Signal service : a good first step?

I want to start out but I know it ain't easy and it would take at least 6months to 3/5 years to become a good trader. Is it a good idea to join any signal service (aka trading live rooms)? Is it the right step?

How would joining a signal service make you a better trader?

billiondollars said:

I want to start out but I know it ain't easy and it would take at least 6months to 3/5 years to become a good trader. Is it a good idea to join any signal service (aka trading live rooms)? Is it the right step?

Click to expand...

Hello Billiondollars,

Really only one way to find out

Andy

billiondollars said:

I want to start out but I know it ain't easy and it would take at least 6months to 3/5 years to become a good trader. Is it a good idea to join any signal service (aka trading live rooms)? Is it the right step?

Click to expand...

Joining a signal service will not help you in becomming a better trader. You need to understand the reasons for the "signals". So if you would like to join some service, it should be more of an educational service. There are a lot of such services, and I have tried a bunch of them. The majority are worth nothing, but there are a few good ones among.

It must
1) be educational so I can learn
2) call trades live with clear target/stoploss
3) have track record

is there any out there?

billiondollars said:

I want to start out but I know it ain't easy and it would take at least 6months to 3/5 years to become a good trader. Is it a good idea to join any signal service (aka trading live rooms)? Is it the right step?

Click to expand...

If you are serious about trading you need to find someone who does what you want to do....... then get them to show you how!

Or you can do your own thing.......

Both are reasonable.

Signal service....... you need to think about what product is being signalled and the expectations of returns. Then compare that to what you want to achieve.....

One thing to consider..... why would anyone provide a signal service and charge for it??? Because they want to spread the love or because it provides them with a steady income to suplement their trading profit & losses.......

Best of luck.

Don't sign up for a signal service expecting to make money right away. If it was that easy, 90% of traders would just join signal services and forget about it.

However, unlike many people who are completely against it, joining a live chat room or website that is a paid service can help you learn IF the members/administrators are experienced and successful traders and have the ability to teach others. Before paying money for a service like this though, you must study on your own and know all the basics.

What instruments do you want to trade? Futures, forex, stocks?