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.
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.
