Forex Signals Providers - Scam? Points you should keep an eye on
Forex Signals Providers - Scam? Points you should keep an eye on before buying.
Points:
- Trading Strategy
- Trade Management / Timing
- Risk Management / Risk Rewards
- Broker
- Result
Trading Strategy:
Well we never know what these traders are really doing. We may see the analysis but we do not have their rules (Trading Plan). So you would need to understand their Price Action Confirmation and many more. How to act in certain scenarios and which is the best approach in these scenarios in order to get the maximum out of it. As we all know forex is a business of probabilities. With the right approach we can minimize our losses and maximize our wins. This part is completely missing. When price hits SL you do not know why and how to take the counter trade or when you can simply reenter. This is the procedure of evaluation.
Trade Management/Timing:
We need to catch every single trade in order to make the same profit like them. This may be very difficult. Especially if you are working at your 9-5 job. Signals may be better for full time traders. But full time traders do not need Signals obviously.
You can not make time management as you are depending to your Signal Provider. At the end it will be necessary to take it as a 9-5job. Otherwise you will miss too many trades. This should not be your approach as a trader. You need to only attach in certain scenarios this is how you ensure high concentration and you can increase your win rate.
Risk Management / Risk Rewards:
Here I see the biggest problem. The majority provider use multiple TP Take Profit Levels like TP1 TP2 TP3 TP4. This does not work properly. It is simply an illusion that they make so much percentage. The only thing what they do is pips. But not the real ROI. This is what will gain you the percentages on your trading account and not pips. Of course there is a Risk Management system with pips but there you have big disadvantages as you can not scale your wins. With a percentage method you minimize your risk/losses and you maximize your wins to the fullest.
Broker:
Every broker has different spreads. Therefore you may not get involved in some positions or you will get stopped out. This point is only important for Signal Services where the SL are super tight.
Result:
Here the majority are just faking and they are claiming big results. So you need to check it. This is very difficult. You need here proven results. When they will show you their 6th Tp level hit then you know that this Channel is just giving you unreal results
Recommendation:
What I suggest is to learn Forex by yourself and from others that are already there where you want to be. Join a community with the same goal. The community should not be too big. Otherwise it will be difficult to interact and also the mentors can not really help you individually.
You need to commit yourself for at least 3years nonstop in order to really understand how this business works. It is like in any other business or 9to5 job. You will not just start from the beginning and you will understand everything. No you go to the school, seminars, ....
It will just take time my friends. But I promise you with CONSISTENCY you will reach it.
"Give a man a fish and you feed him for a day teach a man to fish and you feed him for a lifetime"
This is my approach for this industry.
Points:
- Trading Strategy
- Trade Management / Timing
- Risk Management / Risk Rewards
- Broker
- Result
Trading Strategy:
Well we never know what these traders are really doing. We may see the analysis but we do not have their rules (Trading Plan). So you would need to understand their Price Action Confirmation and many more. How to act in certain scenarios and which is the best approach in these scenarios in order to get the maximum out of it. As we all know forex is a business of probabilities. With the right approach we can minimize our losses and maximize our wins. This part is completely missing. When price hits SL you do not know why and how to take the counter trade or when you can simply reenter. This is the procedure of evaluation.
Trade Management/Timing:
We need to catch every single trade in order to make the same profit like them. This may be very difficult. Especially if you are working at your 9-5 job. Signals may be better for full time traders. But full time traders do not need Signals obviously.
You can not make time management as you are depending to your Signal Provider. At the end it will be necessary to take it as a 9-5job. Otherwise you will miss too many trades. This should not be your approach as a trader. You need to only attach in certain scenarios this is how you ensure high concentration and you can increase your win rate.
Risk Management / Risk Rewards:
Here I see the biggest problem. The majority provider use multiple TP Take Profit Levels like TP1 TP2 TP3 TP4. This does not work properly. It is simply an illusion that they make so much percentage. The only thing what they do is pips. But not the real ROI. This is what will gain you the percentages on your trading account and not pips. Of course there is a Risk Management system with pips but there you have big disadvantages as you can not scale your wins. With a percentage method you minimize your risk/losses and you maximize your wins to the fullest.
Broker:
Every broker has different spreads. Therefore you may not get involved in some positions or you will get stopped out. This point is only important for Signal Services where the SL are super tight.
Result:
Here the majority are just faking and they are claiming big results. So you need to check it. This is very difficult. You need here proven results. When they will show you their 6th Tp level hit then you know that this Channel is just giving you unreal results
Recommendation:
What I suggest is to learn Forex by yourself and from others that are already there where you want to be. Join a community with the same goal. The community should not be too big. Otherwise it will be difficult to interact and also the mentors can not really help you individually.
You need to commit yourself for at least 3years nonstop in order to really understand how this business works. It is like in any other business or 9to5 job. You will not just start from the beginning and you will understand everything. No you go to the school, seminars, ....
It will just take time my friends. But I promise you with CONSISTENCY you will reach it.
"Give a man a fish and you feed him for a day teach a man to fish and you feed him for a lifetime"
This is my approach for this industry.
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linktr.ee/dariusfx
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✔️ Telegram(german): t.me/dariusfxtrading
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linktr.ee/dariusfx
✔️Instagram: instagram.com/dariusfxtrading
✔️ Telegram(german): t.me/dariusfxtrading
✔️ Top Broker💯 my.roboforex.com/de/?a=skxb
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