I'm sure that using a forex signal service seems a lot simpler. But how many rich and successful forex traders you've heard of that used somebody else's signals. The point is they took the time to learn the ins and outs of the market.
The problem with signals are, first off how do you know that signal provider knows how to properly trade forex? You can lose a lot of money quite quickly in the hands of somebody who doesn't know what he's doing.
But let's say the signals are solid and they have been generating profits for you. Well, what would happen if the signals just stopped coming. They decided to stop running the signal service.
Where does that leave you? It leaves you back in the beginning. You haven't taken the time to learn anything about forex trading, because all your trades have been coming from another person.
Now you are at a crossroads again. Do you try to find another signal service that you can hopefully rely on or do you take this as an opportunity to invest your time into getting educated about the forex market.
Many people think that trading forex is really complicated, but that's hardly the case. I know it may seem that way now because there is an overflow of bad information when you go online. But frankly, there have been many forex traders who are self taught.
The top two killers of forex trading accounts have to be fear and greed. Fear comes in where you are so uncertain and uncomfortable trading because you don't know what you're doing. Knowledge of price movement can cancel out fear.
If you're too overconfident then, that's where greed comes in. You have to be able to find a happy medium. But when you do, it's nothing but smooth sailing.
