In the post I want to share a few thoughts regarding following Forex signals. I know that those who come to Forex market and seeing that it is not easy at all to make money they are tempted to start searching for Forex signal providers, because they are not sure if they ever be able to make money trading themselves. The problem is not whether you are going to find one or not. The problem that you have to solve is to ask yourself whether you want to become a better trader or you want others to make decisions on your behalf. If you choose to follow signals you will hardly ever be able to become a successful trader.
How can you? If every trade you make you follow somebody else's advice and strategy! These are not your trading decisions. These are signals provider's decisions. To tell the truth I believe following somebody else's advice will weaken your chances to make good trading decisions on your own. Those guys that provide signals do their homework, chart analysis, fundamental studies and etc. So should you if you want to be better in Forex. Trading, losing, making profits is part of the game to gaining perfection in trading. You learn from your own experience. Well, you can from others too, but that is hardly the case.
Who is responsible if you lose everything? Well, you can blame the signal provider. He will probably try to prove that you did something wrong. What if he decides to stop giving the services? What happens then? Would you try to find another one or start investing in your own education? I am convinced it does not take so much time to create your trading systems and style as most people imagine. Even if it does, it is worthwhile for you will gain priceless education and if you are successful you will be more than happy.
In the process you will find what kind of trader you are: day trader, swing trader or trend trader. You will also decide whether you want to continue speculating or decide to invest. You will find out a lot of things. I do think that trading psychology, risk management and a good trading system are the backbone of successful trading. And you, you alone will have to achieve it on your own. So, the choice is yours. Have a nice day.