As A Beginner Should You Buy A Signal Service?

[moonchild]

Signal service providers are those forex traders that sell their signals to other traders that are not versatile in the forex market in other to make profit, but this is hardly possible though because most of the times these signals fails and people lose out their money.

I won't really advise any beginner to buy any signal provider because you're teaching yourself not to follow process, it's a shortcut to success and it will not lead you to success as a trader, if you get used to buying signals as a trader you can't put your head down and learn the craft because you'll believe that you can get a signal that will make you profit.

Most people that sell signal services don't trade with real accounts they use demo accounts and give you signals so when you see screenshots you will thought you are trading together not knowing they're using demo account.

As a beginner if you really want to make it in the forex world you should stay away from forex signals and focus on learning on your own and give yourself signals, this will help you in the long term because if you analyze the chart everyday you'll be conversant with it and master it.

 

[eldavis]

Well it depends on where you are buying these signals from. Though I feel it is better to learn how to trade and read the charts than relying on signals. What happens when there are no signals? It means you will not be able to trade for those period.

 

[Ivo Zetticci]

I never recommend new traders to buy any signal service because these are bogus in maximum of the cases. Rather I recommend them to learning. Gaining knowledge is the root of all success. However, the ways of earning knowledge can vary from one trader to another. It’s never a good idea to rely on others for making profit.

 

[Setho]

There is supposed to be a particular part in which people who want to be successful in the forex market should follow. We have identified that the first thing is to seek information and education then you should practice along the way. Your practice is going to make you to develop a trading strategy which is going to help you to start taking up positions and understand the market very well.

There are some people who do not have time to be monitoring large price movements and little details before taking a position and that is exactly where people providing signal services usually come in .

The problem is that there are a lot of people who like to position their self as experts in the market but actually not good and that is why you need education in order to differentiate somebody who is good and somebody who is not .

In general a person providing signal service should have been somebody who has had a very high win a race in the past one year. This would typically be around 60 to 70% which I believe that is fair .

You should also be somebody that can be able to explain the decisions behind his trades.

 

[glabella]

Looking at the number of scammy trading signal providers in the market I wouldn’t suggest beginners or anyone to take this service. It is better to lose by your own mistakes and learn from it than losing because of others without learning or gaining any experience.

 

[LaneBall]

As a beginner, rather than buying a signal service, it is advised that a beginner should have a wholesome knowledge about charts and different technical indicators so that it may help him in the long-term.