How To Succeed And Profit Using Forex Signals · The most profitable Forex signals service in the...

How To Succeed And Profit Using Forex Signals

By

Edward Lomax Creator Of The Forex Empire Building Formula &

Head Trader At Trade The Forex Market

https://www.TradeTheForexMarket.com

https://www.tradetheforexmarket.com/

Trade The Forex Market: “How To Succeed And Profit Using Forex Signals”

© 2019 Edward Lomax - All Rights Reserved. https://www.TradeTheForexMarket.com

NOTICE: You DO Have the Right

to Reprint, Give Away or Share this Report!

This is common sense, but I have to do it anyway...

U.S. Government Required Disclaimer – Commodity Futures Trading Commission

Futures and Options trading has large potential rewards, but also large potential risk. You

must be aware of the risks and be willing to accept them in order to invest in the futures

and options markets. Don’t trade with money you can’t afford to lose. This is neither a

solicitation nor an offer to Buy/Sell futures or options. No representation is being made

that any account will or is likely to achieve profits or losses similar to those discussed on

this web site. The past performance of any trading system or methodology is not

necessarily indicative of future results.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE

CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED

RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT

BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE

IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY.

SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT

THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS

BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES

SIMILAR TO THOSE SHOWN.

No representation is being made that any account will or is likely to achieve profits or

losses similar to those shown. In fact, there are frequently sharp differences between

hypothetical performance results and the actual results subsequently achieved by any

particular trading program. Hypothetical trading does not involve financial risk, and no

hypothetical trading record can completely account for the impact of financial risk in

actual trading.

All information in this Special Report is for educational purposes only and is not intended

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Foreword

The Forex Market presents one of the greatest wealth building opportunities in existence today for smart investors. Due to the Internet and online trading capabilities, trading Forex has become accessible to the masses. Never before in history has so many people had access to the potential profits possible from trading the currency market successfully. No matter what your background, geographic location or previous investment experience, the currency market offers scalable and unlimited profit potential for anyone willing to take the time and put in the effort to learn. But learning to trade the Forex market on your own can be a daunting task. We’ve simplified your success. Trade The Forex Market is the unique combination of training and trade signals designed to build wealth faster, create multiple income streams and secure financial futures. We believe this is an excellent opportunity providing tremendous potential for profits for our subscribers.

This report is designed to inform and educate about the tremendous opportunity the Forex Market provides, so you can make an informed decision about how to participate.

Edward Lomax




About The Author: Edward Lomax Edward Lomax is the creator of The Forex Empire Building Formula and Head Trader at Trade The Forex Market, a Forex education and signals service sharing the exact same trades he takes on his personal accounts. The simple to use, low stress signals are able to be traded in only 10 minutes a day, making them a perfect solution for people who want to profit in the Forex market without interrupting their already busy lifestyle.

Born in Washington D.C. and a native of the East Coast of the United States, Edward moved to Chile with his wife in 2001 due an illness in her family. Since then he has been dedicated to finding "alternative" ways of making money online instead of the regular 9-5 grind. This resulted in his interest in Forex trading… and ultimately sharing his hard earned knowledge and experience through his service. When not trading or working on his online service, Edward enjoys cooking and staying fit.

Table Of Contents

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The Forex Market provides a great opportunity for generating higher profits than other investment markets. I go over this more in this post: Why Trade The Forex Market And using Forex signals can be a shortcut to profits and are a great choice for people who want to participate in the Forex markets by copying an already profitable Forex trader. That is, IF they avoid committing some Deadly Sins that keep them from the profits they deserve. There are two types of Deadly Sins to avoid:

1. Deadly Sins that exist because of structural problems of the signals service itself. 2. Deadly Sins that exist because of mistakes the signals users make.

By knowing what to expect in a reliable Forex signals service and understanding your responsibilities for success, you will be better prepared to use the right Forex signals service profitably and avoid costly mistakes. What you’ll learn inside this Forex Insider Pips Report:

Why Intraday signals with no set trading time are a recipe for disaster. How you can make $1,000’s an hour trading end of day, set and forget Forex signals. Why you need to think and act like a professional trader, even though you are not

making the trading decisions. How to use the trial period wisely to set yourself up for success.

Let’s get started...

Forex Signals Service Mistake 1: No 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. Copying already successful Forex traders is an excellent shortcut to getting Forex profits as soon as possible. But 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

https://www.tradetheforexmarket.com/forex/why-trade-the-forex-market/



with your already busy lifestyle. In this lesson, I want to go over the Forex Signals Deadly Sin of not having a set trading time. 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.

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? 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, bath 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. 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.

