Nothing can substitute education. It is mostly through our errors and losses that we open our eyes and decide if we really want to pursue Forex trading or we stop right there. Many people will tell you how they have tried everything to make trading to work for them but it just didn’t work. I speak to many people on a daily basis, some would tell me how they thought they have lost interest in Forex trading until they came across my blog posts which then clarified to them where they might have gone wrong. I have spoken to people who have been trading for the whole year and I get so shocked to realize that the only thing that they know is HOW TO OPEN NEW ORDER (I was once one of them, I don’t judge) and they all jump to trading live accounts without proper knowledge.
Some do not even know the simplest things on the platform, it is scary, no wonder the success rate is minimal. And those who are posting their trading statements all over the net aren’t helping either, but I think they make people to be more naive and start thinking that Forex trading is easy. Today’s post is mainly focused on BUYING SIGNALS Or SUBSCRIBING TO SIGNALS where monthly fee is paid. Again I am not just writing about something that I researched, but something that I experienced. I am here to make sure you don’t make the same mistakes as I did. By all means, try to avoid the mistakes that I made, It will save you money. Forex signals vs Forex education is what I’m about to talk about in this particular post.
Is it advisable to use Forex trading signals?
That is a big question, I cannot decide for you whether it is good or bad. But I will share my own experience of using the paid signals then you can decide. Firstly I have absolutely nothing against the use of this service. I also used signals a few years ago. I didn’t know anything about trading, but I owned a very healthy live account, thanks to those signals. I was paying a monthly subscription fee and I must say I was a very happy ”trader”. I never really had to worry about anything at all as I knew I would receive an sms with instructions on what to trade. All I knew at the time was the term LONG and SHORT and how to open a new order, that was the only thing I knew but you wouldn’t tell by looking at my live trading account, it was doing very well as if I knew what I was doing.
I was very happy then and thought I was going to go far if things continued to work out as they did. I was basically too dependent on those signals I even added more money. I remember how I really liked showing off my statements to others and I was actually feeling like I was there you know, like I was thee dollar queen for real. One thing I failed to understand though was the fact that I was actually putting my money in someone else’s hands as my trading depended entirely on them providing the signals, I was actually part of their plans by default.
It was during this time, Christmas time when I was too optimistic about my future as a Forex trader that I actually decided to put more money to my live account in order for me to make more in the beginning of year 2011. I couldn’t wait for January so I could start receiving the signals and”roll”in dollars again. I didn’t know it was the last time I heard from those people, what a disaster!!. January came, NO signals and I had positions that I didn’t even know what to do with them, Ooh!! I almost forgot to tell you that we never used stop losses (I didn’t even know about it)
I tried to communicate with no luck at all. More money was already deposited into my live trading account and there I was getting a harsh wake up call that I didn’t know what I was doing. I had to start learning, imagine learning while I had money already, and because I was never taught anything, those signals were very detailed. They would send an sms instructing me to BUY or SELL and then later send another sms to close the trade. That was the only thing I knew. So when they decided to stop offering, they did not even send a closing sms, Ooops! I lost all the money. I did not only loose my money but I dragged few friends and family members along. I would wait for days thinking they they would send something, but no signals were coming my way, too bad hey. That live account I had was wiped out and I lost everything. I was crushed and embarrassed. I was bitter, I blamed them for my stupidity but I never blamed myself (that is what we mostly do when we mess up, we blame others). I had to stop and think to realize that I was the one fitting myself into their plans. They decided to stop and I was left stranded, they had plans and I didn’t, it was not really their fault that I was ignorant enough to think that I can depend on someone else to run things on my behalf while I didn’t even bother to learn anything .That is how my LEARNING JOURNEY began, I accepted my stupidity and moved on, I embarked on learning as much as I can and the rest is history.
With all that being shared above, I personally don’t see it as being wise to expect someone else to care for your money as much as you would do yourself. If you want to trade, make it your business to learn as much as you can. Depending on signals while you know nothing is very dangerous. Forex trading is an information and human activity business. Learn to stand on your own. Maybe you might be thinking but Ntombi, I am not really interested in learning, I just want to make profits, I say to you if you are not interested in learning or studying or reading, do yourself a big favor and stay away from the markets because as much as you might say you are not interested in learning, it is still your money, those providing signals are in business which unfortunately does not include you.
While you think of using their services, also bear in mind that whatever they decide to do, you are part of the plan by default. One day you will find yourself with the account not knowing where to start. So WISE UP!!. I always emphasize the fact that finding a mentor helps. Believe me, I got hurt and I know that depending on signals alone and copying others will not take you anywhere because what will happen to you anyway if they decide to stop providing or being copied? you’ll be left stranded just like I was. I hope you have taken something out of this story. It is a true story after all. Thank you for taking your valuable time to read my post and please share with your social media groups if you see it fit.