Do Forex Buy-Sell Signals Have Any Use For You?

By Albert Schmidt

I believe any trader was pondering an idea to join Forex buy-sell signal providing company at some point in time. Anything related to Forex business is filled with hype and scam. However there are some providers who provide reliable signals. Do they have any use for traders? Let's find out.

First of all before I join any signal provider I would find out if they were trading their own signals. Anyone can tweak his trading system to the historical data, put up a disclaimer that they are not responsible for anything and start selling their signals. That's why before you join you need to do your due diligence - find out if they trade their own signals.

Now given that a signal provider is not scam can you actually benefit from it? In my opinion paid or free trading signal is just one more tool in a trader's toolbox. If you are already consistently making profit then quality signals will only propel your success in trading. If you are still failing with any trading system then probably your trading mindset is not developed well enough and signals are not for you.

It's quite surprising to see how one trader takes the signals provided to him and makes consistent profit in Forex. While another one using the same signals keeps losing money. This is what happens with the losing trader. After a few trades that didn't go as he expected he gets upset and skips the next trade which turned out would be a winner and would cover his previous losses. The opposite situation is also true. After a winning streak of trades he gets overexcited and forgets the money management rules and enters the next trade with the money he cannot afford to lose and loses almost entire account. I know it because I've been there.

Go to any online Forex trading forums and read reviews on buy-sell signal providers. You will be amazed at how one trader says that he is continuously making profit from signals. While another one complains that he lost a fortune with that company. I suspect the latter type of trader have joined a signal provider just to release himself from the responsibility for his trading account. That was my own experience. I always was looking for someone to blame in my failure.

I repeat again and again that the most important ingredient in trading is discipline and mindset not the tools. If the trading skill-set in place then any good trading tool will bring you closer to success. If there is a leakage in mindset then no tool will help you. Trader needs to develop a disciplined approach to his trading first.

Albert Schmidt is a part-time currency trader. After quite a long time of struggle he learned to make consistent profit trading in Forex. Review a trading strategy he successfully uses in his trades.