Profit with good signal providers

Hello Guys

This is my first post on this forum but i have been a member for a few months now, reading the posts and progressing through the school and its all quite enjoyable.
I got into forex from a friend offering some good signals from a computer system he had created and was so positive about it i though WOW this is it im gonna be rich and live happily ever after!!!

Oh how i was wrong, shortly after starting following the signals it all went wrong unsurprisingly and i was left yet again scratching my head.

I have been gambling for a few years on football and horses and have fully got to grips with protecting your bank/capital at all times and having a sensible staking plan and never to get too greedy, i have had big losses in the past but i have also have had some big wins but have never been able to pull steady profit month after month.

After reading about forex for the past few months i know it will be many years before i will be able to start making profits from my own signal reading, but what if i follow someone who is already making money?

I have found a few profitable signal providers who i wont mention here, they have a good reputation and one of the providers who was recommended from a friend has had one losing month in the past 2 years, he makes a minimum of 500 pips a month, and his signals are just simply entry, exit and stop loss.

Now my question is to you guys, there is a lot of profitable signal providers out there BUT is it possible by strictly sticking to the signals you can make a constant profit from them month after month and if not why not, if they are pros and have been making money for years why cant other people following their same signals do the same?

I would like your input and if anyone does indeed follower signal providers and makes money too.

R*

Well where to start?

You say you "have been gambling for a few years on football and horses"
do you use a “racing tipster” for that? Or do you get the racing post,
study the form, then place your bets from your own analysis?

The problem with using a “signal provider” or “racing tipster” is that
they can get it badly wrong too. How much you can “trust” them &
whether they will be there tomorrow can only be determined by
yourself.

I personally studied racing form, then the only thing I could blame
was the jockey, lazy nag, ground… :lmao:

I would strongly dispute that statement. However with regards to the rest, on the face of it there is no reason why you shouldnt be able to mirror the provider although this depends on how far in advance you get the signal, what type of entry - market, stop, limit and what sort of conditions. These will all impact market depth, speed of market movement and thus factors such as slippage. You need to ensure that your provider in putting forward results includes all costs associated with the trades otherwise apparent profits can be losses. If indeed you can find a solid provider and can also begin to learn something about the market and how the signals are called then this could be a good introduction. Why am I sceptical? Well wouldnt we all be doing that if there was a glut of reliable providers and if we were who would be taking the other side of our trades - just a thought

Yes i used a few Racing tipsters some did well, others not too well, thats why im skeptical about following signal providers.
I have been following a certain signal provider for a few months now and his results have matched mine, looking at his past results he has always ended the month in profit this is why i think it could be possible, although im new to this and would like to hear other peoples experiences.

In Reply to you Tonymand, you say “why wouldn’t we all follow signal providers if it was that easy” well i think people like to learn themselves and not rely on others, as this is exactly what i am doing, Im using signal providers to build the bank up while i learn myself, so one day i can rely on myself alone. Also where is the fun in just following signals from someone else, takes away the sense of achievement, just a good way to get into forex imo

Usual old chestnut- if they’re successful, they don’t have to sell signals.

Unless you’re thinking they’re basically altruistic at heart and just charging to ‘cover their costs’. Unlikely.

If you’re really adamant you want to find one, you can do a quick test to see if they’re genuine. If they boast about pip count, bin them, if they show some grasp of risk, investigate.

“why wouldn’t we all follow signal providers if it was that easy” well i think people like to learn themselves and not rely on others,

I think the opposite is true, that basically people are lazy,
greedy, lottery chasers, who given the chance will take the
easy way out. (Stick around long enough to see how often
the same questions are asked on these forums, even when
a minor search will produce the answers required)

That is why these hyip, autosurfs, scams, email phishing, etc.
survive because there is a market for it, lazy greed feeds them.

This also applies in the forex markets that’s why all of my trades
get filled by traders taking the opposite view.


“There is always somebody who thinks they can ice skate up hill” Wesley Snipes in Blade

:wishes: daydreamerforex