Forex Signals, to Follow or Not

[Mysticforex 13]

I would like to invite you all, to discuss the FX signals that are available out there. As by my opinion more than 70% of retail trading community follow those services.

 

I believe, that all your comments will help to many new traders to understand when is the time to learn HOW to FISH but not to wait for some small SARDINES.

 

ALSO I believe that they can learn here a lot of things about the FX business (where the money is, R/R profit projections etc).

 

On the other hand I believe that there are quite a few here in TL that are already FX signal providers. Well this is going to help them, knowing how to improve and run their services.

( What are their customer looking for ).

[rforexdad 10]

There are some companies who advertise that they made 300 pips in the last month

 

But the question is -- can the user take all their trades ?

 

Normally this type of company would make minimum 10-12 trades a day...

The user would have to be 24 hours available and then at the end of the month trader realises that he was not able to make all the trades.

 

I would definitely like to have signals from a vendor who could say

(Yes... I shall give you a signal at a fixed time in the day) basically swing trading.

[zdo 20]

  Mysticforex said:

...I believe, that all your comments will help to many new traders to understand when is the time to learn HOW to FISH but not to wait for some small SARDINES.

 

ALSO I believe that they can learn here a lot of things about the FX business (where the money is, R/R profit projections etc).

 

...).

 

 

.

 

 

 

 

 

 

 

 

 

 

[whitened and off the page somewhere out there on the radio on a warm spring day in 19...]

[Mysticforex 13]

  rforexdad said:

There are some companies who advertise that they made 300 pips in the last month

 

But the question is -- can the user take all their trades ?

 

Normally this type of company would make minimum 10-12 trades a day...

The user would have to be 24 hours available and then at the end of the month trader realises that he was not able to make all the trades.

 

I would definitely like to have signals from a vendor who could say

(Yes... I shall give you a signal at a fixed time in the day) basically swing trading.

 

I operated a small signal service back in 2009 ( by small I mean give or take 100 subs a month ). I averaged 20 trades a month.

Prior to that I subscribed to a service because I admired the operators . I wanted to see how they administered their service. They are still around and have grown quite large.

They have a 2 hour scalping session during the NY session, a news trade, usually for the Asian session ( they love the USD/JPY and AUD/USD ). and 2 or 3 swing trades a week.

All Forex of course but judging by your user name, that's what you trade.

 

So there are services that would fit your needs. Just look a little harder.

[DbPhoenix 42]

  Mysticforex said:

I would like to invite you all, to discuss the FX signals that are available out there. As by my opinion more than 70% of retail trading community follow those services.

 

I believe, that all your comments will help to many new traders to understand when is the time to learn HOW to FISH but not to wait for some small SARDINES.

 

ALSO I believe that they can learn here a lot of things about the FX business (where the money is, R/R profit projections etc).

 

On the other hand I believe that there are quite a few here in TL that are already FX signal providers. Well this is going to help them, knowing how to improve and run their services.

( What are their customer looking for ).

 

You're kidding, right? You're encouraging beginners to find some vendor who'll provide them with "signals"?

 

Why not teach them how to read a chart and generate their own signals? Then perhaps they might have some small hope of success.

[Mysticforex 13]

  DbPhoenix said:

You're kidding, right? You're encouraging beginners to find some vendor who'll provide them with "signals"?

 

Why not teach them how to read a chart and generate their own signals? Then perhaps they might have some small hope of success.

 

No, I am not kidding. You still have to eat while leaning how to fish.

Why not count the threads I have started trying to teach someone a system.

Many business's have to use vendors for all types of things, IT, Advertising, Market Research, etc etc.

Hold your breath for 10 seconds, slowly exhale and say "Not all vendors are bad" 3 times.

[GlassOnion 12]

There's a small group of members on this site that seem to enjoy nothing more than bashing vendors.

[rforexdad 10]

  Mysticforex said:

No, I am not kidding. You still have to eat while leaning how to fish.

Why not count the threads I have started trying to teach someone a system.

Many business's have to use vendors for all types of things, IT, Advertising, Market Research, etc etc.

Hold your breath for 10 seconds, slowly exhale and say "Not all vendors are bad" 3 times.

 

How about some suggestions for good vendors ?

[clmacdougall 11]

  Mysticforex said:

No, I am not kidding. You still have to eat while leaning how to fish.

