I get several emails per month with people asking me to recommend single services. My response to these emails is always the same.
“Even if you manage to find a good signal service, you might make some money for a while, but it will not last!”
If you want to make money in Forex you need to:
- Pick a strategy and stick with it
- Learn to do your own analysis
- Pick your own trades
If you want a good strategy, check out my free price action strategy.
Relying on other Forex traders is not a good idea
This all boils down to something I call unsustainable trading. Being reliant on others to make your money for you is unsustainable. Being able to do your own analysis, and enter you own trades, is sustainable.
If you blindly follow a signal service, what will happen when the signal service shuts down? What will happen when the signals stop working? You will be back at square one, you do not know how to trade, and your income stream dries up.
One of the more recent innovations in Forex is “social trading” which allows you to piggy back on the trades of profitable traders. The concept sounds brilliant, but again what happens if the trader you are copying stops sharing? Well… you would be screwed.
Learn to trade Forex
Blindly following others is a short-term fix to a long-term problem. As humans we all have desires, we have simple surface desires, and also deep core desires. Examples of a surface desires would be, money, and having no boss. A core desire is a combination of surface desires. Combining the surface desires for money, and no boss, gives you a core desire for FREEDOM. Most people want to trade Forex for the freedom it provides.
If you shackle yourself to another trader, with signals or social trading services, you will NEVER have freedom. You might have the appearance of freedom for a while. However, your ‘freedom’ will be completely reliant on somebody else.
Being totally and completely dependent on somebody else IS NOT FREEDOM!
Learning to trade is the safer and wiser option. So learn to do your own analysis and pick your own trades… it will be well worth it!
If you want to learn how to do your own analysis, and plan your trading, check out my free Forex course.
Kittysdaddy
“Well, what if he gets tired of having newbies ride his coat tails?”
Not likely – that’s how he makes his money. More followers = more commission.
Nick
It really isn’t as clear cut as that Kittydaddy.
It depends on the trader. I know a trader who traded who had followers on Zulu and had his own blog. He stopped trading for Zulu because he would get hundreds of annoying emails per week asking for his method or for advice.
Going back 5 years now I stupidly ran a signal service. I closed it down after a few months simply because I could not handle all the questions.
Kittysdaddy
He doesn’t need to have his own blog Nick. No-one on Zulu advertises their own email address. The whole idea of Zulu is that you build up (anonymous) followers – there are people on there making literally millions providing signals for their followers.
Nick
He doesn’t need to own blog? I am not sure I follow. He doesn’t need a blog but he has a blog. He has had a blog for years before he traded for Zulu.
I am not sure how anonymous Zulu is. I know that many of the providers are not anonymous. With a little digging you can get their email or find their sites.
I am not sure how much money people are making providing signals. That has little to do with the point of this post though.
The whole concept of Zulu is poor…. it turns newbies into pets…. they follow their master into trade but when their master abondons them…. they’re screwed.
Thrasher88
lol I know what you mean. I was on a forum for awhile on FF and we were mainly relying on an indicator called TDI (I know I know). Anyways, I got in an argument with someone who tried telling me to take ALL the crosses the indicator got because you’d lose out on pips. I was trying to say to use PA in conjunction with it but nope that would just make you out apparently. So i sarcastically said well maybe you should get someone to make you an EA where it takes every single cross on every single pair and you’d be a millionaire. And this girl PM’s me asking me about when my EA would be ready and if she could have a copy LOL… people need to believe in themselves a little more…
Mitchell
A few years ago I’d have to pay someone for this inoromatifn.