Before I start trading live I am researching as much as I can (without getting lost in the ocean of useless information). Has anyone used a forex signal provider, free or paid? And… Has anyone used a “copy trade” service?
I like the process of determining my own trades but as a beginner I would aslo value comparing my trade decisions and/or strategies to an established source, PRIOR to making my entry.
All suggestions are greatly appreciated!!
It has always been my point of view that if you want to succeed as a trader you need to learn how to trade and create your own signals. I don’t think there is a substitute for that.
I haven’t done copy trades, however when I first started in the forex, my orginal plan was to use a signal provider. Theory being, if you want to be successful, do what or in this case follow what they do. After a few traders ganged up on me and said, it’s better to do your own, and as long as you start out with a good understanding of the basics you won’t need them.
They were right, but what I did do in the beginning instead of paying, I went to the " The Analyst Arena , Forextown and even Newbie Island. and subscribed to a number of threads (for free) and followed them. I learned that all trades have a a: Trend;Momentum, Cycle, Support and Resistance. The signal you get from a signal provider is based on their analysis (or lace of) regarding Trend, Momentum, Cycle, Support, Resistance as well as: information from economic events, news and trader sentiment.
In my opinion the problem with most, (I don’t want to say all), but I have never ran across a signal service whose signals were based on all of the above and again my opinion the results of the biggest factors which cause markets to move which is the institutional traders. My definition of institutional in this matter are banks, hedgefund and anything one that is not a retail trader.
Anyway what I did was in addition to the resources here, you can get analysis and signals from almost every Forex site. I used investing.com, empire.com, Bloomberg and DailyFX. First I followed their signals and analysis, but as I did that I learned the previous mentioned and then went to using them to confirm my analysis. Like I said my opinion and experiences. Good Luck
Gp
Thank you gp00053!! That is exactly the input I was looking/hoping for!! I also want to develop my own strategies and then have a resource to compare my findings. So, I am going to shamelessly follow your advice to the letter!!
Trading with automated trading systems is not going to make you rich and more likely they will make you poor if you trade them in real accounts. It is estimated that 95% or more of the automated trading system will turn out to be unprofitable over time. That is an unfortunate fact.