Is it okay to use forex signal services?

That is why honest trader always suggest you to learn with your self and trade manually instead of depending on signals. If you work for your own, then also you are going to face risk and if taking signals then also risk is going to be there so it is better to lose with our self.
 
Yes, but stear clear of reckless gamblers that show and target huge returns. Invest in those with a long term perspective and got patience and continuity.

Many people are greedy and want to make large returns quickly. They seek out these high risk gambling systems with too high returns to be true. The systems always blow up or fail within a few years. Go to etoro or myfxbook and track them. These high return systems with large MDD's will not be around in 3-4 years from today.
 
Which is more likely?

1. Someone providing a signal service needs to excel at trading, communicating viable trades to a wide range of people, reaching potential customers, selling their services and thriving/surviving as a business.
2. Someone trading their own account needs to be good at trading.

At both camps you need to risk your own money, are limited by your own account size and knowledge. However, in 1) you risk failures due to the middle man and confusion about the trades as well.
 
Humpy said:
I have been looking at https://room.signaltrader.com/en/auth for some time and it looks really good. One has over 400% profit on many trades. They are registered in Cyprus.

Minimum deposit $5,000 !! or demo. One can see the open positions of listed traders.

Anyone heard of them ?
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Might be worth to try if we could split deposit between several signal providers. Otherwise I find it useless and very risky as long as CySEC is not one of the safest place to tie up your capital..
 
We should first learn how to work here. So that we should not need to depend on any signal provider. See don't believe anyone in this market, only you can earn money for yourself.
 
Esha.J said:
We should first learn how to work here. So that we should not need to depend on any signal provider. See don't believe anyone in this market, only you can earn money for yourself.
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Time has value. It will take minimum 8 years for a new trader to get to the point where he breaks even on his trading. He may have $100,000 in accumulated losses that he needs to catch up with. So he need to make back lost capital + lost return from stockmarket + inflation during the time period. Maybe the figure he have to earn is $200,000 to get back to the break even point since he started trading.

Sometime it is much wiser to let a experienced trader do the trading for you if you do not have the time to sacrifice. The rich and wealthy understands this and invests in CTA's who's specialisation in life is to trade.
 
bln said:
Time has value. It will take minimum 8 years for a new trader to get to the point where he breaks even on his trading. He may have $100,000 in accumulated losses that he needs to catch up with. So he need to make back lost capital + lost return from stockmarket + inflation during the time period. Maybe the figure he have to earn is $200,000 to get back to the break even point since he started trading.

Sometime it is much wiser to let a experienced trader do the trading for you if you do not have the time to sacrifice. The rich and wealthy understands this and invests in CTA's who's specialisation in life is to trade.
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Why 8 years? Is there some certain statistics about it?
 
Even I don't know that it takes 8 years for being depended in Forex. I knew it takes time but this one is too much for any person. And what about $100,000.???
 
Forex is a myth for me. Sometimes I think that I can win the market but on the other time, i even don't trust this work. Humans are born like this.
 
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