Why not count the threads I have started trying to teach someone a system.

Many business's have to use vendors for all types of things, IT, Advertising, Market Research, etc etc.

Hold your breath for 10 seconds, slowly exhale and say "Not all vendors are bad" 3 times.

 

Please listen to Db's advice. You are undermining the purpose of TL by your actions.

[DbPhoenix 42]

  Mysticforex said:

No, I am not kidding. You still have to eat while leaning how to fish.

Why not count the threads I have started trying to teach someone a system.

Many business's have to use vendors for all types of things, IT, Advertising, Market Research, etc etc.

Hold your breath for 10 seconds, slowly exhale and say "Not all vendors are bad" 3 times.

 

Teaching somebody a system is not the same thing as teaching him how to trade.

 

Since you had 100 subscribers as a signal vendor, why not provide signals to TL members as a complementary service? You could use the chat room and provide them in real time. That would be a nice draw for TL.

[DbPhoenix 42]

  GlassOnion said:

There's a small group of members on this site that seem to enjoy nothing more than bashing vendors.

 

Only those who refuse to trade in real time, with transparency, and instead are devoted to emptying the pockets of the naive.

 

We have a chat room. Every vendor who advertises on TL and/or has a thread here is, I assume, welcome to use it.

[YertleTurtle 10]

I have no problem with vendors (as long as they aren't selling the moon) but I agree with DB - vendors aren't a good solution for someone who wants to learn how to be an independent trader. Often beginners hop from vendor to vendor and end up with system indigestion. Its much better to study, test and learn one strategy.

[Mysticforex 13]

  DbPhoenix said:

Teaching somebody a system is not the same thing as teaching him how to trade.

 

Since you had 100 subscribers as a signal vendor, why not provide signals to TL members as a complementary service? You could use the chat room and provide them in real time. That would be a nice draw for TL.

 

I still trade because I enjoy it, as I am sure you do. My idea of fun is not sitting around in a chat room

 

When I was trying to teach a system it was more than "when the Pink oscillator points up while the Green one points down, BUY". I explained why I thought the pair was ripe for a move, and explained what I would need to see happen in order for me to pull the trigger.

I admit I am a poor teacher, but I try.

 

When I started this thread it was not my intention to sell services, or to steer noobs into the clutches of whores. But I still believe there are some good providers out there. I thought with the vast pool of knowledge and experience we have at TL, we might be able to come up with some good ones.

[Mysticforex 13]

Well it seems like the response to this thread is negative.

You can lead a horse to water, but I am not going to punch him in the face to make him drink.

 

Perhaps Clmac or Yertle can start a thread and teach people to trade. Or at least let us know where they are in their trading journey. This would be in keeping what TL is all about.

[DbPhoenix 42]

  Mysticforex said:

I still trade because I enjoy it, as I am sure you do. My idea of fun is not sitting around in a chat room

 

When I was trying to teach a system it was more than "when the Pink oscillator points up while the Green one points down, BUY". I explained why I thought the pair was ripe for a move, and explained what I would need to see happen in order for me to pull the trigger.

I admit I am a poor teacher, but I try.

 

When I started this thread it was not my intention to sell services, or to steer noobs into the clutches of whores. But I still believe there are some good providers out there. I thought with the vast pool of knowledge and experience we have at TL, we might be able to come up with some good ones.

 

There may indeed be some good providers out there. The problem is finding out who they are. Does one really have to spend $30,000 as some woman did on another thread to learn how to trade Forex? Really?

 

Fifteen years ago, I spent quite a lot of time in Teresa Lo's and Linda Raschke's trading rooms. My bullshit detector had become finely-tuned some years earlier, so I was able to appreciate their explaining what to look for, calling their trades in advance along with whatever stops they'd place if the trades got triggered, and their tentative targets. If the trades triggered, they explained their management throughout the ride and noted their exits. I did not realize at the time just how rare this was. But then there weren't quite as many vultures out there at that time.

 

I should also note that both Lo and Raschke offered free trials. Free. As in no cost.

 

There always have been and always will be people who want nothing more than for somebody to tell them what to do, whether it's by means of a "trading signal" or some other form. I hope that they will at the very least exercise some form of caution as outlined below (previously posted) before crapping away their money:

After more than 5 years' full-time trading and about 100 trade rooms later, I have a few thoughts about how to save yourself a bundle of headaches and heartaches and maybe a few bucks as you search for a trade room.

