Many people wonder if Forex buy-sell signal providers are worth trying. Can signals actually turn a trader into a profitable one? When I was constantly failing in Forex I was looking for some sort of signal provider to make me profitable in my trading. Unfortunately it is not the signals that matter. Of course there is a lot of hype scam in this business. However there are some good ones too.
It is amazing to see how one trader takes the signals and make profit consistently trading currencies. Another one with the same signals is making consistent loses. The first one has his crucial ingredient his discipline and mindset that allow him to trade profitably. The second one joined the signal provider to relieve himself from the burden of responsibility for his account.
Here is what happens with undisciplined trader with those signals. If he has a few loosing trades in a row he gets discouraged and decides to skip the next trade thinking this signal provider is a scam. What happens next is the next signal would make him profit that would recover his previous losses but he has missed it. Or the situation could be the opposite. After quite a few winning trades in a row he decides to load up the next trade to make a fortune. Unfortunately it is this trade that blows his account. You may ask how I know it. I've been such a trader.
You can read the review posts in different Forex forums about certain buy-sell signal provider. You will be surprised how one trader says that it's a great service and he made a lot of money and another one complains about their service, blaming them in his losses. Can you see the difference? The reason the unsuccessful trader joined the signal company was to be able to blame someone else for his failure.
That's why I am a strong believer in developing a disciplined approach to trading. If you have a discipline than with any signal that has a positive mathematical expectation you will build your account over time. If you don't have that very important ingredient then your account will not live long.
The bottom line is once you have developed the discipline to follow through any trading system without looking at the result of any single trade then you can join a signal providing company. It will be one more tool it your way to success. Otherwise a toolbox with lots of tools will not help you if you don't have the necessary skills.
Albert Schmidt is a part-time currency trader. After quite a few months of struggle he learned to make consistent profit trading in Forex. Review a trading strategy that generates profitable signals for his trades. |
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