A Surprising Easy Way To Ensure You Get Similar Results To The Forex Signals Service You Are Following By Trading At A Set Trading Time
Using Forex Signals sounds like a great idea for people who don’t want to make the trading decisions on their own, or don’t have the time to dedicate themselves to becoming an independent Forex trader. For most at-home traders, trading Forex is looked at as a part-time activity, and not something they want to consume their lives.
Forex signals services allow at-home traders to copy already successful Forex traders who are willing to share their trading activities. Using a successful Forex signals service is an excellent shortcut to getting Forex profits as soon as possible.
That being said, not all Forex signals services are run the same. And if you are not careful, what starts as a “part-time” activity can quickly become a nightmare that dominates your life and interferes with your already busy lifestyle.
Some Forex signals services deliver signals any time, day or night. This means the person using the signals service has to be available to place trades 24 hours a day.
Now I don’t know about you, but that is a HUGE time commitment, especially for something that starts out as a part-time activity.
To make matters worse, trade management instructions can also come out any time, day or night. So, you spend every minute of every day waiting to either get into a trade… or manage the trade once it is placed.
No matter how hard you try, life will get in the way of trading the signals properly. And this means you are going to have missed trades or mismanaged trades. At the end of the day, you won’t get similar results to the Forex signals service you are using.
Imagine this scenario...
- You get a signal to enter a trade at 5:45 AM… and you have to drag yourself out of bed in order to place the trade
- Then at 8:30 AM, you get a signal to move the stop loss to breakeven… but you are driving to work
- At 1:20 PM you get a signal to close the trade with +45 pips profit… but you are in a meeting
- By the time you get to your charts at 3:00 PM, price has moved against you and you close it out with only +11 pips profit (or worse, the trade is now at a loss)
As you can see, it is impossible to trade Forex signals like these.
At some point, life is going to get in the way and you are not going to get the same results as the Forex signals service you are following. So, what is the point of even trying to follow a signals service that sends out signals or trade management instructions over a 24 hour period?
In my opinion, there isn’t one.
Just to be clear, I’m not saying a Forex signal service operating like this is not doing their job. Maybe the signals they send out are very good and would be profitable if you could trade them properly.
But I am saying it is next to impossible to get similar results as the service if it operates by sending out signals 24 hours a day.
People who try to follow signals services like this remind me of small children who want a puppy. They promise their parents they will walk, feed, bathe and basically take care of every need of the pet. And maybe they mean it in the beginning.
But sooner or later, they break that promise and the parents end up doing everything.
No one is doubting that the subscriber starts using a Forex signals service with the intention of “doing everything it takes” to follow the signals correctly and get similar results. But now matter how hard you try… I think you’ll find services that are run like this impossible to follow properly over the long term.
So, if you see a Forex signals service with great results you would like to duplicate, but you have to be available 24 hours a day to follow, you are best advised to let it pass.
No matter how much you promise yourself you are going to keep up with the trading… life will get in the way and you will break that promise to yourself. The point is, if you cannot get similar results as the signals service, there is no sense in trying to use it.
The most profitable Forex signals service in the world is WORTHLESS if you cannot trade the signals correctly and get similar results.
My Solution: Only Use Forex Signals Services With A Set Trading Time
It may sound ridiculously simple, but the solution is just to use Forex signals services with a set trading time. This can mean the signals come out at the same time every day, or during a specific trading session, like the New York session or European session.
Basically, if the signals come out at or around the same time every day, and that time of day is convenient for you, you can trade the signals correctly.
And that really is the point, isn’t it?
The simple truth is this… make sure you can actually trade the signals before you join a Forex signals service.
If you have been going through my Free Forex Training, this solution should come as no surprise. My entire trading approach is about keeping things simple and trading off the Daily charts once a day for only a few minutes.
There are a lot of advantages to trading like this. And one of the biggest advantages to trading off the Daily charts at a set trading time is there should be no reason for missed trades or mismanaged trades.
Thankfully, this way of trading also lends itself to running a Forex signals service subscribers can actually follow and get similar results.
I personally trade my live trading accounts. I do this by following rules based trading strategies I develop off the Daily charts once a day. This way I can trade the strategy perfectly without missed trades or mismanaged trades.
So, running a Forex signals service just makes sense. After I take action on my accounts, I simply let my subscribers know what I’ve done (if anything). Then they can duplicate the action on their trading accounts.
Running my Forex signals service with a set trading time enables subscribers to actually follow the service correctly and get similar results.
But that is not all…
For the Forex signals I’m using a trade management method where I move the stop loss to breakeven when price goes in my favor a certain number of pips, and also take partial profits at the same level as the stop loss.
Taking risk off the trade and taking profits makes it easier to trade the signals psychologically. I find this to be very important for subscribers, some of whom don’t have a lot of trading experience.
For example, if the stop loss is 100 pips, I move the stop to breakeven +2 pips if the price goes 70 pips in my favor, and take 50% profits at 100 pips. I then let the rest of the position run and manage it until we get out of the market.
Since I am passionate about subscribers being able to copy as closely as possible what I am doing in my accounts, I’ve provided a trade management expert advisor called the Forex Trading Troll.
I personally use the Forex Trading Troll to manage my open Forex trades. After I place a trade, I set up the Troll to manage the trade on autopilot. That way I am sure to stick to my trading rules without having to monitor the trades all the time.
Since I provide the Troll to my subscribers and teach them how to use it… they also can set up the trades to be managed on autopilot. This is another way they can ensure they are getting similar results to the service.
I believe a Forex signals service needs to do more than just provide high probability trade signals. The service must also take steps to make sure the subscribers can actually trade the signals correctly in real life.
Therefore, I have taken measures to ensure my Forex signals service can be duplicated by my subscribers.
- First and foremost, my signals come out at a set trading time
- Secondly, I’ve provided a trade management expert advisor subscribers can use to perform certain trading actions on autopilot
If you are looking for a Forex signals service to follow, the first thing you need to figure out is if you can trade the signals correctly. If not, then you simply are not going to get similar results… which defeats the purpose of using a signals service.
Do yourself a favor, and stick to Forex signals services you can actually trade correctly in real life.