While completing babypips school and learning how to trade, has anyone used a signal service provider with an automated trading system to start trading while learning?
Yes, if you check out liveforextrading.info you’ll find some good resources including a free trading room.
Actually I went on the site over the weekend, but only quickly took a look, I intended to back to it today. so how did you make out when you did it? A lot of traders don’t think much of either service.
never find ANY professional service … so maybe it don’t exist ? or I search in wrong places
If you search. Forex Signal Service Providers, you’ll get them, that’s what I did. I did the same thing for auto trading. You just have to really check them out. Im going to give signal service providers 1st. Some of them have live trading rooms, so can learn how and why they are doing what they are doing.
Just do your own work. Never rely on somebody else, never.
They definitely exist, I use them for 90% of my trading portfolio and am making about 10% per month as a result. Check out the site and see for yourself.
Ditto! It is best to remain in control of your own trades. Now I understand some are not able to create a profitable strategy and would prefer to follow trading recommendations by signal provider or brokers. Be very very careful with that, make sure you track their performance live for at least a few months (maybe on paper) and see what results they get.
I don’t agree with either of you. However I do agree with that you need to be careful and you need to check who you are going to do business with. But to say never ever use anyone else; always do you’re own work. . .is not only not good advice it’s very bad advice. Of course I respect both your opinions, but my opinion is based on operating several businesses for over 40 years; both operating and financing. The only business I ever had and failed at was my 1st. Like the saying goes “even a broken watch works once in a while,” so I guess it’s possible you could be a one man crime wave and succeed in day trading never ever relying on anyone else, depending on what your goals are; but highly unlikely for the majority.
How you approach your day trading depends on, or should depend on what you’re trying to achieve (goals) If you are a someone for example who likes to day trade but you have a lot of time on your hands and have other sources of income, then you might want to learn and do most of the work yourself. If you are treating your day trading as a business your approach will most likely in the majority of cases require you to work with others: lawyers, acountants, lenders, advisors
etc.
You will only take your day trading so far always doing your own work and never ever working with, or relying on, anyone else. If you agree with " to be successful in day trading, you need : proper mindset, strict money management and a solid plan," then you need to work with others.
How does your business plan, [U][B]not you’re trading plan[/B][/U] get done or work with out working with a lawyer and an accountant? Are you saying if your from Canada but your income comes from your day trading account is in Cyprus? How do your books get done for the year and income tax filed? How do you make legal decisions without a lawyer? If you want your trading to be your only source of income, what do you do when you’re sick or hurt and can’t work for a long period of time? How did you make a good decision (based on facts, options and evils) to even get started day trading without talking to the proper advisor’s? The list is endless.
Thanks for the input, but as I said, I respect your opinions, just don’t agree with them. In over 40 years I have never met a successful anything that learned and did everything themselves but of course that doesn’t mean there isn’t.
Well, in the end as long as the trader is happy with the trading results achieved, regardless if they do their own trading or follow trades and recommendations of others, then it is all good. I mean I would never tell a trader who is satisfied to change their approach. It is for the individual trader to like and not others to agree with.
As we always say: If it ain’t broke, don’t fix it!
So true. It depends on what you’re trying to achieve.
I suggest you use Forex Power Signals, they have different products where you can choose from. If you want less risk, try using the FX Power Conservative. For moderate risk trading, try the FX Power Striker 2.0, and if you want the product where you can have the most customization, try purchasing the FX Power Combo Profit. I prefer their service because they never fail plus their long experience in the field is a huge factor.
Thank you very much. Ill check them out. I ran across Best Forex Trade Signals, they also offer 3 different products, I haven’t used them yet as Im still checking them out. I was hoping that there were different signal providers who offer separate strategies that address low, moderate and high risks. Once again thanks.
Best Wishes & Continued Success.
Gp
There are a number of different traders and strategies on liveforextrading.info and you can adjust the risk setting for each one to a level you’re comfortable with.
I agree, number of programs to choose from or combine and you can’t argue the price or free trial. I’ve been reading a lot of reviews on the site. Most are good. I will be taking a much closer look at them for sure.
Don’t solely depend on signal providers. Use your knowledge as well specially on MM. I would like to recommend Dailyfx and 2ndskiesforex for very useful forex information. They provide both free and paid signals. Do your own research and check reviews before selecting a suitable one.
Forex Power Signals have product for different kinds of risk takers, some of us don’t want much risk so they have the FX Power Conservative. Anyway, as you stay longer in the field, you will be willing to take more risk, trust me. I also started out as a guy who doesn’t want much risk, but now, I only use Forex Power Signals for its automatic trading because I have customized it to my own liking. Learn from it
I’m a full time online poker player and sports bettor, so I understand risk and risk management (like most learned it the hard way :). My approach to trading will be along the same lines I approach poker and betting. Look at trading as one long session, where individual trades come and go but in the long run what gets you the money is good decisions based on Facts Options and Evils or as someone said ( I forget who) FOE
Thanks my friend. I always believed to be successful, you didn’t have to be an expert in every part of your business, but you do have to understand how every part works. Signal providers, sports handy-capers and consultants, should be compared to new food recipes. If the common them is in different is garlic, well guess what should be in your recipe no matter which recipe you choose When I compare different providers I look for the common theme. Thanks for the tip on market makers, I will remember that and Forex Power is on my check out list
Have A Good One
Gp
Thank you . I’ll check them out
Have A Good One
Gp