Many people once they find out how hard it is to make consistent profit in Forex start looking for a remedy to their trading. I was one of them. I tried a few Forex buy-sell signal providers to trade currencies. From my experience I know that a signal provider is just another tool in your trading toolbox given that a provider is not scam.
I was wondering if those companies trade their own signals. I don’t know. The past results can be very easily taken form the historical data. Actually any trading system can be tweaked to give you significant profit on the historical data. It doesn’t prove anything.
It is amazing to see how one trader can take those buy and sell signals and make consistent profit while another trader using the same signals will fail to achieve any good result. Here is what happens with the second trader. After a few losses in a row he gets discouraged and decides to skip the next trade. To his surprise the next trade would be the most profitable one. Or it can be the opposite way. After a significant number of wins in a row he thinks he has a Holy Grail and loads up the next trade. It is that trade that blows all his previous profit. All he needed to do is just follow the signals with patience and discipline as the first one did. That’s the power of discipline.
It is funny to read reviews about some signal provider. One trader says it is a good one. He was able to make a lot of money trading with these signals. Another one says it’s horrible he lost all his money because of the signals. Can you see the difference already? The latter trader joined the signal providing company to be able to blame someone else in his failure.
People who trade currencies and look for signal providers that perform close to holly grail are the ones who are looking to give up the responsibility for their account to someone else. I’ve been there. I was the one constantly looking for someone to blame in my losses. A signal providing company was a great target to blame for my failures.
If one already achieved a level of discipline and consistency in his trading then he can use those signals to benefit in trading currencies. I strongly believe that the most important ingredients in trading are your mindset and discipline. If those ingredients are in place then any tool will help you to propel to success in trading. If not then there is a leakage in the toolbox. One will continue to blame his tools for inability to make him a profit.
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