I get several emails per month with people asking me to recommend single services. My response to these emails is always the same.
“Even if you manage to find a good signal service, you might make some money for a while, but it will not last!”
If you want to make money in Forex you need to:
- Pick a strategy and stick with it
- Learn to do your own analysis
- Pick your own trades
If you want a good strategy, check out my free price action strategy.
Relying on other Forex traders is not a good idea
This all boils down to something I call unsustainable trading. Being reliant on others to make your money for you is unsustainable. Being able to do your own analysis, and enter you own trades, is sustainable.
If you blindly follow a signal service, what will happen when the signal service shuts down? What will happen when the signals stop working? You will be back at square one, you do not know how to trade, and your income stream dries up.
One of the more recent innovations in Forex is “social trading” which allows you to piggy back on the trades of profitable traders. The concept sounds brilliant, but again what happens if the trader you are copying stops sharing? Well… you would be screwed.
Learn to trade Forex
Blindly following others is a short-term fix to a long-term problem. As humans we all have desires, we have simple surface desires, and also deep core desires. Examples of a surface desires would be, money, and having no boss. A core desire is a combination of surface desires. Combining the surface desires for money, and no boss, gives you a core desire for FREEDOM. Most people want to trade Forex for the freedom it provides.
If you shackle yourself to another trader, with signals or social trading services, you will NEVER have freedom. You might have the appearance of freedom for a while. However, your ‘freedom’ will be completely reliant on somebody else.
Being totally and completely dependent on somebody else IS NOT FREEDOM!
Learning to trade is the safer and wiser option. So learn to do your own analysis and pick your own trades… it will be well worth it!
If you want to learn how to do your own analysis, and plan your trading, check out my free Forex course.