Tag: algorithmic trading

  • Robo advisor Portfolio – Start Investing Without Fears

    Robo advisor Portfolio – Start Investing Without Fears

    Robo-advisor Portfolio - Start Investing Without Fears
    Robo-advisors are becoming mainstream, which is good news for investors who are looking for low-cost advice. Investors may find offers for socially responsible investment portfolios, fully digital financial planning tools.

    Basically, the robo advisor portfolio is created by professionals using advanced investment algorithms. These programs enable them to pick investments’ selection that will meet your goals, level of returns you want, risk you are willing to take, etc.

    In other words, robo-advisor is an algorithm that manages your portfolio. The benefit is that your money is invested efficiently. That means you have help to minimize your risk and taxes, hence, your rewards will be maximizing. 

    Robo-advisor can be a great alternative for all of you aren’t DIY types and prefer to rely on an experienced professional. The process is quite simple, all you have to do is to deposit your money into the robo-account. Some will allow you to start at just $500 or less. Based on your answers in questionnaires, for example, investing goals, risk tolerance, when will you need the money, your robo-advisor portfolio will be built. It will pick the assets, usually some low-cost ETFs, and create a suitable portfolio for you.

    The robo-advisor portfolio is very popular these days, and it will be even more in the next few years. 

    Who makes the investment decisions for the robo-advisor portfolio?

    Honestly, it is maybe the best way for Millennials that are terrified of the stock market, to start investing. With the robo-advisor portfolio, technology gave the opportunity. By using some robo-advisors you’ll be able to pick your stocks or funds on your own, that is one solution. The other is to allow professionals to build your investment portfolio.

    The robo-advisor portfolio is handled by investment experts.

    They make investment decisions for you. They can add or remove investment from your portfolio, or adjust exposure to a special asset class. Besides, you will have an automatic rebalancing to keep your portfolio from straying too far away from the allocation targets that are established. Your robo-advisor portfolio will be built to invest in the markets that give the greatest value. 

    How does a robo-advisor work? 

    Let’s say it is a service that uses algorithms, invest your money into suitable investments, make adjustments as your circumstances and the market development. And it will be done cheaper than any human professional investment advisor. The truth is that you may choose any asset class to invest in, but the majority of robo-advisors primarily invest in ETFs. Nevermind, it is easy to find one that is good for you in case you would like to invest in something different. Investing through robo-advisors provides you to take hold of your finances without learning about all outs or ins of bonds, stocks, ETFs. 

    Moreover, your robo-advisor portfolio is built for your personal goals, based on your personal expectations, so suitable only for you.

    Robo-advisor helps you handle your investment without the need to ask a financial advisor or self-manage your portfolio. Everything needed is to open a robo-managed account and then add essential information about your investment goals. Robo advisors then use the data to provide asset allocation and build a diversified portfolio.

    After that, it makes the changes to the investments required to adjust your portfolio to a target allocation. Some robo advisors are able to sell some assets at a loss to balance gains in other assets.

    It is a low-cost software product that provides you to put your portfolio control on autopilot. But you must be well informed to decide whether it is best for your investing strategy.

    Advantages of robo-advisors

    Making a robo-advisor portfolio can be a great answer for beginners or young investors. Since they lack the financial knowledge it could be easy handling their portfolio online with limited or no human assistance. But it is also suitable for professionals who don’t have sufficient time to manage their investment and rather put their portfolio on “autopilot.”

    Robo-advisors are helpful for investors who have a traditional asset allocation with 60% stock and 40% bonds, for example, to rebalance their accounts.

    We would like to highlight the main advantages. The lower fees is one of them. For example, you want to invest $10.000. A professional advisor will charge you 1% or $100 every year no matter if your portfolio is going up or down. Moreover, if such recommends you mutual funds, which are costly,  and stock trading, well it’s more likely you’ll end up in losses. By having a robo-advisor portfolio you will pay (with the same investment of $10.000) less than 0.50% or a lot below $50 which is a fee for ETFs, for example. 

    Maybe the main advantage of having a robo-advisor portfolio is that robo-advisors almost never demand a minimum balance. That gives anyone over the age of 18 possibilities to invest. Also, you will get a free automatic portfolio rebalancing. Just count how much you have to pay to some professional investment advisors. 

    Robo-advisors are accessible 24/7.

