When you enter the trading world you will be tempted by fast and big profits. From one side your greed will tell you to risk more, from other all ads (and scammers) will try to sell you easy way to get rich. Both of them are straight way to lose your money. If trading would be so easy and giving big money fast we wouldn’t have poor people, all of them would be traders.
At the beginning of your trading journey you should concentrate on learning not making money. If you want stay on market for years you have to understand how them work, how the price behaves, what stands behind the candles form etc. Without understanding market you may have luck and not lose everything in first few days, you may event double your account in short term but there is no chance of staying on market for longer period.
Being trader isn’t much different that being doctor or lawyer – if you want be any of them you have to spend many hours learning profession before start practice. If you spend some time to listen interviews with pro traders (https://chatwithtraders.com) you will see that most of them needed 3 to 5 years to make continuous profits. It’s a marathon not a sprint.
If you still counting on fast and big profits you should quit right now to protect your money.
There’s no easy way
After many failures you may be tempted to try easy way and buy trading signals. When you decide to that, you must be aware you giving your business to some unknown person. You don’t know reasons why the position should be open, you have no plan to protect profits (or cut losses) if something surprised will happen. You basically have no idea why and how your business works but you (and your wallet) take all responsibility of it. It’s simple if you wanna be trader you have to understand your business.
Signal sellers take no responsibility of signals they sell. You may pay them for signals and then lose all your money trading it. They may tell you to buy / sell anything it doesn’t matter you already pay so they have nothing to lose. Of course they may work in more sophisticated way. Let say to half of “clients” they’ll send info to buy EURUSD and to rest to sell it. Half of them will be happy because the position will pay. They don’t know that this was totally random situation.
Maybe there are some sellers who really sell valid signals, but the number of them is so small that it’s unlikely you will meet them. You should ask yourself one question: if they are so good traders why them want your 20$ for signals instead of use it to make big money for themself?
All the content published on this site is private opinion of its author and is not investing recommendation. The author doesn't take any responsibility for investing decision made on its basis.