A little context before my question:
I am an MMA fighter from Brazil living in the US, had a business venture recently that came down when I realized I didn’t like what I was doing. Since then I’ve been trying to find something else that I would be excited about doing. I considered a few options but never really made a second attempt.
Until two weeks ago.
I heard about forex for the second time from a good friend. He signed up with a company and has been very happy with it so far.
Now, he is indeed a good friend and never tried to sell me into anything, but we got to the forex subject, and he says that after a few adventurous attempts where he lost a couple thousands, he started mostly just following their signals and has been making consistent profit with no effort. We talked about the forex market for a good amount of time and I got really interested in it.
When I got home, I went straight into research and found a lot of good resources. I’m still in Pipsology Kindergarten, but I consumed a good amount of content. I have a few favorite podcasts and youtube channels already, and learned a lot from VP of No Nonsense Forex.
With all that I’ve seen so far, I’m pretty sure my brain was made for things like forex trading. Since I was a kid I realized that intelligence consists in pattern recognition, and that’s been my model for a long time. Jiu jitsu has taught me a lot about using principles to guide your moves instead of memorizing the long techniques, and I’m really good with recognizing and controlling my emotions. I can consume forex content all day.
I haven’t started to trade at all but I have made the decision already. I have no doubt that in a few years I’ll be able to live off it, and hopefully in about a decade I’ll be pretty wealthy and spend my life traveling around the globe earning a living from my computer. Those are my goals.
My question is:
I will definitely take the long road and keep with the plan above, but should I sign up to my friend’s company and also make money off their signals meanwhile? I assume that their classes would assist my learning as well.
They charge $200/month and if you sign up people under you, the price gets lower and with 3+ people, you start earning more than what you pay.
Thank you so much for reading all of that and I hope to learn a lot from and with you guys in the following years. Babypips is the $h#t!
Welcome! Both to the world of trading and your first encounter of someone trying to scam the pants off of you.
You’ll get plenty of the same advice from the people soon to comment so I won’t be too harsh, but if you’re still around in a couple of weeks and have questions feel free to reach out.
To briefly answer your question, following signals doesn’t teach you how to trade, it teaches you how to follow signals. To be successful at trading, you need to know when to enter a trade why you’re trading a particular instrument. Signals don’t do that.
In short no don’t buy signals , 1st very rare they are worth fee and 2nd what do you do when they are not there any more? Better to use the money to learn how to trade and fin your own set up.
Sounds sketchy. Why do they need your money and more people to, in the end, pay you more? Why not just trade for themselves of they have all this money to pay out to every 4th trader?
Sounds a bit like a ponzi scheme. Or some MLM crap.
I understand that it won’t teach me how to trade, but I figured that if it really worked I could also make some change while I learn. But from the answers here I’m assuming the risk/reward is not worth the try
Thank you for taking the time to answer and help me out!
Oof that sounds almost like an MLM. Also that price is a little steep! Either way though I think everyone here has already given you the same advice I would have also written.
I’ll advise you to finish school of pipsology and learn ALL there is to Forex trading. There is no shortcut to becoming a consistently profitable trader. You have to go through the processs, the learning, the practise, the emotions, your own style of trading and so on.
Don’t be greedy and don’t try to get ahead of yourself.
Hello. I started my trading with NNFX and had to unlearn a lot of what he teaches. His money management section is pretty good however. The rest comes off as ranting and not a lot of explanation. You’ll end up with so many indicators on your charts that you won’t be able to see the pair you are trying to trade.
Signals are always a temptation to all new traders including myself. It takes time to learn how to trade. Trying it out for as long as you can afford and learning what signals are about is also part of learning to trade. Otherwise, you will always have this temptation especially when you make a loss. If and when the signals are not working for you, that’s when you know you have to be independent.
This is so funny bro, I know a couple of people doing the same things with their groups who have reached out to recruit me as well. Definitely not going to lie, seeing them appear to be living sweet on the gram and the money being shown is tempting. Personally, I want to become self-sufficient for my own self-satisfaction, but also I just like doing things by myself lol which can be seen as a hinderance.
My thinking is, I’m not going to pay for something that I can learn myself. I don’t knock what they’re doing at all becasue money is being made, it’s just not for me. It’s really on whether if you want the money faster or have a desire to enjoy the process. I say try to become self-sufficient first for sure and see where the jouney takes you from there.
Forex signals are often issued via a dedicated forex signals trading service. Through these services, you’ll have a choice to make, as you can choose to implement signals either automatically or manually. The advantage of heading down the automatic signal-trading route is that it enforces unemotional trading, along with increased execution trading speed.
You can allocate small amount to test signals but I would’t recommend to put up all investments into it. It is important to build balanced portfolio so while you learn it makes sense to consider some stable low-return options like stocks without leverage, bank deposits or corporate bonds.
So, a did a little more research on the company, it’s called IM and they have trading classes, and also “live classes” which I’m assuming is where they give out signals as their traders perform.
Having an overall view on yall’s opinions on signals, I’m considering graduating Pipsology School, start demo trading a bit and then sign up for a month and demo trade with signals as well, and keep learning from their classes. I intend to just demo trade or trade with tiny portion sizes until I start having a positive balance over a few months. Then I’ll think about adding zeros.
About NNFX, I really like his technical analysis-focused approach, and his emphasis in money and risk management. Since I saw his first video on the big banks it blew my mind and most of what follows in his methods makes sense to me. But I know that I’m still ignorant and easy to be fooled. I’ll keep my eyes open to other content creators and I would love to know what other people you learned good things from @Neb2020
I don’t want to hold you back, but just know that “positive balances” can take way longer than a couple months. Losing is part of the game. It will happen. So just be realistic about that eventuality so when it does happen, you’re okay with it and you can move on until you’re profitable.
That’s what’s hard with signals. Lots of times you don’t know how the signals are made. You just follow, and don’t learn a lot. At least if you trade on your own and fail, you can go back to your analysis and strategy and see what when wrong. Not with signals.
I like a YouTube channel called trading180. The guy teaches supply and demand strategy trading and encourages learning fundamental analysis together with technical to better understand why price is doing what it does.
