Should You Trust Those Forex Signal In The Market?
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: