Forex Signal Services (Facebook, Instagram etc.)

To keep my personal side of this really short, i’ve always been interested in trading but have a full time job and a family so kinda gave up on it, but recently i’ve been seeing all these signal providers and the idea of it does appeal to me.

Obviously i’m aware that the flashy cars etc are marketing, but why all of a sudden am I seeing these young guys on Instagram etc who do genuinely seem to be profitable and providing signal services?

Was this always a thing and people now just realise that social media is a good tool for marketing? Is it actually a total scam and i’m gonna lose my money? Are there any good/recommended services?

The ones i’m seeing offer a small monthly fee for their signals (Some are free if you use their recommended broker, ofcourse they’ll be on commission) and they generally send them through a messaging app called telegram, a couple of forex signals per day.

I’ve been taught to meet everything with a healthy scepticism but i’m struggling to see the scam here… They do seem profitable and they have guys recommending them left right and centre.

So basically, should I run a mile? Or could this be a nice way for me to dabble in trading and make a little cash on the side? :slight_smile:

this simple explanation from a former member here will explain it to you -

“seem” is the important word, there

if they’re profitable, it’s temporary and random, and of course it’s always the ones that ARE temporarily and randomly profitable of which you’ll have the most awareness, because that’s how marketing works, and it’s how the retail forex trading and service provider industries work, and that’s a really big and important thing to understand at the outset

more than a mile

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if they are not trading their own signal with their own real money, then its mostly a scam.

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How if they are profitable is it temporary and random? Not challenging the claim just curious as to how you can say with certainty. The particular people i’ve been looking at are ‘Opulence’ and ‘SO-FX’ (hope it’s ok to name them, will edit if not allowed) - both of which run actual in person seminars and webinars also which makes them more trustworthy to me.

Again, i’m not saying you need to provide any evidence to me or anything haha i’m just genuinely wondering how they’re running seminars etc if they’re not a trustworthy company/group of traders/whatever you could call them. I suppose technically anyone could run a seminar and talk a bunch of nonsense but it seems a long way to go for not much return if it really is nonsense.

https://uk.trustpilot.com/review/www.so-fx.com

Now if I were you I’d either learn to trade yourself or give the money to a charity …!

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Just think why they would provide a signal service. If they are truly successful forex traders, do you think they need your 50 bucks per month or selling programs for 100 bucks?

Let’s face it, they failed trading forex but they found a better way to make money, selling dreams.
They have a huge public because 95% of forex traders lose money so they start looking into new programs, new indicators, signal providers, gurus, seminars ect.

Petru

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Again, i’m not saying you need to provide any evidence to me or anything haha i’m just genuinely wondering how they’re running seminars etc if they’re not a trustworthy company/group of traders/whatever you could call them.

That is how they actually make money, selling programs, signals and seminars. Anyone who studied trading for atleast 1 month can talk many many hours about s/r, trends, retracements, fibonacci, trendlines, divergences, candlestick patterns, chart patterns, harmonic patterns, elliot wave ect.

Petru

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Appreciate all responses. That trust pilot page is alarming, although trust pilot can be doctored in either direction. I always wonder who actually goes and leaves trust pilot reviews? lol. But yes, a red flag to say the least.

I think I maybe need to just forget about trading because being fully honest I am never going to be dedicated enough to learn to be consistently profitable myself. Really in all honesty I saw this as an easy way to make some profit.

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That’s probable the most astute statement I have ever read.

suggestion;
find a signal service that trades 100% of there signals on fxbook or something similar.
Bottom ,line where they actually post their results. I do know of one such service, maybe there are more.

I’ve decided i’m not going to following the signals from this one particular group I was thinking of.

However, I was speaking to another provider and he had actually called out a couple of other guys for running pyramid schemes basically lol, he seemed to know what he was talking about and be able to expose the other guys as being fakers, having posted screenshots of private message conversations with other so called signal providers who couldn’t answer basic questions haha.

I was asking a tonne of questions and he offered me a phonecall tomorrow at mid day to clear up any questions I might have, so just out of pure interest i’ve accepted the offer and will take the call.

So… Since i am here… What questions should I be asking him?

He seems to be legit compared to the others, says I can use whichever broker I like (the others were very specific, obviously on commission, which isn’t a problem in itself but yeah…) and whatever platform also but did recommend MT4.

@gregor100 at the risk of being flamed
Apiary Fund Live | My Trading Signals


it is not free but is real and honest, they do post 100% of there results good, bad and ugly.
No I have nothing to gain by posting this, just trying to help you out.
Anyway catch the pod cast for info.
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Appreciate that, i’ll have a look at them.

I’m gonna go through this phonecall tomorrow also and see what I think :slight_smile:

I think I saw a thread here specifically about Instagram traders. Might be helpful:

sorry, i’m not trying to be awkward about it, but this question’s answered in the post i linked to in my reply to your post above

did you click on the link and read it?

i can’t explain it better than it’s answered there, sorry

i look at it differently

to me, the fact that they’re running seminars tells me that they’re not a successful group of traders - if they were, why would they need to run seminars?

you and many thousands of others

none of whom is trading successfully

very honest and realistic of you, i’m sure - you need real dedication, to have a chance

you need a lot of education, and patience, and practice, and skills, and experience

and the proportion of people with all those things who trade successfully, over the long term, is still low

sorry to put it bluntly but it is what it is

sorry to agree, but i think you’re probably right

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either it’s a scam, or they’re in IML (IMarketsLive)

Real traders have a trackrecord, without a trackrecord they are charlatans.
One year just to begin speaking, better if 3 or 5 .
Hedge fund managers like Winton or Dunn have 10-30 years.
99.9 of teachers are unable to beat the market for one year.