 

First question is why do you need a trade room? Simple answer is that in the beginning it can help you get through some of the learning curve, and you have a place for some some sympathetic response and support for your trading woes. Complicated answer is you really need guidance but cannot afford a 1-on-1 mentorship.

 

A good trade room should help you make money while you learn. Unfortunately, with 100s of methods and as many trade rooms out there, how can you wade through the junk and concentrate on the better ones?

I have a few criteria that I think are an absolute must for a real trade room where your chances of succeeding and MAKING MONEY WHILE LEARNING are high.

 

Number one - You must be able to see the moderating traders charts in real time.

 

Number two - You must be able to see the trades entered in real time either through the moderators order dom or chart trader or some method where it is apparent that the trade was entered, filled, and managed.

 

Number three - You must be able to follow the trades, or at least most of them. This issue gets a bit difficult in a fast market and may need some adjusting.

 

To my mind there are three basic types of trading rooms. One is where it's just pure trading, minimal instruction. The other is where the education has more emphasis, and trading takes a back seat...hence few trades. The third is a hybrid: a steady stream of trading towards a set room goal, some Q&A once the daily goal is met, and a scheduled series of ongoing educational sessions in addition to the room's daily trading. So, first you need to decide which is right for you.

 

Here's a tip. If you are considering a trading education in a particular trading method because you have none of your own, then look for the education emphasis. Otherwise, if you have a few good setups you know, and have some of your trading education already underway, then look for a trading room that will add to your knowledge and help you make money as you learn their methods and tools. If, however, you have traded a bit and have some tools and know some setups and yet nothing is working or going well for you, then look to the hybrid.

 

Regardless, remember the #1, #2 and #3 rule. DO NOT SETTLE FOR ANYTHING LESS. If a person hangs out their shingle and asks for your money in return for a service, then you better make sure that service is to your liking. If you are unable to see the trade moderator's charts and his trade entries then pass that place up. It may be a good place, it may not. But without the visual verifiable evidence, you will find yourself not only having to watch your own chart but also having to compile in your head what is happening and keep that picture going along with all the other pressures of trading.

 

I do not care what excuse is given; there is no excuse for not showing real-time moderating trades taken in real time. Technology is not an issue, money cannot possibly be the issue, so it must be something else? Let's see...fear, exposure, stop fluffing, doubling up or bad trading habits or what? You tell me.

 

So, there is the absolute newbie (and it's going to be painful) who really needs a lot of luck to avoid the garbage rooms and there is the trader who is just looking to improve and there is the trader who really needs a better set of tools and methods to get him out of his funk.

 

So if you have found a room then the best way to research the room is to spend a few weeks just listening and watching. We are conditioned for immediate response syndrome, instant gratification syndrome and these are detrimental to your trading health. We can probably all agree on that. If you do take the time to watch and listen, then keep a notebook and write down every trade call, the time and the particulars: targets hit, stops, etc., and review it after market while looking at your own chart. Don't even look at your own chart while doing the assessment. Concentrate on what's going on in the room because if you decide on that room, you are going to have to do the next very important thing to get the most out of the room: trust the trading moderator and his trade calls. Why? Because you want to be able to make money while you learn.

 

So your next task is to see if the room makes sense to you. Can you follow the logic of the trade moderator. If he is a really good trader, he may be a lousy moderator and vice versa. So you need to know that before you join. Look for verifiable results. Verifiable results are the trade records 1st hand...not some spreadsheet made up afterwards, or some list of trades posted in a chat window (even if in real time). In Ninja it's pretty easy. Look for the trade list records unadulterated right out of Ninja. Look for the summary records.

 

I have heard a lot of traders complain that sim doesn't count. Well, I think that is wrong thinking. What you need to see is the trade time of entry, the target completion and the stop. Add a tick of slippage in one direction, if you like, to the trade and see what it looks like. Often, a moderator will move to sim if he has hit his daily goal. The better moderators are not at all shy about letting you know they have moved to sim. I think it very unreasonable of traders who insist that a moderator continue to endlessly trade throughout the day without some kind of stopping criteria. The concepts of over trading, pointless trading, mental fatigue, and plain stupidity come to mind if anyone thinks that trading without some kind of daily goal or quota is going to make you a better trader. On the contrary. So why should a moderator who trades his own money be forced to practice bad trading habits just because you as a member may have strolled into the trade room at 10:56 a.m. and want a winning trade? Well, guess what? By 10:56 a.m. most good traders are done for the day! So, once the daily goal is hit and if the moderator is any good, then you should not have any problems with his moving to sim. What's important is does he continue to call winning trades? Do the tools continue to give high probability setups? Can you see his trades?

