By putting your trust in someone else’s signals you are not learning anything. He is not making his money trading, he is making his money off your monthly subscription fee.
Put your hard earned money into learning how to trade properly.
“Give a man a fish, he’ll eat for a day. Teach him how to fish…” you know the rest.
A signal is not a strategy. They vary but often take the form of simply a target entry price plus target TP and stop-loss prices. Often the target entry price is behind price and price never goes back there. So in theory its a good signal but in practice useless. And if price does pull back towards the target but stops short or over-shoots, what do you do then?
If you just want an entry signal, it does not take more than a day to learn how a simple objective signal is generated. If it takes longer than this to understand its too complicated to use anyway.
But even generating your own simple entry signals, like buy 3 pips above the high of a pin bar in a downtrend will not on its own make you consistently profitable.
There are a lot of terms here that remind me of chemistry . I know signals aren’t strategy. They are the process of someone analysing a chart and giving you entry and exit prices.
I understand it’s risks too like it not reaching the price (stop short?).
Imagine that before taking a signal service you had to explain to the Managing Director of your employer and the Board of Directors and the Chief Finance Officer why they should let you do this. How would you convince them its a good idea? In fact, not just a good idea, but the best idea above and beyond everything else you could be working on?
Following signals is not a good idea if you want to learn the trading. No matter how good the signals are. Trading is more of a psychological. During your learning period, you have to be careful about making bad habit. Following signals you won’t be able to develop your own judgement ability.
In my opinion, the signals should be used very carefully. At least there is no guarantee that you will correctly apply them and achieve a positive result.
I do appreciate all your replies… but the point is… you’re learning, demo trading but say you want to make money on the side while still learning from trading - that’s my point