    Disadvantages

    A robo-advisor portfolio isn’t suitable for every investor. For example, some prefer humans. But some robo advisors will offer you live assistance at a higher cost, of course. But that kind of support is completely online, through the web. There is no live person to chat with you. So, if that is what you want, the robo-advisor isn’t for you. Also, investors who need advice on how much to save or how to allocate investments in other accounts would never use robo advisors.

    Benefits of robo-advisor portfolio

    It provides you to avoid investing errors, for example, emotional trading. That is one of the biggest causes of investors to get poor outcomes. Investors are trading led by emotions. The software will never do such a stupid mistake. The other benefit is that you can automate the whole investment process. Do you have to make changes to your portfolio? Is it time to invest less or more in some sectors? Is the right time to set trades? There is no need to worry about that. The robo-advisor will do all of these for you. 

    In fact, advisory companies require a tremendous amount to initially invest and you can be faced with a recommendation that isn’t in your best interest. Robo advisors will never do such a thing.

    Bottom line

    It is more likely that your robo-advisor portfolio will consist of mutual funds rather than stocks since it follows a passive investment strategy based on modern portfolio theory. You know that theory, we wrote about it already, it is about the importance of asset allocation to stocks or bonds.

    Robo-advisors will rebalance your investments automatically. That is a nice feature if the balances of your investment change from your initial pick. The software will buy and sell shares to rebalance the robo-advisor portfolio to your favored allocation. For example, you started with a 60% stock and 40% bond asset allocation.

    But stocks increased the value and your portfolio percentages grow to 80% stocks and 20% bonds. The software will sell some stocks and buy more bond funds to rebalance your portfolio. You will have your portfolio with a 60% stock and 40% bonds.

    Moreover, robo-advisors will sell losing investments and replace them with some others, to offset gains and lessen your tax bill. This strategy for taxable investment accounts is known as tax-loss harvesting. If you are seeking low-cost managing for your investments and alternative to a traditional high fee financial advisor, a robo-advisor can be the right choice for you. Even if you’re a DIY type of investor.

  • HFT Strategies – The Tips and Secrets

    HFT Strategies – The Tips and Secrets

    3 min read

    HFT strategies - the tips and secrets
    HFT uses practically basic and simple strategies. High-frequency trading is not about implementing the strategy, it is all about speed of execution and flexibility.

    Well, the main strategy of HFT is to run faster than others. Of course, the principles of high-frequency trading (HFT) firms are secrecy, strategy, and speed.

    Algo trading is linked with the execution of trade orders. But HFT refers to the implementation of proprietary trading strategies.

    High-frequency trading consists of a variety of AT.

    Yes, both enable traders and investors to speed up the response on market data.

    The society of market participants using HFT is extremely mixed.

    There is a crowd of various organizations with various business forms that use HFT and there are many hybrid models.

    For example, some brokers and exchanges are utilizing HFT systems. So, in the estimation of HFT, it is essential to consider a practical perspective.

    It doesn’t matter if HFT is just an add-on technology to realize trading strategies.

    Liquidity providing is one of the HFT strategies.

    HFT strategies - the tips and secrets 1
    Well, the most frequent HFT strategies are to serve as a liquidity provider.

    How does HTF provide it?

    HFT liquidity providers have two primary reservoirs: when they provide markets with the liquidity they pocket the spread between the bid and ask limits. Also, there is a trading income by granting discounts or lowered transaction fees. The aim is to increase market quality and attractiveness.

    HFT firms will never discover their ways of acting. The significant experts linked with HFT are undercover. Well, this is not quite true. Maybe we could say they want to be in front of the public eyes less than others.

    Those firms operate with various strategies to trade and earn money. The strategies are often many kinds of arbitrage. For example, volatility arbitrage, or index arbitrage.

    HFT employs software that is incredibly fast. They have access to all market data and can make connections with minimum latency.

    HFT firms regularly use own money, own technology and a number of special strategies to produce profits.
    There are numerous strategies applied by traders to earn money for their firms.

    Even the controversial strategies.

    For example, HFT firms may trade from both parties.

    Hence, they can place orders to sell using a limit order above the market price. Also, they can place the buy order a little bit below the market price.

    And, voila! There is a profit for them. The difference between the two prices. They are market makers. All these transactions are very fast, in a millisecond by using algorithms and robust computers.

