Stock Market: Never use Alexa to buy or sell
Technology continuously develops nowadays, and there are more to expect for the next three to five years. From a manual control and button push to touchscreen technology, now we have a voice-controlled gadget. If you want to order a pizza, ask Alexa. All you need to do is wait for the delivery to knock on your door.
But as these technologies exist, not all things we do suit their capability. Today you’ll learn why you shouldn’t do stock market trade using Alexa (or Siri or other voice command technology).
Why not use Alexa to buy or sell stocks?
For instance, you’re a part-time stock market trader making an after-hours trade. You’re quite tired due to your day job and needing convenience from a technology. Then, you started to command Alexa to trade for you.
Don’t! Never. Ever.
Earlier this year, TD Ameritrade, a Financial services company based in Omaha, Nebraska announced to their client that “trade through voice command after clearing numerous security steps, including a PIN and two-factor authentication.”
Every trade costs $6.95, TD’s standard fee. Then you can choose “the company, number of shares and whether he or she wants to make a market or limit order.”
TD Ameritrade’s clients are allowed to make a trade through Twitter with voice command. However, that doesn’t mean you will. Let us explain it to you why. Most financial firms see you as their money-making machine. They’ll put convenience and cheap bait, yet in the long run, will still cost you more. Also, as the convenience bait given, once you’ve seen some stocks are in good shape, you’ll be urged to use Alexa. You know how that scenario goes?
SELL! SELL and SELL!
Ashley Foster, a financial adviser at Nxt: Gen Financial Planning in Houston Texas, said on a news network “Convenience is great until it isn’t.” Then, she explains “Selling or buying based on emotion can have big consequences for an investor. The extra convenience can turn into a costly mistake.”
Depending on the addictive convenience of trading with voice command technology should never be your option. Use these technologies in the right situations. Keep the all possible risks in mind and never make a voice command do the trading when it comes to your investments.
- Trading Instrument
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.