 

So, now you have a room you think is going to work for you. You took the trial, you signed up for 1 month. BTW, Do not accept a room where you are required to sign up for a longer specified term...this is bs. If the room is a good room then there should exist the confidence that you will be so pleased and satisfied that you will return of your own desire.

 

Now, remember the part about trusting the moderator's trading? This is where it is important that you accept that fact and live with it. You are not going to catch every trade call...no matter what room you are in. Its just the way it is. Hesitation, you coughed just as the trade was called, a bug distracted you...whatever...its going to happen that you will miss a couple. So, the bottom line is that to get the most out of any trade room AFTER you have done your homework and decided is to take every room trade, period.

 

Your homework should already have told you the performance expectation, the style of the rooms moderating trader, the basic methodology and trade setup rules, etc. Your job now is to learn the method and the setups in great detail, practice them under guidance, and make money while you learn.

 

I have been in some pretty crappy rooms (now I know they were crappy) and some pretty decent rooms (of course these are the ones I abandoned because I did not have my own act together). Currently I do not need a trade room. If you are at that point then congratulations! If not, then even if you join any trade room, remember to look forward to the day when you can graduate and trade independently, consistently successfully, and live off the profits of your hard-earned accomplishment.

 

--edabreu

[williammanda 10]

If anyone is interested I would teach them my method...just send me a private message. I enjoy helping others that want to learn and trade for themselves.

[SunTrader 10]

  mysticforex said:

i still trade because i enjoy it, as i am sure you do. My idea of fun is not sitting around in a chat room

 

..........

 

.

+ 1

 

 

[marfairtdr 10]

I have been trading this stratgey for last 6 months. There has been no losing month yet. I am aiming to make about 3-5% a month. I don’t want those guru tradres who double their account every 2 weeks come and destroy this thread. If thses guru traders can achieve this kind of return hedge funds will pay them millions.

I want to share my signals with like minded traders. My exit needs help, I make good pips then by the time I exit most of of my pips disappear.Where can I post my signals so you guys can see in real time what I am doing and advice me how I can improve my trading.

My position size is very small , I risk no more than 5% on each trade. So far I have achieved about 9% a month.

Thanks

[Mysticforex 13]

  marfairtdr said:

I have been trading this stratgey for last 6 months. There has been no losing month yet. I am aiming to make about 3-5% a month. I don’t want those guru tradres who double their account every 2 weeks come and destroy this thread. If thses guru traders can achieve this kind of return hedge funds will pay them millions.

I want to share my signals with like minded traders. My exit needs help, I make good pips then by the time I exit most of of my pips disappear.Where can I post my signals so you guys can see in real time what I am doing and advice me how I can improve my trading.

My position size is very small , I risk no more than 5% on each trade. So far I have achieved about 9% a month.

Thanks

 

Do you know how to post a chart here?

If so then post it here. This way we can all give you our super opinuated reasons for never having entered the trade in the first place.

 

 

NO, NO..... I am just kidding!. Please do post them here with as much info as you can. Maybe we can collectively add a bit of knowledge / experience to them.

[Interceptor 10]

  marfairtdr said:

I have been trading this stratgey for last 6 months. There has been no losing month yet. I am aiming to make about 3-5% a month. I don’t want those guru tradres who double their account every 2 weeks come and destroy this thread. If thses guru traders can achieve this kind of return hedge funds will pay them millions.

I want to share my signals with like minded traders. My exit needs help, I make good pips then by the time I exit most of of my pips disappear.Where can I post my signals so you guys can see in real time what I am doing and advice me how I can improve my trading.

My position size is very small , I risk no more than 5% on each trade. So far I have achieved about 9% a month.

Thanks

5% risk.....?

Jeez, 'small' has changed since I started trading.

[marfairtdr 10]

If u guys have a chat room I will post my signals for all of you to see.