Signal channels are dime a dozen, but the ones that actually follow their own advice and willing to prove it are hard to find. If you plan to risk your money following stranger’s advice, spare 2 minutes and read below. It might save your time and money.
I. Do you follow your own advice? Prove it.
The very first question you should ask before following any signal is this: does the signal owner trust their signal enough to risk their money on it?
It’s a common sense actually. If it’s profitable then there is absolutely no reason not to trade the signal. So how do you know for sure that they trade their own signal? There are 2 ways:
1) They give you their investor password so you can verify yourself.
This has been done less and less due to the existence of service/software to copy an account’s trades by utilizing investor password. Not providing investor password these days is a legit step to protect themselves as signal provider.
2) They provide link to 3rd party portfolio sites such as Myfxbook or MQL5 so you can see.
For this option, there is no reason not to do. It’s completely safe for them, depend on the service they can choose to deactivate copy function or put on ridiculously high monthly fee that no one will dare to copy.
Once you get a link to the 3rd party portfolio site, there are a few things to check just to make sure they’re not playing games with you. Be sure to read here for a few essential points to check so you’re covered.
Once you’ve established that they do follow their own signals and it is indeed profitable, then come the 2nd step: evaluate if it matches your lifestyle and preferences.
II. Is it doable for me?
Signal providers have different strategies (of course). Some will trade multiple times throughout the day, some will only enter 1-2 times per day. Others would enter once every few days and hold positions for days or week.
If you expect quick small rewards and are able to spare your time throughout the day to check and enter trades, the provider who does multiple entries per day might be the one for you.
If you always busy at work and seldom have time to check your phone, you might find the one who send less frequently but target bigger pips more appealing.
You get the theme here. Match their trading style with your lifestyle & preferences and you will find the balance.
Wait! Can I skip all those checking and just decide based on proofs available on their site/group/channel?
What about the other “proofs”? I’m talking about the stuff they usually use to convince you: screenshots (all time favorites!), profit tracking table, broker’s statement, a list of profitable trades they took today and thousands of pips they won, the list goes on.
While not all these are made up, there is no way for you to verify them and decision making-wise it puts you on a disadvantage. You can take all of these as consideration points but at the end only investor password or third party portfolio site can provide 100% clarity on what is actually going on.
Not willing to provide? Your loss Amigo!
What if they’re not willing to provide for various excuses? Then now you know what their actual skill is and you can walk away knowing you’re not losing much aside from your time.
90+% of traders lose their money and these signal providers are no exception. They just so practiced on avoiding transparency, glossing up the good, and shoving the bad under the rug. DON’T be a victim, you’re MUCH better than that.