I have been trading a demo account for nearly a year performing my own research. Most of the times when I take a look at my trading plan, I see a lot of actions without any research. I go with my “Gut” and it constantly does not work. Last summer, a year ago, I caught the tail end of the economic intentional weakening of the YEN by Abenomics (economic prime minister) in Japan. That economic announcement drove the market upward for the USD/JPY for nearly 8 consecutive months. At that time, I double my account from $5,000 to $10,000 on a demo account in under 6 weeks. The one thing I have learned is that I trade with the natural tendency of a given session. Thus, if I anticipate the dollar to be strong during the NYSE, I will trade the dollar. In the Asian market, I will short the dollar and buy the YEN. (Of course, when the market gets polarized by going different directions, my whole theory goes out the window. LOL!)
In any event, despite my persistence and my perseverance in wanting to try to learn to trade currency, I have come up with an alternate idea. I would like to find a reputable company that provides trading signals.
Has anyone used trading signals on a consistent (or even inconsistent), long term basis? If so, who do you recommend?
I take great pride in listening and learning from everyone in this forum. There is such a wealth of knowledge here. Any and all comments are welcome. Thanks. Fritz
I appreciate the reply. Yes. I have been considering using FXCM’s signals, but I wanted to find out if anyone else has used others - or if other people pay a broker to receive signals. I am also trying out FXCM’s platform. I used their platform about 6 years ago and it has since been modified and improved. So, I am going to apply with them and give them a shot. We’ll see. Right now, although I have gained a tremendous amount of experience trading on demo, I am looking to find something that might have more analytics than I am capable of. Since I am only a part time trader, using someone else’s work seems reasonable - especially if they do it on a full time basis. it is odd that you identified FXCM. They are the one’s I was considering using. Cool.
Sounds like you have given up…
I assume that you got into trading for easy money(because you are considering using signal providers); but there is no such thing without knowledge, you reap what you sow, no pain no gain, knowledge without application is useless etc etc learning to trade is a trial and error game, it may take time but you will get there if you truly want to.
I heard some good things about instaforex for signal providers
I don’t use them myself, but this might help you. So you’ve been around for awhile, you so you know that no service, trader or broker is always correct. There are days when they are and days when they’re not. There are several free signal providers on this site and on a couple of others. If it were me, I would sign up with all of them. You will start to get lots of emails telling you this currency, that currency, long, short, etc. Start tracking and comparing.
When you ask does anybody have a or know of a good a . . .the best you can hope for is a recommendation based on their goals, experiences, personality and not yours. When it comes to the companies, make sure the signals you are getting are not from a market maker. Spend as much time choosing your signal provider as you did when you first learned to trade. The key is not only the analyze part, what you’re looking for is consistency
I appreciate the comments. Your feedback is fairly much on target. Although I have not given up, I am trying to get a different angle on the situation. It would be much easier if I had a group to listen to and bounce things off of and learn. Being a part of an online community is great, but I am still missing some knowledge to see what I am doing wrong. My ability to identify key information is poor at best. I understand what is going on in the market (i.e. charts and fundamental analysis), but my technical analysis is zero. I have traded a demo account for a year. I have had some successes, but my losses outweigh my successes. So it is a no-win situation. Until I start making some consistent gains or something “Clicks” I won’t open a live account. The trading signals, ultimately, was a different approach to the same problem. Thoughts…?
Thanks gp00053. Yes. I appreciate the reply and understand your response. I think I am going to go with one signal provider and then review the signals independently to see what information they provide. Since I primarily trade the Asian market, I will look for trades that most align with the broad market knowledge I currently have. And yes, there is no one magic solution that will be “right” all of the time. I am just looking for an “edge” that might be better than where I currently am. Thank you!
