How accurate and reliable are statistics from keyword research tools?

I thought I was pretty good in using such tools, but now I wonder if I know to use them at all. … For how can such well reckoned and vastly used research tools be wrong?…My supposed “niche” ‘new online income opportunity’ had a 24-hr search result of 580 according to a very popular keyword research tool when I started o ptimizing it….

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How accurate and reliable are statistics from keyword research tools?