Forex signals: what do you need to be aware of?
Hello, everyone. This is Petko Aleksandrov and today I will be talking about the Forex signals.
I will explain more about them. I will share with you why we are not doing them in the Academy, why I don’t like them, and why I don’t suggest anybody base trading on Forex signals.
The first reason is you are not going to learn anything. When you are using signals, you just receive the signal usually on your phone.
And you execute the trades. For example, they will tell you to buy EURUSD long at a certain price, where to put your Take Profit, where to put your Stop Loss, and that’s it. And if you keep doing that even for years, you’re not going to learn anything.
And we are an Academy. Obviously, we want to teach our students how to become traders and I think we do that really successfully. But if we do signals, that’s really nothing to learn. You will not become a trader from following Forex signals. Secondly, I want you to understand how this industry works.
There is no free Forex signal. There is nothing free in this industry.
If you see free Forex signals, there is something behind it. Either they want to take your e-mail or they want to take your phone. Don’t ever give your phone for not just signals, but anything because they sell this information to the brokers.
Forex signals don’t teach you how to trade
They will not stop calling you, asking you to open the real account. Basically, this is how it works. So there is nothing free. And for the paid Forex signals, I can tell you that their business is just to collect these monthly subscriptions.
So, for example, if you are paying €100 for a monthly subscription for signals, they collect people from different channels and they sell them these Forex signals. So their business is not to teach you how to trade or how to make it profitable.
They just want to collect the monthly subscriptions and they will send you some signals. They don’t care if these signals are good or not. Well, if they succeed to have good signals, probably they will keep you as a client for a couple of months.
But what usually happens is people pay for one month and they give up because there are no profits coming from these Forex signals. And behind the signals stays Expert Advisor.
It’s very easy to automate it nowadays to have an Expert Advisor on the platform and to use it for signals. Basically, it will automatically send the signals to the people.
How do signals work?
So there are no traders behind that signal provider and they use Expert Advisors. Usually, they just buy some Expert Advisor that opens buy and long positions on different assets and they send these signals. Obviously, it might happen that you will make some profits for some days and the others you will lose.
But at the end of the day, you have paid for that. This is what they care about. And quite often we receive e-mails like, “What would be the best Forex signal?” The answer is I don’t know. I’ve never heard about which is the best or any good Forex signals.
I will ask you something. Let say you meet a profitable trader and you ask him, “How did you do that? How are you making profits?” And he answers, “Forex signals, I follow signals.” I’ve never met such a guy for the over 10 years I’ve been doing that.
I’ve never met someone who makes profits constantly following Forex signals.
And I bet you haven’t met one as well just because, one more time, the Forex signals are usually just businesses that aim to benefit from monthly subscriptions. They don’t aim at making people profitable.
Why I prefer trading with Expert Advisors
That’s something very important which gives you the idea that that’s not really the thing you want to do. And as I said, usually, the people and the companies that are doing Forex signals use Expert Advisors to give the signals.
But why would you follow signals if you can trade with Expert Advisors by yourself? Because obviously when you are doing signals, you are always late. It comes to your mobile or in your e-mail, whatever they use. And it will take you seconds or even minutes to enter the trade.
And if they are using Expert Advisor you will be late. This is why I prefer to have Expert Advisors in the Academy and to include them in my courses. Because when you have the Expert Advisors, you are executing the trades at that moment. You are not late and you control it because it is your platform.
It’s not like you are depending on somebody else, you depend on yourself. It’s your responsibility. It’s your control. You have the Expert Advisors and they trade all the time at the right time. When the signal comes from the strategy that is behind the Expert Advisor, you execute it immediately with the Expert Advisor. So you’re not late.
When you subscribe for Forex Signals you will always receive notifications which might be irritating
And the other thing I really don’t like about Forex signals is that they will be bothering you all the time. All the time you will get a beep from your phone. So whether you are having dinner with your family, beep, Forex signal.
Or imagine you are doing that while driving. It might be even more dangerous to follow Forex signals. So having daily signals, you will end up frustrated from the results and from the engagement that you need to be on the phone all the time.
You will realize at one moment that you didn’t learn anything and that you didn’t make profits. And I’m sure that many of you had that bad experience with Forex signals, looking for Forex signal providers and ending up with either losses or just spent a couple of hundreds of dollars on these Forex signal providers without any decent result or constant results.
So I would suggest you really stop looking for Forex signals because it’s not the thing that will bring you profits. It’s not the thing that will make you a profitable trader. As I said, I haven’t met any until the moment. If you are a profitable trader from Forex signals, please share in the comments below.
But I don’t think that would be the reality.
Thanks for reading guys. This was about the Forex signals. Be careful when you are choosing to use signals for your trading because it’s very tricky. There is some agenda behind it. Either they want to take your phone or they want to take your e-mail, and to sell you different stuff.
Thanks for reading.