The 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? Signals services with a set trading time can take on a few different forms. For example… Forex End Of Day Signals: These signals come out at the close of one day and the start of the next. The time normally depends on when the broker changes from one day to the next, which is usually at 5 PM New York time. End of day signals will come out at or around this time and you won’t have anything to do until the next day at the same time. Set And Forget Forex Signals: These signals can come out either at a specific trading time (like end of day signals), or during a time period, like during the New York or European session. Once the trades are placed, there is nothing else to do until the next trading time… making them set and forget style with no additional trade management. Both these types of signals services can be traded because there is a set trading time, and there are no trading instructions to worry about at any other time. OK, using a Forex signals service with a set trading time makes sense. After all, if you cannot trade the signals properly, what is the point? Plus, if you want to use a signals service to keep Forex trading from consuming your life, it is best to limit your trading time to once a day, or for a specific duration each day.



But do Forex signals services with a set trading time really exist? The truth is, most signals services are not set up this way. But there are some with set trading times that can be traded with limited time commitment and effort. Search for “Forex end of day signals” or “set and forget Forex signals” for you best opportunities. The simple truth is this… make sure you can actually trade the signals before you join a Forex signals service. And the less time and effort you need to put into trading the signals, the more likely you are to succeed with the service. If the signals service has a trial… make sure to take it and PROVE to yourself you can really follow the trading instructions each day. In short… don’t commit the Deadly Sin of joining a Forex signals service without a set trading time.

Forex Signals Service Mistake 2: Spending Too Much Time Trading

One of the main benefits of using a Forex signals service is the low time commitment involved. In theory, if you don’t have to analyze the charts or keep up with market fundamentals, signals users can save a lot of time. This makes profiting in the Forex market by using signals an excellent opportunity for at-home traders without a lot of time to trade. But unfortunately, in practice, this is not what is happening a lot of times. A lot of times the Forex signals user is spending an enormous amount of time performing trading activities or watching their charts. In this lesson, I want to go over the Forex Signals Deadly Sin of spending too much time trading Forex signals. There are a few types of instances where spending too much time trading Forex signals might occur.

Using The Wrong Type Of Forex Signals Service

In a previous lesson I have already gone over the Deadly Sin of using a Forex signals service with no set trading time, so I’m not going to go over this in detail. Basically, if you use a signals service that sends out signals, or trade management instructions, any time day or night, you need to be available 24 hours a day. So the part-time activity of trading Forex using signals becomes something that dominates your life. And at some point, life WILL get in the way and you will not be able to trade the signals properly.



In this case, using a signals service with a 24 hour trading window leads to too much time being dedicated to trading. And the solution is simple. Stick to signals services that have a set trading time, like services that trade at the end of day, or use a set and forget style of trading.

Unnecessarily Watching Your Forex Signals On The Charts

OK, so let’s say you avoid the Deadly Sin of using a signals service without a set trading time and choose one that only trades once a day. That’s a great start. Your trading activities should be able to be completed in less than 10 minutes a day. At the trading time, you check to see if you need to place any trades, or manage any open trades. You follow the instructions which takes only a few minutes. Now you are done until the next trading day. But it might surprise you to learn that a lot of signals users don’t stop there. When they have open trades, they are constantly opening their charts to see what is going on. They just cannot let the trades be. They want to answer these questions:

Is price going against the trade? Am I in profit yet? Is the market moving? How much money am I making or losing?

The truth is, Forex signals users should not be looking at the charts at all after the trading time. If all trading activities are to be performed at a specific time, like placing new trades or managing open trades, that is the ONLY time they should look at the charts. Since there is nothing to do… what is the point of checking in on the trades? Unfortunately, every time a signal follower checks the charts they will be tempted to take action. They will be tempted to close the trade early, either because they are in profit or suffering a loss. And let’s face facts, few people can resist the temptation to DO SOMETHING when they are looking at the charts. The point is, if you are using a signals service because you want an already successful trader to make the trading decisions for you… why would you spend more time than necessary looking at the charts and risk being tempted to make trading decisions on your own?

The Benefits Of Spending Little Time Trading Forex Signals



There are various benefits of keeping trading as a part-time activity. Let’s go over a few of them. The Benefit Of Keeping Trading In The Background Of Your Life: The biggest benefit of using a Forex signals service that requires little time is the fact that it takes little time. For most at-home traders, trading Forex is a part-time activity. And keeping your trading short ensures Forex trading remains part-time. One of the secrets of Forex trading success, at least for me, is the ability to keep trading in the background of your life. Most people get into trading in the first place because they want to improve their lives and secure their financial futures. So, it doesn’t make sense that trading should become a time consuming, high stress, life dominating venture. The Benefit Of Perceived Value: Not many people talk about the perceived value of trading. But think of it this way. Of the two following scenarios, which one has a higher perceived value?

