Is it at all safe to follow signals while learning to trade? My friend says it is

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.

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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.

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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.

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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.

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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.

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Yes as long as you learn how to put in your orders.

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All I can say is, blindly following anything can put your funds at greater risk. So be careful while doing so.

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Thank you guys!

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

Thank you all again for donating your time!

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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.

Good luck!

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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.

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Just now on Sunday I could take the time to read the topics and see the notes. This is awesome and it should be very useful as reference in my learning, thanks a lot.

I read a little more than half of the document, plus the section “My Conclusions”. I agree with him on a lot, but I think there are a few things he mentions as “bad sides” that are actually what make NNFX totally worth the time (well, at least my time):

  • Not very deep in technical terms. - As a beginner in Forex, it makes it easier for me that he keeps it about general principles and why they happen, because that I can understand. He admits he’s not good with mathematics and being an athlete I’m not either.
  • He loves to talk. His videos take too long to explain simple stuff. - Again, might be simple for the advanced, but with 3 weeks experience I need 10 minutes to understand what an indicator is. So the fact that he loves to talk ends up being beneficial for beginners like me. He throws a little humor in every video, which makes it entertaining too.
  • @clemmo closes the document saying that he would recommend NNFX before Babypips school for beginners, although there are other better resources out there.
  • No “one size fits all” - I assume that is true not only in trading but in every skill in life. And I think consuming the content, but keeping an open mind to other strategies (as VP also suggests to keep learning new strategies in some of his videos) can make NNFX very worthwhile for beginners like me.

@QuadPip I would love to know if you see value in what I said, having in mind that I’m still a beginner, or if you still think I should stay away from NNFX altogether.

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@dudebro Thanks my man! From NNFX and other podcasts and interviews I’ve listened to, I’m expecting my “preparation phase” to take about a year.
I actually think my brain is well versed in some of the requisites for trading, so I think I can have an edge and learn faster than the average, but I just put that as a possible good surprise. I have no rush and I’m looking mostly to develop a skill that makes money than to actually make the money
and I like your username

Perfect expectation to have. I see too many newbs here looking for “multiple streams of income”, easy 2nd source of income that I need now.

It doesn’t happen that quick! So good for you. Patience is definitely important.

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I think you are on the right track. It’s important to know what works for one person may be useless or detrimental for another. This why coming up with one’s own system is so important. Green pips to you.

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There’s no harm in following, but blindly following can be dangerous.
Try creating your own system, coz you never know what worked for someone else might not do the same for you.

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It is good to get your footing in the industry, but over time you must develop your own strategies instead of relying on signals.

Signals can be helpful but I would advise you to not follow them blindly. Make your own decision based on your strategy and trust your instincts. Good luck.

Yea, that’s it exactly. Putting to much pressure on the signal to provide returns. Or expecting them to make you rich. Wish it was that simple.

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I also had the same question when I just started but with time I realized that following signals is a wastage of money first of all and your own intelligence, second. Signals might work for you some days but you might do well than signals and earn more. So basically, investing in your own comes out as more profitable.

How expensive was the lesson for you?