    Spread capturing as HFT strategy

    HFT strategies - the tips and secrets 2
    HFT firms are liquidity providers. They profit from the spread between the bid and ask prices.

    How?

    They are buying and selling securities all the time.

    With each trade, they receive the spread between the price at which shareholders buy contracts and the other at which they can sell contracts.

    Rebate driven strategies

    The liquidity provision strategies are developed on particular stimulus systems.

    In order to encourage liquidity providers, some trading venues use unsymmetric pricing. They charge a lower fee or give a rebate for market makers or passive trading.

    Why?

    Such traders bring liquidity to the market.

    On the other side, for more aggressive tradings they charge a higher fee. Why? Such traders remove liquidity from the market.

    An unsymmetric fee arrangement aims to boost liquidity provision.

    Point is: traders supplying liquidity earn their profits from the market spread. Fee discounts or rebates stimulate a market‘s liquidity.  

    On this way, those markets look promising comparing to their rivals.

    Arbitrage

    Chances to perform arbitrage strategies generally survive only for fractions of a second.

    But computers mission is to examine the markets in a millisecond. That feature causes the arbitrage to become the main strategy employed by HFTs.

    To conduct arbitrage HFT use the same method as traditional traders. But they use an algorithm to profit from short-lived differences between securities. The other types of arbitrage are not restricted to HFT and such, they are not the subject of this post.

    Latency arbitrage

    The latency arbitrage is the ability of HFTs to recognize new market information before other market participants even get it.

    The latency arbitrage uses direct data feeds and co-located servers to short the reaction time. Latency arbitrageurs profit from speed power. Such market participants can reduce the prices at which other traders are able to trade. That’s why you can find them under the name of predatory.

    Liquidity detection

    HFTs try to recognize the patterns other traders leave and adjust their actions accord to them. The focus of liquidity detectors is large orders.

    Liquidity detectors are getting information about algorithmic traders is usually called sniffing out the other algos.

    The bottom line

    HFT is not a trading strategy. It is the usage of advanced technology that performs traditional trading strategies. The individual trading strategies need to be assessed rather than HFT as such.

    HFT should never be banned. It would be contrary to market efficiency. High-frequency trading contributes to market liquidity and to the ability of the price creation.

    However, any strategies that have a contradictory influence on market integrity or enable market abuse, has to be are completely reviewed.

    This is particularly important for HFT. If anyone believes this technology promotes the implementation of abusing strategies, moreover, makes them more profitable and creates unfair circumstances on the market, should check the other participants too.

    Our confidence in technology is huge, but we are very cautious when it comes to the people.  

    Technology by itself is without morality. The people are those who can add it to high-tech.   

    Fortunately, we, ordinary people, don’t have any access to HFT.

    Don’t waste your money!

    risk disclosure

  • High-frequency Trading Algorithms Characteristics

    High-frequency Trading Algorithms Characteristics

    High-frequency Trading Algorithms CharacteristicsHigh-frequency trading algorithms or algos are rigidly secured by their owners.

    By Guy Avtalyon

    High-frequency trading algorithms can be amazingly easy to use. And beneficial too. Where is the catch?

    By their nature, because they are so fast, those algos know the future price, they don’t even have an attempt to predict them. The slower shareholders need to predict prices, algos don’t.  High-frequency trading algorithms use arbitrage, traditional technical analysis, and everything that works. Their purpose is to implement and modify well-known strategies while running with their extraordinary speedy setup.

    The High-frequency trading algorithms main advantage is getting price quotes earlier and placing orders faster than the bulk of other traders.

    Of course, the profit may depend on the software’s latency. Or it can be some lag between the price quote and following order execution. Latency is the most important part of an HFT algorithm.

    High-frequency traders can optimize latency in two ways: if you minimize the time to reach the exchange or if you maximize the speed of your trading system.

    Traders use algorithms for trading to reach higher performance to markets.

    Algorithmic trading is like traditional trading.

    You want to buy or sell the security. The whole process is based on the predefined collection of rules examined on past data.

    That means every HFT algorithm use indicators, charts, technical analysis, etc.

    HFT firms decrease latency by fastening direct market access.

    As an HFT trader, you can get data from the market nonstop, and without third-party. The direct market access gives you the capability to enter market orders straight into the market’s order book. This is an important feature of a low latency trading platform.