Scenario 1: You spend 24 hours a day worrying about your trading. That time is either spent placing or managing trades, or watching the charts to see how the trades are doing. Every minute is stress filled because real money is on the line and there is the potential for loss or gain. At the end of all this, you manage to reach your income goal.

Scenario 2: You spend 10 minutes a day placing and managing trades. You keep trading in the background of your life by only looking at the charts during those 10 minutes. This works out to about 40 hours a YEAR spent on trading. At the end of this small investment of time, you manage to reach your income goal.

For me, the choice is simple. Spending a little time as possible trading means the time I spend trading is a lot more VALUABLE. I recently did a Case Study for both Forex End Of Day Signals and Set And Forget Forex Signals and broke down the potential earnings into an Hourly Wage. Here is how it turned out using the performance statistics for 2015: Potential Forex End Of Day Signals Hourly Wage:

If you traded $1 per pip in 2015, you would have made $7,514, that is $187.85 an HOUR! If you traded $5 per pip in 2015, you would have made $37,570,



that is $939.25 an HOUR! If you traded $10 per pip in 2015, you would have made $75,140, that is $1,878.50 an HOUR!

Potential Set And Forget Forex Signals Hourly Wage:

If you traded $1 per pip in 2015, you would have made $8,920, that is $223.00 an HOUR! If you traded $5 per pip in 2015, you would have made $44,600, that is $1,115.00 an HOUR! If you traded $10 per pip in 2015, you would have made $89,200, that is $2,230.00 an HOUR!

Now I don’t know about you, but these numbers are quite impressive. When you spend little time a possible trading Forex signals, not only do you get to enjoy your time away from the charts, but you make the time you do spend trading VERY valuable. To sum everything up… don’t commit the Deadly Sin of spending too much time trading Forex signals.

Forex Signals Service Mistake 3: Focusing On Intraday Forex Signals

There are a lot of different ways to participate in the Forex market.

You can scalp the market looking for a few pips of profit. You can trade Intraday where you look to profit from short term moves over a 24 hour

period. You can swing trade looking to profit off short to medium term swings in the market. You can trend trade where you try to hold on for long term profits.

When you are looking for Forex signals to follow, you need to decide what type of trader you want to be. Even though you are not making the trading decisions yourself, you still need to pick your trading style. And the style you pick can determine your ability to succeed… even before the first trade is placed. In this lesson I want to go over why you should NOT focus on Intraday Trading Signals for the best chance of success.

Intraday Forex Signals Are Less Reliable



A lot of Forex traders believe the key to profitability is to be a very active trader on the lower time frames. They believe they can make more profits by catching short term moves in the market and using very tight stop losses. This would allow them to use higher lots sizes, and make a lot of money off small moves between 20 to 50 pips. While that might be true in theory, in practice trading off the lower time frames with tight stops is a very different story. It is a well know fact, trading off the lower time frames is less reliable than the higher time frames because there is a lot of random market movement. What normally happens is you have a lot of losing trades you need to make up for with those occasional big winners. Trading off the lower time frames and looking for Intraday profits can be a very stressful and frustrating way of trading. It is an emotional roller-coaster ride between devastating loss and euphoria on the winning days. This constant emotional struggle is not what you want in a Forex signals service.

Intraday Forex Signals Are Harder To Trade

I’ve gone over this topic extensively in Forex Signals Deadly Sin #1 and Forex Signals Deadly Sin #2, so I’ll keep this short. If you are actively trading Intraday signals, you are going to have to dedicate a lot of time to trading and managing the signals. Entry signals and trade management instructions can come out any time, day or night which makes them very difficult to trade. In my opinion, no matter how hard you try, it is impossible to trade Intraday signals correctly and get similar results as the Forex signals service you are following… so what is the point?

Intraday Forex Signals Are More Costly To Trade Every time you place a trade, you need to pay the broker a spread cost. The more trades you place, the more you end up paying the broker. So, while active Intraday trading might be exactly what your broker wants you to do, it is not what you want to do if you want to keep trading costs down. Let’s say you are trading Intraday Forex signals with an average of 20 pips profit. And let’s also say the average spread cost is 2 pips. That means you are paying your broker 10% compared to the profits you are making. And since you are trading more and have a lot of losing trades as well… it turns out that your trading costs are very high proportionally to the potential profits.



On the other hand, let’s say you are trading longer term Forex signals with an average of 200 pips profit. With the same pip cost of 2 pips, this means you are only paying your broker 1%. And since you are placing fewer trades, your trading costs are very low.

