still not available easily in the market. Also, the technology is more about the cognitive process and has nothing to do with the financial trading. This clearly indicates that the promoters want to attract a large number of naïve traders to their scheme of things with some unheard technological name.

    Cogni Trade Promotion

    Cooperative Brokers

    You would appreciate that any automated bot cannot operate on its own and it requires a brokerage house as an intermediary to execute the trades. On such an important aspect of the automated bots, the website remains completely silent and provides no clue whatsoever about the affiliation. The website also does not provide any information on how the trades would be executed in the market. The lack of the most important information adds to our already mounting doubts.

    Finally

    The website of the Cogni Trade makes some tall claims like 92.5 percent success ratio and “guaranteed” $ 1,500 earnings per day. The website also indicates that it uses the most coveted Cognitive Computing to their advantage and the software has been developed by an ex-IBM and his associates. Cameron Doyle, the self-claimed CEO of the website, also goes on to inform that the enrollment is available to only select few per day. However, the website remains completely silent on the parameters of executing the trade and affiliates. The website also does not provide any proof of the exorbitant claims but it goes on to dismiss the ‘guarantee’ in their disclaimer page. The sheer lack of information on the website made us believe that everything on the website is a marketing tactic to lure the investors and it cannot be trusted.

    Hence, we would recommend a known automated software service provider – the Option Robot. The Option Robot has established itself over a period of time with consistent delivery and with their superior services. The Option Robot also has an affiliation with known binary brokers such as IQ Option etc. who have obtained their license from a known regulatory body. The Option Robot uses established technical indicators to provide signals to their client, also, the process can be done manually or automatically.

    After reviewing the Cogni Trade, we recommend our readers to stay away from it as it cannot be trusted. We further reiterate that the readers should look for an established trading bot like the Option Robot for their trading needs.

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    Cognitive Trading System Model

    14 Pages Posted: 11 Sep 2020

    Ramón Martín Parrondo

    Diamantino García Acosta (IES) – Department of Mathematics

    Date Written: September 9, 2020

    Abstract

    A model captures a community consensus on a coherent field of knowledge, serving as a cumulative benchmark that can guide both research and application design, while also focusing efforts to extend or review it. Here we propose to develop this model for cognitive trading systems, computational entities whose structures and processes are substantially similar to those in human cognition. We hypothesize that cognitive architectures provide an adequate computational abstraction to define a model applicable to the design of trading systems in their entirety, although the model is not in itself such an architecture. The resulting cognitive trading system model encompasses critical aspects of structure and processing, memory and content, learning, perception, and action; highlighting the main architectural aspects while identifying the potential areas of incompleteness which remain undeveloped. We hope to provide to the general community what it is and what we expect of a modern and future trading system, which is currently challenging to find synthesized in one place.

    Keywords: Trading Systems, Trading Strategies, Quantitative Trading, Financial Markets, Cognitive Architectures, Standard Model, Artificial Intelligence, Cognitive Science, Robotics

    JEL Classification: C60, C61, C63, C67, G11, G12, G15, G23, O16

    10 Cognitive Biases That Plague A Trader

    By Galen Woods in Trading Articles on November 5, 2020

    Traders are humans. As humans, we are affected by cognitive biases. Being biased is not fatal, but it is an obstacle to your goal of trading successfully.

    The bad news is that you will never entirely overcome your cognitive biases, as long as you stay human. The good news is that once you are aware of your cognitive biases, you can cut their effects and stand a better chance at becoming a successful trader.

    If you research on the topic of cognitive bias, you will find dozens of biases. You will also see that many of them are related or are just slight variations of one another. It only shows that our brains are not easy to fathom at all.

    Here, you will find ten cognitive biases that every technical trader can relate to.

    1. Anchoring Bias

    Definition

    The anchor here is the first piece of information offered. This cognitive bias refers to giving too much weight to the anchor when we make our decisions.

    As traders using technical analysis, who or what offers us the most information?

    The market, of course. The market keeps offering us new information. Every price tick that comes in represents fresh information. We need to analyze new data. But are we anchored by the first piece of information?

    A Trader’s Example

    For instance, a trading session started off with a powerful bullish thrust. You were convinced that the session would be a bullish trend day. (Essentially, you were anchored to the information glimpsed from the “strong bullish thrust.”)

    Although the market showed clear signs of exhaustion, you maintained that it was bullish.

    As the session ended, you realized that you spent the day (and your trading capital) fighting the market. The fact is you were anchored by the first bullish thrust.