    That guarantees that you will receive data before then other traders that are not using direct market access. So, you will be able to participate in the marketplace before the competitors.

    HFT methods gain an advantage via ultra-low latency

    It is possible through the establishment of two important inputs:

    Automated trading algorithms

    It is known as “black box” trading systems. Actually, it employs multiple algorithms based on various market variables. It provides a trader to get trading signals and identify a possible trading chance. That signal is traded automatically by installed trading software.

    Collocated servers

    These servers are given to the trader and connected to the market or exchange. They are actually placed at the exchange or market. The advantage of collocated servers is that they give you direct market access with hugely decreased latency. That’s why they are better than remote servers.

    The main task of a good HFT algorithm is to reduce the time of traders’ access to the market.

    The use of the HF trading algorithm altogether with collocated servers guarantees an exact and up-to-date synergy with the market.  Complex algorithms identify and execute trades build on strategies. These strategies are known as order anticipation, arbitrage opportunities, momentum.

    So, is it possible to compete with algorithmic trading?

    Well, we have to say it isn’t. Don’t try to beat a High-Frequency trader! You will lose that match. The HFT has plentiful supplies and is be able to keep the algo running 24/7. Can you keep alert all that time? Can you be functional and reliably?

    HFT includes multiple sub-disciplines.

    They are quantitative techniques with short time holdings.

    It is established on technical and fundamental analysis. Yes, they use traditional patterns to make trades. They are a very fast variant of what traders have done for a long time before. Also, HFT includes algorithms to prognosticate hudge buying or selling patterns. They use high-speed connections and co-located servers or in-house exchanges. And in a millisecond places trades based on those forecasts. They know what the next will happen!

    The simplest algorithm is based on technological and geographic recognition.

    Remember, the length of the optical connections is very important. The HFT algorithms can evaluate the order attributes, and discover if it is an indicator that related orders will go to other markets.

    And what will happen? The High-frequency trading algorithms will place the order to buy at the offer price at the other exchanges. 

    High-frequency trading algorithms will always take advantage of the speed of execution.

    HFT knows how to force the price to a higher level. It will buy all the stocks first and push the price to grow. And?

    So, if some trader places the order with the limit order on that or higher price the algo will be the winner. It will use the spread.
    Because of its dominance in the rapidity of execution.on technical and fundamental analysis. Yes, they use traditional patterns to make trades. They are a very fast variant of what traders have done for a long time before. Also, HFT includes algorithms to prognosticate hudge buying or selling patterns. They use high-speed connections and co-located servers or in-house exchanges. And in a millisecond places trades based on those forecasts. They know what the next will happen!

    The simplest algorithm is based on technological and geographic recognition.

    Remember, the length of the optical connections is very important. The HFT algorithms can evaluate the order attributes, and discover if it is an indicator that related orders will go to other markets.

    And what will happen? The High-frequency trading algorithms will place the order to buy at the offer price at the other exchanges.

    HFT algorithm will always take advantage of the speed of execution.

    HFT knows how to force the price to a higher level. It will buy all the stocks first and push the price to grow. And?

    So, if some trader places the order with the limit order on that or higher price the algo will be the winner. It will use the spread.
    Because of its dominance in the rapidity of execution.

  • High – Frequency Trading (HFT) – Why to Use

    High – Frequency Trading (HFT) – Why to Use

    High - Frequency Trading (HFT) - Why to UseThe high-frequency trading algorithm or HFT provides fast and profitable trades. Learn how.

    By Guy Avtalyon

    The high-frequency trading algorithm or HFT is one of the two main types of algorithms. The other is the execution algorithm.
    HFT trading means to engage multiple algorithms in order to examine various markets. The orders execution is based on market conditions.

    It is a program trading platform that utilizes robust processors to conduct a large number of orders very fast. Actually, the whole operation takes less than one second.

    And it is a very important feature for traders.

    The speed of trade execution will decide if you are a profitable trader or you are not. The logic behind this is that HFT provides you a fantastic speed in trading. So, you can gain your targeted price faster than, let’s say, ancient trader, is going to do.

    The advantage of high-frequency trading is that it provides you a permanent view on markets condition because it follows market data in real-time.

    Is a High-frequency trading set in today’s markets?

    But there are some misunderstandings yet.