The Solution: Forex Signals On Higher Time Frames

The solution should be obvious. Instead of looking for active trading off the lower time frames, look for signals that place fewer trades off the higher time frames. The Forex signals will be more reliable, be easier to trade and cost less in trading costs. It is important to understand that trading MORE does not mean you are going to be more profitable. Losing trades are part of trading… no matter what type of trader you are. Regardless of whether you are a short term Intraday trader or a long term Swing trader, there will be losses. In reality, trading more means there are going to be more losses to deal with. This can be very hard to take emotionally, especially for a signals follower paying for a service. It can also lead to lower profits, since a lot of your winning trades just go to make up the losses on the losing trades. So, abandon the fantasy of making tons of money trading Intraday signals. Embrace the reality of systematically growing wealth over time using longer term signals. And avoid committing the Deadly Sin of focusing on Intraday Forex Signals.

Forex Signals Service Mistake 4: Getting Signals By Email Or Text Message

How you receive your Forex signals can determine if you are going to be successful using the signals or not. And in most cases, the signals delivery method that SEEMS to be the easiest or most convenient is really hiding an underlying flaw with the signals service itself. So, determining which method of receiving your Forex signals really can be counter-intuitive. In this lesson I want to go over why you should not commit the Deadly Sin of getting your Forex signals by email or text message.

Forex Signals By Email



A lot of Forex signals services deliver their signals by email. On the surface, this seems pretty straightforward. You get a email when there is a Forex signals or trading instructions, you open the email and follow the instructions. But in practice, this rarely works out correctly. While most email services are reliable, there are still delays or filters that can keep your emails from getting through. And all it takes is one missed email to destroy your ability to follow the signals correctly. In order to get similar results as the Forex signals service you are following, you MUST follow every signals as close to perfect as possible.

Forex Signals By Text Message

Most people have cell phones these day. So, getting your signals by text messaging seems like an even better and more convenient option. You get a text message on your phone, and you follow the instructions. But again, in practice this might not be as easy as it seems. A lot of people get A LOT of text messages. And it is easy for the signals to get lost in all the text message traffic from friends, family and work. All it takes is one missed message to enter a trade, or one missed trade management message to destroy your ability to follow the signals perfectly.

The Underlying Problem With Receiving Forex Signals

By Email Or Text Message

Most signals services that offer Forex signals delivery by email or text messages promote this fact as if it is something beneficial. After all, what could be more convenient than getting signals delivered directly to your email or cell phone? But the truth is, there is a hidden problem with this type of signal delivery. The reason the service needs to deliver their signals by email or text message is because the signals they provide are normally committing the first 3 Deadly Sins of Forex signals success.

The signals don’t have a set trading time The signals require 24 hour attention and too much time to trade correctly The signals are focusing on less reliable Intraday signals on lower time frames

If you have not gone over these Forex Signals Deadly Sins, please do so now:



Forex Signals Deadly Sin 1 Forex Signals Deadly Sin 2 Forex Signals Deadly Sin 3 The point is… if you are committing any of the Forex Signals Deadly Sins, your chances of success are greatly reduced!

The Solution: Receive Forex Signals In A Member’s Area

In order to be able to get similar results as the Forex signals service you are following, you MUST be able to trade the signals properly. And the best way to ensure you trade the signals properly is to have a set trading time, spend less than 10 minutes a day trading and focus on signals off the more reliable higher time frames. And when you follow signals like this, there is no reason you need to get your signals by email or text message. The reason Forex signals services need to send out emails or text messages is because they need to be able to contact their signals subscribers at any time over a 24 hour period, making the signals impossible to trade correctly. But when you get your signals at the same time every day, you can deliver the signals in a member’s area. At the trading time, you just login to your account from any computer and see what you need to do for the day. Nothing could be simpler. Don’t be fooled by the claims that getting your signals by email and text message is beneficial, more convenient and leads to being able to follow the signals easier. The need to deliver signals in this way normally is hiding a bigger problem with the signals and the fact you need to be available 24 hours a day to trade. And no matter how hard you try, this is just not going to work out. In short, don’t commit the Deadly Sin of getting your Forex signals by email or text message.

Forex Signals Service Mistake 5: Relying On Trade Copiers

So far in the Forex Signals Success Course there is a common thread connecting all the Deadly Sins. Basically, if you need to be around 24 hours a day to place trades and manage trades, it will be impossible to trade the signals correctly. If there is no set trading time, you need to spend a lot of time trading or you are getting email or text messages any time day or night



because you are focusing on Intraday Forex signals… getting similar results as the service you are following by manually trading will be impossible. And the Forex signals services providing signals like these are aware of this fact. This is why they rely on technology to fix this problem. And the technology they employ is called Trade Copiers. A Trade Copier is a way to connect your trading platform to a “Master” trading platform where the signal provider places and manages trades. When the signal provider takes action on their trading platform, the same action is taken on the subscribers platform. So, basically, this is a way to copy the signals without any time commitment or effort on the part of the signals subscriber. In theory, getting your signals by Trade Copier fixes a lot of problems we have previously discussed. You don’t need a set trading time because no matter when the signals come out, they will be copied to your platform.

