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

Beginner Questions
21

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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22

@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

23

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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24

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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25

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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26

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

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27

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.

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28

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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29

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.

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30

How expensive was the lesson for you?

32

I gave 125 bucks per month.

33

Are you trading on signals?

34

I am not in favor of following signals. It might sound tempting but it won’t teach you how to trade

35

My basic strategy for a trending market. With a minimum of essential ‘signals’.

First set up a demo account using MT4 platform. Learn on that first. Experiment as much as you like for 6 months before opening a live account, which will be decimated until you at least learn and utilise the basic money management skills. That’s a must and critical to not losing your capital.

Second, once your major pairs have charts set up, enter your own signals, e.g. EMA 20 and 60 to establish trend on the Daily chart. In today’s climate the 60 EMA is ample directional trend, no absolute need to go longer.

Third, insert Ichimoku Cloud indicator and Parabolic SAR. And ATR.

Then only trade on the 1 hr time frame - and ONLY if it coincides with the daily chart - buying ABOVE the Ichimoku cloud and selling BELOW the cloud, using SAR as a confirmation of a change in price direction. SAR is a lagging indicator that needs a couple of same colour candles to be regarded as a ‘good’ signal. That could be established by moving down to the 15 minute chart to see if the trend is consistent and moving up or down.

Set a S/L at 1.5-2 times the figure on the ATR hourly chart, and adjust your lot size to keep risk to 1%-2% of your capital. Experiment with this technique.

And in the meantime, examine why the signals provided by a money-making outfit are being touted as the holy grail system. MarketMilk on this site is magnificant and when examined in full and understood what works for you, IMO, it’s preferred to any $200 signals provided by a third party.

Best of luck going forward.
BTW the Ref to trading Ichimoku above is the simplest starting point - there is much more to understand it in full, that needs learning. And IMO, the best there is…

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36

I won’t suggest you follow signals while learning because they are useless most of the time. You may also not get what you expect.

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37

I agree and it is more like a way to scam people.