Forex Signals providers - are the results legit?

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Hi Everyone. 

Thank you for your time first and foremost.

I've through the past year used various "signals" providers on telegram, who shows great results, stability, low DD and so. However, the profits seems to be somewhat inflated as many of the providers counts TP1, TP2 and TP3 as separately trades and then adding them up, but when the signal hits SL, then they will only calculate SL as one trade, when it should in reality be calculated as 3 just like the TP's, right? This method seems to inflate the results significantly and is probably why, I keep switching providers I guess?

I really want to hear your opinions and your experiences with similar services - as I really struggle to find a reliable source.

Thank you.
 
Daniel W: Hi Everyone. Thank you for your time first and foremost. I've through the past year used various "signals" providers on telegram, who shows great results, stability, low DD and so. However, the profits seems to be somewhat inflated as many of the providers counts TP1, TP2 and TP3 as separately trades and then adding them up, but when the signal hits SL, then they will only calculate SL as one trade, when it should in reality be calculated as 3 just like the TP's, right? This method seems to inflate the results significantly and is probably why, I keep switching providers I guess? I really want to hear your opinions and your experiences with similar services - as I really struggle to find a reliable source.

My personal opinion, is that you should invest time and put in effort to learn to trade yourself, instead of relying on signals that may or may not turn out to be bogus (of which most are bogus, in my opinion).

Not only will that allow you the freedom to trade on your own, but will also give you the knowledge to be able to judge the quality of signal services.

 
Daniel W:
Hi Everyone. 

Thank you for your time first and foremost.

I've through the past year used various "signals" providers on telegram, who shows great results, stability, low DD and so. However, the profits seems to be somewhat inflated as many of the providers counts TP1, TP2 and TP3 as separately trades and then adding them up, but when the signal hits SL, then they will only calculate SL as one trade, when it should in reality be calculated as 3 just like the TP's, right? This method seems to inflate the results significantly and is probably why, I keep switching providers I guess?

I really want to hear your opinions and your experiences with similar services - as I really struggle to find a reliable source.

Thank you.

Most Telegram signals you can not confirm those advertising results. A good Signal is based on How long it has been trading, Drawdown and the platform where you are analysing the signal. Use platform like mql5 to analyse and copy signals not telegram because they are plenty scammers there and you can't really confirm those results. Trading is not easy so copying signals and using robots are best options. Even if you learn to trade it may also be waste of time as you may still be not profitable. 

 

Fernando is right. I would add: Learn to code. There is so much BS floating around from so called gurus. If you can not code, there is no way for you to validate what is being said.

Regarding waste of time. I disagree. It is always better to invest in your own pipeline, whether time or money, then in someone else's.

 
I think it has both drawbacks and benefits. But regardless it is important to understand what you are doing, how the platform works for example alot of traders leave unsuccessful trades open (assuming platform calculated the result after a trade is closed) hence the analytics are focused on profitability and slightly misleading. My point is you need to become familiar with the market as a trader and sure you copy trading or signal providers too when you think its reasonable. But these are all tools to help people succeed we still have to watch over all those transaction and have proper setting and strategy to benefit from them.

Regards
Farzad Vajihi


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