Tuesday, April 24, 2012

Should You Trust Those Forex Signal In The Market?

February 26, 2010 by  
Filed under Forex Advice


There are a lot of forex signal that is available online and I bet you know that there is one in this website as well done by me personally.

Therefore is it okay for you to simply enter trades based on the signal given by others. The answer is NO, NO and NO. There is no one you can trust more than yourself when it comes to trading signal.

I remember an incident that happens to me when I am new to trading a few years back. There is a reputable website that provides forex signal and I actually trade based on the signal as one of the commentator in the site is an author for a forex book.

I personally did an analysis of my trade and found the overall trend to be DOWN but the signal given by the site is to BUY as the price has just hit a support level.

I enter 2 lots with the profit target and stop loss as per given by the signal and ended up with a 800 pips loss within 2 days. I thought that it could be one time issue and I continue to place trade based on the signal given. In the end, I lost a lot more than I win. From that point onward, I only trade with my own analysis and I will use the signal provided by others as a reference but I will never trade based on their analysis.

For those of you who are reading my blog and the signal provided, I suggest that you should always do an additional analysis before you trade as there maybe stuff that I miss out and you saw it.

If you happen to have any input for the 2 currency pair that I am doing analysis on, you can email me to share with me the analysis so that I can quickly update the signal for other readers to know. It can be rather lonely as a currency trader as there is no one you can talk to, therefore I hope that this bog can be a community for all of us like minded people to interact with each other.

To end this post, I will like to emphasize that you should never trade based on other’s analysis and you should always do one yourself.

Other Related Posts:

  1. How To Trade Market That Is Moving Sideway

Comments

2 Responses to “Should You Trust Those Forex Signal In The Market?”
  1. Mary McNamara says:

    Not sure if my earlier comment went through.

    You have made really good points here Kelvin.

    Would you ever consider running a trading room at all? Even if just a few hours for a few days a week? I really appreciate your measured and considered thoughts about the FX pairs and would love to have more input from you during the trading week. Even for a monthly fee.

    That may help ease the lonliness which I too have experienced as, Im’ sure, so too have many others.

    Cheers
    Mary
    Bondi Beach
    Australia

    • Kelvin says:

      Hi Mary

      Glad to hear from you again.

      Thks for your support and I may consider running a trading room in future. As I have received numerous emails from readers asking me to produce forex course that can help them to trade. Therefore I am in the process of tooling up video courses to share what I know with you guys.

      In fact, I am very happy and thankful of you to leave a comment here as it helps to make this blog more lively and interactive.

      All the best to your trading and I hope to hear from you again.

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