Why I Don't Offer a Forex Signal Service

You’ve all heard the term “signal service”. If you’re reading this article, I’m assuming you know what a forex signal service is.

Many educators in the forex industry will offer one. I don’t. You might be wondering why I don’t offer a signal service, as it seems like a great way to provide something extra to my students or to traders who don’t want to join the course but still want to keep up with me.

Well, I simply do not believe in signal services, in fact, signal services go against everything I try to teach.

Don’t follow the pack

How often have you heard me say this? It is one of the main points I always try to drive across.

Blindly following the pack without thinking for yourself leads to failure.

And what do you do when you sign up to a signal service? You follow the pack!

Don’t follow the pack!

This is a big issue for newbie traders, they lack the knowledge and the confidence to trade for themselves, so they sign up for a signal service instead.

If you are new to trading, learn to trade Forex and don’t blindly follow somebody else’s signals

Don’t rely on others for your trading

Relying on others to make you a profitable trader is dangerous.

What happens when that person stops giving signals?
What happens when they double their prices?
What happens when they get hit by a bus?
What happens when they go on holiday?

You get the idea. You can’t rely on a stranger to make you money in trading.

The safest way to trade is to rely on yourself. You are the person who cares most about your financial success. Putting your future in the hands of some random stranger on the internet just isn’t smart.

Learn a strategy for yourself

I know, learning to trade Forex seems like a lot of work.

But anything worthwhile takes hard work. You don’t achieve anything in life by being lazy.

If you learn to trade for yourself you will become a free and independent trader. And in the end that is what trading is all about, freedom.

Freedom from having a boss.

Freedom from working a 9-5 job.

Freedom from the grind.

You do not get freedom by tying yourself to a signal service.

When you learn to trade for yourself, you are in control of everything. You get to decide how to trade, when to trade or when not to trade.

Having the knowledge and understanding forex is one of the best things you can do for your trading career. Not only are you fully in control, you get the satisfaction of being able to trade for yourself.

Being a successful and self-sufficient trader is going to feel a lot better than following some random dude on the internet!

So many people have been asking me for a signal service lately, so I thought writing this quick little post could help clear up why I don’t offer it.

If you want to read some more, here’s a great ( if I may say so myself) article I wrote about demo trading. Go check it out!

400 comments

Duncan

June 24, 2018

Couldn’t agree more with comments on signal services Nick, always been a believer in learning the smart way.

Jerko Begic

November 7, 2018

True facts… In my early days, I was using Signal service blindly without knowing what I was getting my self into until I lost 50% of my account in one trade (it was very small account since I was only testing water but still…). Risk to Reward ration was horrible but I didn’t understand that back then, all I saw was win rate which was like 80% but wins were minor comparing to the risk taken. I’ve learned my lesson on that. The best way to describe this would be like If you had a store in which you would sell products, would you accept having someone else come in and tell you what type of merchandise would best sell in your store, or would you analyze the market and see what kind of customers you have in your area, what type of merchandise your customers expect you to bring and so on?

Going back to the Forex market. You cannot become a trader in this market unless you have the necessary knowledge. For this you must study. You cannot let others tell you what to buy, what to sell, where to sell.