Once you set up the trade copier, you don’t spend ANY time trading. Intraday signals can be traded because the signal provider takes action, and that action

is automatically copied to the subscribers platform. There is no need to for Email or Text Messages because everything is done

automatically. This SOUNDS like the very best option for a signals subscriber. But in practice, there are various problems. And these problems lead to getting very different results than the signals service you are following.

Trade Copiers Problem 1: Keeping Your Platform Connected

In order to get the Forex signals through a Trade Copier, you need to have your trading platform open and connected to the Internet. Since you don’t know when the trade signals are coming, this means keeping your platform open and connected 24 hours a day. One solution to this problem is to use a Virtual Private Server (VPS). A VPS allows you to have your trading platform open and connected to the Internet 24 hours a day, without having to keep your computer running. You can also access the VPS from different computers, which makes it easier to access your trading platform from anywhere.

Trade Copiers Problem 2: Missed Trades



Even if you keep your platform open and connected to the Internet 24 hours a day, there still is the possibility of missing trades or trade management activities. The signals may be sent by the Master account, but any number of things can happen to keep the signal from reaching your account. And it only takes one missed trade, or missed trade management activity, to dramatically differ your results from the service you are following.

Trade Copiers Problem 3: Slippage

Even if you keep your platform open and connected to the Internet AND manage to get every signal sent out, you still need to worry about slippage. Slippage is the small price differences between the Master signal account and the signal follower account. Due to slippage, you will not get exactly the same results as the Master account. OK, that does not sound that bad. But the real problem is when you are using a Trade Copier to copy Intraday type trades that are only going after a small number of pips. The small differences due to slippage can mean big differences in profitability. And it can even mean some trades will be profitable for the Master signals account and not profitable for the signals follower. In my personal experience, I have tested various trade copiers. And there are some decent ones out there. But I have never personally used one that copied the trades perfectly. There were always problems of missed trades, missed trade management or slippage. Not only does this mean I was unable to get the same results as the Master account, but it is very frustrating. Imagine watching the signals service report positive results, and you not get those same results. Eventually, this frustration leads to not wanting to follow the signals service at all.

The Solution: Manual Trade End Of Day, Set And Forget Forex Signals

The truth is, Trade Copiers sound great, but are just not reliable enough. When you are trading real money under live market conditions, you do not what to leave the trading up to chance. So this means not putting your trading in the hands of Trade Copier technology that does not work perfectly. A better option is to manually place end of day, set and forget style signals. The trades and trade management can be completed in less than 10 minutes a trading day. And the rewards



greatly outweigh the small time commitment and effort you need to put in to trade the signals perfectly. So, don’t commit the Deadly Sin of relying on Trade Copiers.

Forex Signals Service Mistake 6: Expecting To Win All The Time

Forex signals services attract many people with different levels of experience trading Forex. And while following already profitable Forex traders is an excellent shortcut to profits, it does not mean Forex signals subscribers are going to win all the time. Therefore, subscribers with little to no experience trading Forex need to learn that long term Forex trading involves loss. In this lesson of the Forex Signals Success Course, I want to go over how Forex signals users should not expect to win all the time.

Even Professional Traders Have Losing Trades, Weeks And Months

Most at-home traders don’t have any real experience with professional traders. It they did, they would know that losing trades, losing weeks and losing months are all part of trading. It is impossible to predict future market movement with 100% accuracy… period. Even if you work as a professional trader for a bank with 20 years of experience, you are going to suffer loses. Professional traders lose trades just like novice at home traders lose trades. The difference is professional traders understand losing is just part of trading. The good news is you do not have to win every trade, every week or even every month in order to be profitable trading Forex. But you do have to take a professional view of loss and protect your account. It is how the trading performs over the long term that matters.

Forex Signals Subscribers Must Act And Think Like A Professional Trader

Even though the Forex signals subscriber is not making the trading decisions, they still need to think and act like a professional trader. The Forex signals provider decides when to enter the market, manage trades or exit the market. And those decisions will lead to losing trades. Just because the Forex signals subscriber is paying for signals does not mean every trade is going to be a winner. Professional traders must struggle through the losses. And as a Forex



signals follower, you must struggle through the losses as well. This can only happen if you adopt a professional view of trading and understand loss is just part of the trading experience.

Growth, Consolidation And Drawdown

If you look at any currency pair chart, you will see periods of growth, consolidation and loss.

There are periods where price action is rising on the chart… not straight up, but in an upward direction.