    Lesson & Practice

    The lesson is one that warns against stubbornness. Recognise what the market is telling you, now.

    In practice, strike a balance.

    Technical analysis requires us to look back in time for support and resistance to frame the current market. In this sense, it compels us to be anchored to past information.

    Yet, we need to look at new observations continuously to follow the market flow.

    To keep up this delicate balancing act, analyze historical data, but do not hold on to past conclusions.

    2. Recency Bias

    Definition

    Our brains naturally put more weight on recent experience.

    A Trader’s Example

    In the market, this cognitive bias can manifest in over-learning from recent losses. We are more affected by recent losses. Thus, in trying to improve our trading results, we avoid trades that remind us of our recent losses.

    For instance, you lost money in three recent pullback trades in a healthy trend. Hence, you concluded that pullback trading in a strong trend is a losing strategy. Then, you switched to trading range break-outs.

    Due to your recent experience, you overlooked that most of your past profits came from pullback trades. By turning to trading range break-outs, you could be giving up a valuable edge in your trading style.

    Lesson & Practice

    Don’t learn from recent experience. Learn from your trading results over a more extended period.

    Reviewing your trades and learning from them is crucial. However, in practice, we should not examine them and draw conclusions too often. We should make sure that we have a larger sample of trades across a longer period, before arriving at useful conclusions.

    3. Confirmation Bias

    Definition

    We do not like people or information that contradicts our thoughts. We like them when they confirm what we think. Hence, we tend to place more weight on information that confirms our position.

    This cognitive bias is insidious. As we give more weight to things that confirm our thoughts, we become more confident. As a result, we become less aware of the fact that we are affected by confirmation bias. This bias leads to a vicious cycle that ends in self-deception.

    A Trader’s Example

    You think that the market favors a long position, and you want to buy.

    A new bullish bar prints on the chart. Yes, my bullish proposition is right. (Does not notice that the bullish bar has a small range.)

    A bearish bar prints. Yes, this bar lacks momentum. The market is still bullish. (Does not notice that although it had a small range, it has a wider range than the preceding bearish bar.)

    One more bearish bar follows, pushing against a support level. Yes, the support level is holding. Bullishness confirmed. Buy! (Does not notice that this bar closed below the support level with clear momentum.)

    Because we are looking for confirmation, we lose sight of what the market is showing us.

    Lesson & Practice

    When you think that everything is confirming your market view, think again.

    In practice, look for reasons against taking a trade and not for it.

    When in doubt, ask yourself what kind of market development or price action might negate your view? If you cannot answer this question, you are affected by confirmation bias.

    4. Post-Purchase Rationalisation

    Definition

    After buying something, we tend to rationalize and prove that our purchase is right.

    This cognitive bias is especially pronounced for expensive purchases. The reason is that we tend to spend a significant amount of time and effort to research before deciding to buy big-ticket items. Hence, we do not want to admit that we purchased in bad judgment.

    A trader’s most common purchase is getting into a trade position in the market.

    A Trader’s Example

    You waited patiently and observed intently. You refrained from taking sub-optimal trades, waiting for the one perfect trade that would make your day.

    It arrived, and you took it without hesitation. You exhibited the hallmarks of a great trader. Patient, observant, discerning, and decisive.

    But after getting into the long position, post-purchase rationalization crept in.

    You placed considerable effort into finding this one good trade. Hence, you refused to accept that it might be a losing trade. Thus, you rationalized that the position was still good despite several warning signs. As a result, you gave up chances to exit with a small gain.

    The market plummeted, and a small gain became a substantial loss.

    Lesson & Practice

    Don’t try to rationalize your trade while you are in it. You should have already justified your trade before you enter.

    5. Bandwagon Effect

    Definition

    We do things because everyone else seems to be doing it, even when there are no good reasons for doing so.

    A Trader’s Example

    You heard everyone saying that the bull market will stop soon. The news, gurus, and forums are all bursting with negativity.

    You looked at your charts with your technical analysis tools and found nothing bearish. You looked at more charts and found some bullish clues.

    But because everyone was saying that the bull market would come to an end, you sold all your long positions.

    The outcome of the market does not matter, whether it continued to rise or fall. You have already succumbed to the bandwagon bias because you follow the herd instead of your analysis.

    Lesson & Practice

    The best traders are often lonely, because they listen to their own analysis, and ignore the voices of the masses.

    You might think that to avoid the bandwagon, you must adopt a contrarian mindset and always go against the herd. That is not the case.

    The masses might be right, or they might be wrong. But you are probably wrong when you think that something is right only because everyone seems to say so.