    HFT is very often a cause of disagreement among traders. The traditional traders don’t like algo trading at all.
    Yes, we understand why is that.

    HFT leads to some effects, very unknown to some market experts. Their opinion about the algo trading is the same.
    First of all HFT trading provides traders more advantages in the main processes.

    HFT applications can hit even a very small profit from huge numbers of executions. You must know that there are a million executions every single day in the markets all over the world.

    High-frequency trading will never hold the position for a long time.

    The old-fashioned traders say it can cause great volatility and results with losses when it goes wrong.

    Well, their opinion is not quite mistaken.
    Let’s say it is possible. And we will recall the year 2012 when really was tricky.  

    HFTs caused the knockdown to Knight Capital Group. After that accident, in many countries, HFT was reduced. For example, Italy has the rule to tax 0.02% on the transaction that takes less than 0.05 seconds. The rule was launched in September 2013.
    The other problem with HFT is there is no generally recognized definition. So, that can open the space for some confusion.

    The truth is that the digital era requires digital work for which we need digital equipment. This digital tool leads us to speed business and the trader’s business is to execute their trades fastest as it is possible. But the principle is the same as centuries before: when you are in the market, you would like to buy or to sell. And HFT provides traders to do it. Fast, very fast.
    Let’s break down HFT trading.

    What is high-frequency trading?

    The high-frequency trading is called ”black box” trading.

    It indicates to automated systems that regularly use complicated algorithms to buy and sell securities. Extremely fast!
    In the same manner, the algorithms do it at a much larger range than any individual is able to do.

    Previously we said that HFT provides a very small profit from huge numbers of executions, but thanks to the high speed and large volume they produce great returns to traders.

    How does it work?

    The algorithm follows a “quote level” that is created including bid and ask. In volatile markets, the quote level can be changed in a second. Honestly,  it could happen several times in a very short frame time.

    And the algorithm is going to do what? It will place your trade in the right direction and faster than you can do it by yourself.
    Without the algorithm, you will not be able to recognize all the opportunities. You might miss something extremely significant.
    Yes, you can tell how and when your trades should go, but even you are fast-acting on your mouse or mobile interface, it will take time.

    Moreover, the algorithm will buy and sell the same stock multiple times in a brief period of time. This means the algorithm will trade several hundred times in a single day.

    Yeah, here is some problem with that. Say, you are paying $1 commission. WOW! Be careful with your HF trading! But returns you can gain are bigger.

    Remember, you are using artificial intelligence.

    You have to know that 75% of US stock trades are placed by algorithms. This number will expand soon and it will continue.
    Why we are so sure of that?

    We people, humans, will never have such ability to process that volume of data, we will never have the possibility to estimate all information required to make a trade before our rivals. Sometime we will do that, but most of the time we will not. And to make a good decision we need time.

    Algorithms are able to operate with a million bits of data in one millisecond, at the same time they are able to make decisions and act.

    All alone! Of course, when you turn it on.

    So, why to use High-frequency trading (HFT)?

    High-frequency trading demands the lowest latency in order to keep a speed advantage over the retail traders. Complex algorithms are at the core of these programs. The algorithms give directions for acting to market circumstances based on highly automatic signals.

    Behind these programs lays very complicated coding. Millions, even billions of lines of code. Some of the biggest HFT companies have a continual profit during 1,000 trading days without a single loss.

    The speed, access, capital, and no holding time make advantages. And risk-averse and latency too. Latency is the time it takes for data to reach its endpoints. When latency is low that means higher speed.

    HFT has led to tighter bid-ask spreads.

    It makes transaction costs lower. The liquidity increased and pricing efficiency is raised. The main concerns about HFT are the ability to accent and stimulate market changes.

    For example, there is some risk with some out-of-control algorithm. Also, there are traders who can manipulate the market because they are scammers familiar with programming. That’s why every trader who wants to employ HFT has to be very careful when downloading such apps.

    Happy trading!

     

  • Automated Trading – Improve Your Trade

    Automated Trading – Improve Your Trade

    Automated Trading - Improve Your TradeHere are Traders-Paradise’s suggestions for the automated trading software we examined.

    By Treaders-Paradise Team

    Do you know how automated or algorithmic, also algo, trading can make the profit to individual investors?

    OK, let’s start. We don’t want you to waste your time.