There are periods where price goes up and down in a small range… but really doesn’t go anywhere.

And there are periods where price action is falling on the chart… not straight down, but in a downward direction.

That is the natural ebb and flow of the markets. And as a trader, you should expect this natural ebb and flow to happen in your own trading accounts.

There will be times of growth. There will be times of consolidation. There will be times of loss.

What you need to understand as a trader, and expect from your trading efforts, is that over the long run, these times of growth, consolidation and loss lead to OVERALL gains in the long term. That is the key to Forex trading success.

Trade Forex Signals Long Enough To Gain Experience

So, a lot of people join a Forex signals service without a lot of trading experience. And that lack of experience can lead to the unrealistic expectation that they should win all the time. And since this is not possible, they end up prematurely abandoning the service before they realize the long term profits that are possible. The only way to gain the experience necessary so you can think and act like a professional trader is to dedicate yourself to trading the signals over the long term. Instead of just giving the signals a try, and getting disappointed at the first signs of loss, the signals follower must dedicate themselves to 3-6 months of using the service no matter what. This is the only way to ensure you stick with the service long enough to experience the true potential of the signals you are following. Yes, this takes a commitment. This takes discipline. And this takes patience.



Now, commitment, discipline and patience might not be words you want to hear. But these qualities are absolutely necessary to become a successful, long term Forex trader. Which means they are necessary for the Forex signals subscriber as well. You must trade the signals over the long term. Over the long term , there will be losing trades, losing weeks and even losing months. Struggling through these periods is what makes the long term profits necessary. In short, when you join a Forex signals service, don’t commit the Deadly Sin of thinking you are going to win all the time.

Forex Signals Service Mistake 7: Too Much Risk On One Account

So, you decide you want to use a Forex signals service as a shortcut to Forex profits. All you need is a Forex trading account and the ability to place and manage trades on the account. Oh, wait, you already have a trading account… so you are ready to go! Well, hold on. It might not be that simple. In this lesson of the Forex Signals Success Course, I want to go over why you should not commit the Deadly Sin of using too much risk on one account.

Opening And Funding A Forex Broker Account

Opening a real, live trading account is an important milestone for any trader. Most brokers offer Demo accounts, so downloading the platform to your computer and playing around is not all that difficult. But when you open a LIVE account, that is when things start to get serious. Funding the live account you just opened is another milestone, because it means you are prepared to put real money at risk under live market conditions. Obviously, this is a necessary step if you want to make real money trading the currency market. But you would be surprised how FEW people who download DEMO accounts actually take the steps to open and fund a live account. In the beginning, there is a hesitation about taking this step. But if you want to be a successful trader, you need to open a live, funded account. And, as you will see later in this lesson, it is probably going to be necessary to open MULTIPLE live accounts.

Too Much Risk On One Account



Let’s say you are one of the people who have actually opened and funded a live trading account. And, you might even be taking trades on this account based on a strategy you have learned. Then you decide to join a Forex signals service to follow the advice of an already successful Forex trader. If you just start placing the signals trades on the same account as you are placing your own trades, you risk over-trading the account. By that I mean, you are probably going to be risking too much money at any one given time by placing all the trades. And using too much risk on one account is a sure way to get yourself in trouble. As I mentioned in the Deadly Sin #6 Lesson, there will be losing trades regardless of whether you are placing the trades yourself based on a strategy you have learned, or if you are following a Forex signals service. When you place a trade on your account, you need to decide the money management strategy you are going to use for each trade.

The trick is to find a risk level that safely allows you grow your account over time AND survive through losing trades or losing streaks.

Concentrate On The OVERALL Risk Of Each Account

A lot of traders know about money management and how important it is to long term success. When placing a trade, you must decide how much money you will put at risk. In other words, if the trade is a loser, how much money will you lose. (And as you should know by now, there will be losing trades). One of the important, but often overlooked, aspects of money management is deciding how much overall risk you will accept on your account. Since you will most likely have multiple trades open at any one given time, you need to manage how much risk you have on your account at any one given time. If you don’t take this into consideration, it is easy to place too many trades at too high risk and put a large portion of your trading account at risk. At that point, all it takes is one bad patch of losing trades, or a losing streak, to do serious damage to your trading account.

The Solution: Use One Account Per Forex Strategy / Forex Signals

The simple solution is to open multiple trading accounts. Use one account per trading strategy or Forex signals you are using. This way the number of trades you will be placing on one



account will be limited, and you can predetermine your money management and risk per account. In my opinion, every trading strategy or signals package should be treated separately and traded on a dedicated account. Not only does this help keep you from using too much risk on any one account, but it makes it easier to access the performance of the strategy or signals. Don’t be afraid to open multiple accounts with your broker or diversify your accounts by using different brokers. If the Forex signals are worth trading, they are worth having their own, dedicated trading account. This will help keep you from committing the Deadly Sin of using too much risk on one account.

