I believe that in the long term, an automatic strategy without timely correction will lead to an account drain. since systematic changes in the market will not allow the algorithms set in the system to work.
I am using Signal Start for my signals.. it's a additional bonus to my income stream and requires zero extra effort besides the initial setting up of it. If you have a system that is profitable and others can pay you to copy it, why not?
You are right and they can be profitable at times but might not work all the time. I have tried to make use of them time and again but I don’t usually go about using signals. I focus on my strategy and reducing the risk in order to make a profitable trade.
I don't know, I can rely on signal trading in my daily trading activity, I realize if not always able to make a profit, but so far still enjoy my own trading strategy, this is like an art game, we can use and adopted strategy trading and try it, sometimes do something like as hobby although need sacrifice but as long make a fun, it's happy, just like people hobby to fishing, although they go the center river because fun then not scared, sometimes withdraw money sometimes margin call, its forex trading not always giving a stable profit.
Not really. Signals are not profitable. Signals providers give you a lot of signals everyone. It is not possible to open all the trades they provide. In average they may have good winning percentage. But you will lose.
Using signals brings in profits, but finding the right signal is a bit of a task, and they are not perfect every time, so it is better to use a good broker with a reliable signal to achieve good profits.
While I see the benefit of becoming a signal provider, why not become a full-on fund manager instead? I used to think that traders who are profitable need to set up and register an actual business for him/her to become a fund manager. Turns out it isn't the case. Forex brokers actually offer PAMM accounts so clients can easily invest in traders who are profitable. It's really a win-win situation for both the profitable trader (fund manager) and his/her clients.
“The secret of getting ahead is getting started.” – Mark Twain
Akasuki posted: Not really. Signals are not profitable. Signals providers give you a lot of signals everyone. It is not possible to open all the trades they provide. In average they may have good winning percentage. But you will lose.
Agreed, not possible always. what I do to handle this situation is to keep my trading journal maintained and when I have sufficient funds with me I open positions
I never follow signal trading, but I think it unprofitable because although it's signal may profitable you as a follower don't understand the reason why to buy and why to sell, meanwhile, Traders need to understand the reason behind buying and sell orders before they entering the market, signal trading cant giving good lesson for a trader that really want to become trader, except they as investor trader, no matter don't understand the reason, as long as signal provider profitable they can make money from it.
- Make sure is a long term strategy and has good history - Avoid Martingale, Grid, Hedge, Scalping strategies.. these won't make money longer term - Any strategy which targets less than 5 pips won't make any money - spreads differences between master and slave account, latency etc just makes it unfeasible - Huge percentage returns means that they have taken a lot of risk.. these will blow your account - Make sure your sizing is not too large.. work out max DD and ensure your account and trading size can accomodate it - should risk no more than 3-5% of account per trade - Make sure you're using a regulated broker
I haven't used signals, but I'm using the fund management platform. imo the choice of a signal provider requires careful analysis and monitoring for several months (at least), and diversification is also encouraged, the creation of a signals portfolio.
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