    But, honestly, we are doing this to not let you waste your money.

    How does it work?

    What computer program is going to do?

    A computer program will follow the share price. That tracking will also, add moving average indicators.  Automated trade means that software will place buy and sell orders.

    Don’t you think it is a great help?

    The automated trade program will help you to block emotional trading. And as you already know, it is very important. Not to trade under emotions and make errors.

    We, here at Traders Paradise, think it is a great opportunity to have algo that will trade in your side. Moreover, it will make a true profit for you.

    Finding such an automated trading system is a life dream goal for many traders. The one that places orders and guarantees profit.

    And one that demands almost no or little input from the trader.

    Automated trading means the trader has to set precise requirements for entries and exits. They will be automatically launched by your computer.

    The main thing is that you can set requirements in the range from very simple to extremely complex strategies. That complex strategy will require complete knowledge of programming language special for the platform you would like to use for your trades.

    What is an automated trading system?

    It is the method of employing computers to support a set of established directions to execute a trade.

    Producing a profit is in demand and expected. Moreover, with automated trading, it is guaranteed.

    Can you expect from humans the same? Of course not.

    The main benefit of using automated trade is that you have to do almost nothing. Your automated system will recognize the potential for profiting even before traders who are humans, of course.

    Automated trading is very popular among institutional investors, but past several years it is accepted by retail investors especially for investing in the stock.

    Although, automated trading platforms are the most popular for the Forex market.

    But as you are reading this, you are ready to use some automated program. Your only concern is to find the best automated trading software.

    Traders Paradise has some suggestions for you.

    We will try to give you a hunch about some automated trading platforms. And we think these are the best in our opinion.

    • ZuluTrade

    Is Zulutrade scam? 4Image source: ZuluTrade website

    ZuluTrade is an honored brand in the field of online trading software providers. It runs an online and mobile social and copy trading platform. ZuluTrade is one of the most popular automated trading platforms that you can find today.

    ZuluTrade turns the suggestions of experienced traders and automatically executes the trade in your account. You can test it by clicking the button in our navigation bar TEST YOUR SKILLS FOR FREE!

    You can choose the program or traders that are best for you.

    ZuluTrade automated trading platforms allow traders to copy the trades of successful traders. Also, you can copy signals or full strategies.

    This autotrading platform recommended by Traders Paradise grants you the trust to involve in trading. Especially if you are a beginner with deficient knowledge or skills.

    • E*Trade

    E-Trade 1Image source: E*trade website

    Power E*TRADE is an innovative platform.

    Thanks to it you can improve trading and invest by uniting trading applications directly into E*TRADE.

    Its automated platform is reasonably positive. They give access to streaming market data, free real-time quotes, also the market analysis. The user interface is smooth and simple to operate. For instance, using their dashboard, you can follow accounts, build a watchlist, and execute your trades.

    More about E*Trade you can read HERE>>>

    • Wallstreet-forex robot

    Automated Trading - Improve Your Trade 2Image source: WallStreet Forex Robot website

    If you want a fully automated trading experience, try WallStreet Forex Robot 2.0 Evolution.

    You should check the robot’s latest performance on real money accounts.

    If you follow all their instructions your success is guaranteed.

    The entire system is smooth-running.

    You’ll enjoy the latest version of the program.

    This high-grade program has a lot to offer advanced and new traders.

    The program involves a Broker Spy Module.

    This module is created to protect the trader from scams and unethical brokers.

    The main advantage is the program works by automatically scanning for new updates and settings.

    Moreover, you don’t have to worry about restarting the robot. This is a great feature.

    This new program doesn’t allow the scam broker to fool the software using methods such as delayed order executions and spreads.

    The software will monitor for broker movements and investments all time and can easily recognize a scammer, 24/7.

    The main features of automated trading software

    The risk associated with automated trading is high. It can cause large losses.

    Automated trading software is created to perform real-time all market data.

    It must have a connection to multiple markets.

    The software should have feeds of different formats or to go with third-party data vendors and give it in the same format.

    Latency must be decreased to the minimum.

    In today’s vibrant trading realm, the initial price quote can be modified various times in only one second.

    Automated trading offers quick and timely access and full adaptability to your needs.

    But before you enter algo trading you must understand and have the full experience of trading software. The best way to do so is to test it on a free demo account.

    Don’t waste your money!