    I find that the best way to avoid the bandwagon is to stand so far away from it that you cannot jump onto it. This is why I never read market commentaries or listen to market news when I trade.

    6. Loss-Aversion

    Definition

    We don’t want to be losers. We would rather win less than to lose.

    A Trader’s Example

    1. You are in a long position.
    2. The market rises.
    3. You quickly move your stop-loss order to break even.

    Wait a minute. Why did you do that?

    Is it because the price action has a bearish tone? Or is it solely because you do not want to lose?

    If it is the latter, you have fallen prey to loss-aversion. You would rather scratch the trade than to stay in the market to enjoy probable profits.

    Lesson & Practice

    Looking at losses in a different light is essential for a trader.

    Losses are merely the cost of doing business. It is like paying your supplier for goods, before selling them. A trader who does not want to lose is as absurd as a retailer that does not want to stock up on products to sell. (Let’s not talk about drop-shipping. If that’s your game, you want to be a broker and not a trader.)

    Stop using break-even stops. It makes you feel good. It really does. But it is often not the best course of action, given the market context.

    7. Attribution Bias

    Definition

    When things go well, it is because of me. When things go south, it is definitely not me.

    A Trader’s Example

    After a fantastic trade with a nice profit, you start to feel like a genius, thinking that your trading skills made it possible.

    After a losing trade, you blame your broker, your computer, and your chair.

    Lesson & Practice

    Take credit for the right things. Take credit for following your rules, and not for your profitable trades. Take credit for your consistent profits over a large sample, and not for a single profitable trade.

    Assume responsibility for everything, including your losses. As an independent trader, you do not shift blame because it does not help you progress.

    Taking responsibility to find out what went wrong. And doing what is needed to improve.

    8. Illusion of Control

    Definition

    This cognitive bias makes us think we can control events when we really can’t,

    A Trader’s Example

    You think that you can control if your next trade is profitable. Everything is under control. You will make money on your subsequent trade because it’s all under control.

    Thinking that you can control the outcome of your next trade, is the same as believing that you control the market. You clearly don’t.

    Lesson & Practice

    The illusion of control is hugely relevant to traders.

    Recognising that we have no control over the market is the first step towards managing our risk. Do not seek certainty and control. Seek to be comfortable in uncertain situations beyond our control.

    Hence, focus on controlling what we can control. Our actions and emotions. Focus on honing your discipline, because our mind is the only thing we can ever dream of controlling.

    9. Hindsight Bias

    Definition

    “Yes, I knew it all along.” (No, you don’t)

    A Trader’s Example

    You looked at a historical chart and started explaining the chart patterns that led to the bull market. You sound like you were making sense. You convinced yourself that you were making sense, and you would catch the next bull market.

    When the next bull market came, you didn’t even notice.

    Lesson & Practice

    The hindsight bias is difficult to overcome. Our best shot at it is to keep excellent records of our trading activities.

    10. Bias Blind Spot

    Definition

    You see that other people are biased, but do not realize your own cognitive biases.

    A Trader’s Example

    After reading an article on cognitive biases (like this one you are reading now), you watched your friend trade.

    In your mind, you thought that he was wrong to do this. That’s the loss-aversion bias. Oh, he was biased again in exiting the market.

    The chances are that when you review your own trading decisions, you will find fewer biased decisions. This is not because you are not biased.

    But because you are affected by the bias blind spot.

    Lesson in Practice

    To find your own cognitive biases, get someone else’s opinions. We all have blind spots when we look at ourselves.

    I am ending with this cognitive bias to remind you to think beyond this article. And to remind myself that although I can point out cognitive biases of others, I might not be aware of my own biases.

    Awareness of Cognitive Biases Helps

    Once we are aware of these cognitive biases, we stand a better chance of overcoming them in our trading.

    Cognitive biases manifest in many ways, both in our life and trading behavior. To deal with them effectively, we must be mindful of these biases in our daily life as well. (The best book for this is Daniel Kahneman’s Thinking, Fast and Slow .)

    Note that this list of cognitive bias and the examples are not exhaustive. There are dozens of flavors of cognitive biases out there. Don’t feel overwhelmed. It is not a trader’s job to learn how to label cognitive biases. Our job is to ground our decisions in robust and consistent analyses, reducing the effect of one bias at a time.

    Do not try to get rid of cognitive biases entirely.

    First, because it is not possible.

    Second, because it is not necessary.

    Ultimately, you should aim to cut the effect of cognitive biases on our trading activities to achieve market success.

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