Forex Signals Service Mistake 8: Interfering With The Signals

A lot of people join Forex signals services because they do not feel comfortable making the trading decisions on their own. So, why not follow and already profitable Forex trader and place the same trades they do? Sounds like a simple and effective way to take a shortcut to Forex trading profits… and it can be. But it might surprise you to find out that some of those same users of the Forex signals service sabotage their results by making trading decisions on their own anyway. Instead of trusting the Forex signals and trade management instructions they get from the signals provider, they apply their own trading experience by interfering with the signals. Doesn’t really make any sense, but it happens a lot. In this lesson of the Forex Signals Success Course, I want to go over why you should not commit the Deadly Sin of interfering with signals.

Interfering With Signals By Filtering Trades

Sometimes a Forex signals subscriber will interfere by filtering trades. When following signals, you are not looking at the same charts, indicators or strategy as the signals provider. Therefore, you do not really know the exact triggers for the trade entry, trade management or closing of the trade.



So, it is possible to get a signal the signals follower “does not like” based on their trading knowledge and the chart, indicators or strategy they are looking at. They might be tempted to skip trades for this reason, since the signals does not coincide with what they believe. However, the point of using a Forex signals service is to follow the trades of another trader. Your beliefs, the charts you are looking at or the strategies you know should have nothing to do with the trading. If you want the same trading results as the Forex signals service you are following, you need to place ALL the trades.

Interfering With Signals By Modifying Trades

OK, so maybe you place all the trades as instructed. You now need to keep from modifying the trades unless instructed. The signals provider is following their rules for trade entry and trade management. You should too. For example, you might be tempted to move your stop loss to breakeven before being instructed. This makes it possible to get stopped out of the trade when the signal provider remains in the trade. They end up with a winning trade and you end up with a breakeven trade. The same thing can happen when moving the stop loss to lock in profits. This can lead to dramatically different results than the service reports. Any modification of the trading instructions jeopardizes getting the same results as the service you are following.

Interfering With Signals By Prematurely Closing Trades

Once you are in a live trade with real money on the line, emotions of fear and greed become very powerful enemies. For example, a trade might be going against you and you decide to close the trade early. Or, you are in profit and don’t want to see the money you’ve already accumulated disappear, so you close the trade early. Again, this is not the way to get similar results to the service you are following. Yes, sometimes these decisions can lead to saving money or making more money. And you will reward yourself for bad behavior. But making the decision to interfere with the trade signal in any way means you are not going to get similar results as the service. This defeats the entire purpose of following a signals service in the first place. The truth is, a lot of trading strategies are specifically designed to be traded in a certain way. These rules and actions are what lead the strategy to be profitable in the first place. So any interference, any changes, mean you risk making the strategy unprofitable over the long term.



And you do not want to be responsible for turning profitable Forex signals into unprofitable trading on your account… do you? So, don’t commit the Deadly Sin of interfering with the trade signals.

Forex Signals Service Mistake 9: Using Too Little Money For Your Profit Goals

Let’s be honest, people join Forex signals services because they want to make money, right? And in order to make money, the signals service needs to have signals that win more on their winning trades than they lose on their losing trades over the long term. But even a signals service that is completing this prerequisite for profitable trading might not be hitting the Forex signals subscribers profit goals. The truth is, performance alone is not responsible for whether a signals follower reaches their profit goals. In this lesson of the Forex Signals Success Course, I want to go over the Deadly Sin of using too little money for your goals.

The Goal Of The Signals Service Is To Be Profitable Over Time

The goal of any Forex signals service is to be profitable over time. This means banking more pips than they lose over the long run. The goal is NOT to hit some arbitrary profit number. A lot of people join a Forex signals service because they want to make a certain amount of money. But this really is the wrong attitude when you are investing in the currency market. Just like any investment venture, you cannot foresee exactly how much money you will make on a month to month basis. Therefore, the goal should be to grow your account over time in a systematic way by following the signals.

Trading Forex Profitably Is An Accomplishment

If you have every tried to trade the Forex market on your own, you know it is a lot harder than you want it to be. So, your first goal should be to find a Forex signals service that allows you to join the ranks of profitable traders. If you are profitable over time, you should be happy. What you don’t want to do is abandon a long-term, profitable Forex signals service because you don’t think it is “profitable enough”. Think of using a Forex signals service like a



PASS/FAIL situation. You are either making money over the long term or you are not. And if you are making money… you should continue with the signals.

