Forex Signals Deadly Sin 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 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.
If you can make yourself available around 5:30 PM New York Time, Sunday-Thursday, you can trade our signals!