Profit from signal providers

[stuckinminorchords]

Hello Guys

This is my first post on this forum but i have been a member for a few months now, reading the posts and progressing through the school and its all quite enjoyable.
I got into forex from a friend offering some good signals from a computer system he had created and was so positive about it i though WOW this is it im gonna be rich and live happily ever after!!!!

Oh how i was wrong, shortly after starting following the signals it all went wrong unsurprisingly and i was left yet again scratching my head.

I have been gambling for a few years on football and horses and have fully got to grips with protecting your bank/capital at all times and having a sensible staking plan and never to get too greedy, i have had big losses in the past but i have also have had some big wins but have never been able to pull steady profit month after month.

After reading about forex for the past few months i know it will be many years before i will be able to start making profits from my own signal reading, but what if i follow someone who is already making money?

I have found a few profitable signal providers who i wont mention here, they have a good reputation and one of the providers who was recommended from a friend has had one losing month in the past 2 years, he makes a minimum of 500 pips a month, and his signals are just simply entry, exit and stop loss.

Now my question is to you guys, there is a lot of profitable signal providers out there BUT is it possible by strictly sticking to the signals you can make a constant profit from them month after month and if not why not, if they are pros and have been making money for years why cant other people following their same signals do the same?

I would like your input and if anyone does indeed follower signal providers and makes money too.

R*

 

[new_trader]

Now my question is to you guys, there is a lot of profitable signal providers out there BUT is it possible by strictly sticking to the signals you can make a constant profit from them month after month and if not why not, if they are pros and have been making money for years why cant other people following their same signals do the same?

Ok, in principle, yes you can make money following the signals. But this is no different to saying that if you could legally make and sell exact copies of all the Beatles music you can make money from the music industry. This doesn't make you a successful musician. Neither will watching a successful poet write poetry make you a successful poet. This reason this doesn't work is because there is something more going on than just what you see. The 'more' is abstract and it is what is going on inside the mind of the poet, musician or trader which you are not privy to.

But why get the signals? Why not just give them your capital and ask them to trade it for you? So my question is - Do you just want money or do you want to become a successful independent trader?

 

[stuckinminorchords]

Ok, in principle, yes you can make money following the signals. But this is no different to saying that if you could legally make and sell exact copies of all the Beatles music you can make money from the music industry. This doesn't make you a successful musician. Neither will watching a successful poet write poetry make you a successful poet. This reason this doesn't work is because there is something more going on than just what you see. The 'more' is abstract and it is what is going on inside the mind of the poet, musician or trader which you are not privy to.

But why get the signals? Why not just give them your capital and ask them to trade it for you? So my question is - Do you just want money or do you want to become a successful independent trader?

Brilliant reply

I agree with you wholeheartedly, the reason i am following a signal provider is to slowly build up my capital while i learn, i know it is going to be 2 or 3 years before i even start demo trading let alone trading with real money, its just a good introduction and trying to work out myself how the signal provider has entered and exited trades is part of the learning process.

As we are on the subject the same goes for music, A child hears the Beatles, at first he listens to the LP's and enjoys the music for a few years, he discovers other bands and artists, goes to the gigs, gives the bands his hard earned money to hear more and more of the music he likes.
One day he picks up a guitar realises that he could copy the sounds he hears, after a while he is creating his own music, selling his own albums and people are hearing his music for the first time.

I believe this is the best way to learn something, to copy or try and replicate something that works well, then the more you learn the more you change and adjust so it suits your own personal preference.

I believe this is the same in forex?

 

[£10kLoser]

What on earth makes you say that there are a lot of profitable signals providers out there? How do you know - or are you just swallowing their blurb?

Most of them are rubbish and cook their results.