Reach Your Profit Goals By Building Your Account Balance

What most people don’t want to admit is the reason they are not reaching their profit goals using a signals service is because they don’t have enough money in their accounts. With low capital amounts, they look to the service to have spectacular performance so they can make a lot of money. And with this expectation, they are easily disappointed. But you don’t need more pips to make more money. You need more money in your trading account so you can safely use higher lot sizes on your trades. This will greatly increase your profits, even with the same pip numbers. For example, let’s say you have an account size of $1,000 and use an average lot size of 0.1 (or around $1 a pip). If you have a winning month of +350 pips, you would make $350. But if you started with an account of $10,000 and use an average lot size of 1.0 (or around $10 a pip), you would have made $3,500 for the same 350 pip gain. You see, hitting your profit goals has more to do with how much money you have in the market and the lot sizes you are using than the actual pip gains. Expecting to reach unrealistic profit goals with very little money in the market means you are looking for unrealistic pip gains. And since these pip gains are unattainable, it is very easy to get frustrated and abandon a perfectly good signals service.

The Two Step Process Of Forex Success Using Forex Signals

Most people do not start out with a trade account balance that allows them to reach their profit goals. Therefore, the first thing they need to do is focus on building their account balance to the proper size for their profit goals. This can, and should, be done in 2 ways:

Systematically trading the signals with safe lot sizes Systematically adding money to your trading account

By both trading the account safely AND adding funds to your account, you can build your account to the proper level for your goals a lot faster. So, here are the 2 steps most people need to follow:

Step 1: Find a Forex signals service that is profitable over time



Step 2: Systematically build your trading account balance through safe signal trading and addition of funds.

Once you reach the account level you need to achieve your profit goals, you can start systematically withdrawing your profits and improving your lives. What you don’t want to do is abandon a profitable Forex signals service because you think it is not profitable enough (which is really a result of having to little money in the market). You then keep searching for a signals service that IS profitable enough… which means it has to have spectacular performance month in and month out. And since that signals service doesn’t exist, you go through disappointment after disappointment before finally abandoning Forex trading all together. If you feel you are not making enough money using a signals service, ask yourself these questions:

Is the Forex signals service making positive pips over the long term? Do I have enough money in the market to reach my profit goals?

If you answer “yes” to question 1, you do NOT want to abandon the service. If you answer “no” to question 2, you need to focus on systematically growing your account, NOT looking for a service with better performance. When you can answer “yes” to both questions, you will be well on your way to making the life changing profits you wanted when you joined the signals service. In short, don’t commit the Deadly Sin of using too little money for your profit goals.

Forex Signals Service Mistake 10: Not Using The Trial Period Wisely

If you have been following the Forex Signals Success Course, you know there are many things that can stand in your way of being successful with a Forex signals service. Some of the issues have to do with how the signals service is set up. Other issues have to do with the signals follower and how they approach using the service. One of the tools a lot of Forex signals services use to help people decided on using their signals service is the Trial Period. A lot of services give a free trial period for a certain amount



of time, which is a great way to experience the signals before joining the service. But even the trial period can be an obstacle. In this lesson I want to go over the Forex Signals Deadly Sin of not using the Forex signals trial period wisely.

How You Should NOT Use A Forex Signals Trial Period

If you join a Forex signals service trial period and base your decision to stay only on if the service was profitable during the trial period, you could be making a big mistake. Normally, trial periods of 7 days, 14 days or even a month are not long enough to make a decision based on performance. Performance should be looked at over the long term, and trial periods are just too short to make an informed decision. All signals service depend on performance which comes from a combination of the trader, the strategy and the market. There will be times of growth, times of consolidation and times or drawdown. The trick is to find a signals service that is profitable over the long-run, which means the performance you get during the trial period is just too random to be a major factor in your decision to join or not. Basically, don’t let short term performance sabotage your long term profit potential.

How You SHOULD Use A Forex Signals Trial Period

So, if the signals performance is not the deciding factor, what are? The first thing to look for in a Forex signals trial period is if you believe the past performance published. Obviously, you are going to take the trial for a service reporting positive results in the past. When you take a trial period, you can get a feeling for whether these results are true or not. You can tell from the trial whether the performance statistics reported are possible and probable. The second thing to look for in a Forex signals trial is if you can trade the signals. In order to get similar results as the signals service you are following, you need to be able to trade the signals as close to perfect as possible. You can easily tell this from a trial period. Taking a trial of a Forex signals service is more about getting a feeling for the service and proving to yourself you can actually trade the signals given than the actual performance numbers of the trial period. Trading Forex is a long term activity, and you should not base your long term decisions on short term results.



In short, don’t commit the Deadly Sin of not using the Forex signals trial period wisely. You should now be ready to use a Forex signals service successfully and profitably.



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How To Succeed And Profit Using Forex Signals · The most profitable Forex signals service in the...

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