Why Forex Signals Subscribers Should Have The Same Expectations As Seasoned Traders.
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.
Even though Forex signals subscribers are not making the trading decisions themselves and following an already profitable Forex trader, they need to have trading expectations AS IF they are seasoned traders.
I understand this is tough to do. I mean, many people use Forex signals services because they don’t have the knowledge and experience to trade profitably on their own. But they need the knowledge and experience necessary to understand what to expect. Let’s go over this conundrum a little more
Even Professional Traders Have Losing Trades, Weeks And Months
Most at-home traders don’t have any real experience with professional traders. If 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 losses. 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.
One of the ways I mitigate the consequences of losing trades is trading with a high risk to reward ratio. Basically, I seek to make more money on winning trades than I lose on losing trades. This makes it possible to still be profitable, even with a lower win rate.
– Forex Signals Subscribers Must Act And Think Like A Professional Trader
Even though the Forex signal 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 sometimes those decisions will lead to losing trades.
Just because the Forex signal subscriber is paying for signals does not mean every trade is going to be a winner. Professional traders must struggle through the losses just like everyone else. 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. No one, myself included, like losing trades. But being a long term profitable trader requires you deal with losses emotionally and PLAN for them by taking measures to remain profitable despite the losses.
– 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 as well.
- 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 CAN lead to OVERALL gains in the long term.
My trading approach is strategically designed to be profitable over the long term, despite the inevitable losses. You simply need to keep trading over the long term. That is the key to Forex trading success.
– Trade Forex Signals Long Enough To Gain Experience
Understandably, a lot of people join a Forex signals service without a lot of trading experience. Unfortunately, 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 signal follower should dedicate themselves to at least 3–6 months of using the service… no matter what. This is the only way to ensure they stick with the service long enough to experience the true potential of the signals they 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 simply must trade the signals over the long term. And 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 possible.
In Conclusion
On the one hand, you are excited about getting similar profits to the trader you are following. On the other hand, you might not have the experience necessary to understand loss, and how dealing with loss is essential to get similar profits to the trader you are following. This leads to doubt and stress.
There is no way around it. You simply must stick with the trading long enough to go through the growth, consolidation and loss cycle for yourselves. And when you do, and come out on the other side with long term profits… you’ll have the knowledge, experience and CONFIDENCE to keep trading. And trading the signals over the long term is where the real, potentially life changing profits are.
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