Biggest Forex Mistake: Premature Abandoment Of Forex Signals
The most costly Forex mistake you can make is prematurely abandoning a Forex signal service after a very short time. You know what I mean. You join a Forex signals service because they are reporting positive results and you want to get in on the action. But as soon as you join you immediately suffer some losing trades. This leads you to leave the Forex signals service as soon as possible.
I hear a lot of people say, “The service quit working”. Well, assuming the service was reputable and the results they reported were real, a few losing trades does not signify the trade signals stopped working. In truth, well designed trading strategies never just stop being effective. Every system is more profitable during certain market conditions than others.
This of Forex performance like a currency chart. There are up-trends, sideways movement and downtrends. Everyone wants to join a signals service when it is in an uptrend of profits. But you also need to be prepared to go through times of consolidation and draw-down.
The top Forex mistake is to abandon the service. If you leave the service after a very short time period, you are going to miss out on the long term gains. Forex trading is a long term activity, and you need to ride the consolidation and losing periods to profit over the long haul.
Here are a few tips to keep your from making this costly Forex mistake.
The first thing you must do to avoid committing this big Forex mistake is make sure the results of the Forex signals service you want to join can be verified. There are plenty of 3rd party statement publishing services on the Internet. Statement publishing services hook up to the trading account and report real, up to the minute results.
The reason this is important is to keep from falling victim to unrealistic results. If you base your decision on false performance reports, it is only a matter of time before you abandon the service. Even if the service is profitable, if it doesn’t reach your expectations when you joined, you will be disappointed and leave the service.
The second thing you should do is view your Forex signals service subscription as a long term investment. You need to make a commitment of months, not days, before you make a educated evaluation of the signals service performance. The saddest thing you can do is leave a service during a time of consolidation, and miss out on long term profits that happen after you leave.
The traders placing the trades need to be disciplined if they are going to reach their long term goals. Likewise, Forex signal service followers need to be disciplined and commit to the service for a longer length of time. This is the best way to avoid this big Forex mistake and reach your Forex trading goals.
Here are the stats for the Best Forex Trade Signals strategies…
Dragonfly FX Signals
Butterfly FX Signals
Firefly Fx Signals