Allow me me start this blog post with a bold statement:
Signing up for a signals Service will probably be the worst thing you can spend your money on if you truly want to learn how to become a successful trader.
Now that I’ve probably upset some of my colleagues, let me explain:
Let’s assume that when you consider signing up for a signal service you manage to successfully find your way through many scammers out there and find a reliable service provider that is legit and has the proper track record to show. Here’s what you get in return for your money:
- Precise Entry, stop and target levels
- Technical analysis made by professional analyst/trader
- Variety of trading opportunities to choose from (obviously you do not need to trade each and every signal)
- Proven track record that allows you to “trust” the system
Sounds great… doesn’t it?
I claim that these features that you get by signing up for a signals service are exactly why you avoid if you intend to become one day a self dependent trader that generates constant income through trading.
Let’s dig further into Signals Services and how they can prevent you from becoming a successful trader
No shortcuts on the way to success
Many Market Zone clients and followers asked me why I do not offer Signals Service as part of the MarketZone’s services and I answer them that my goal is to to help traders become a better at trading and not to rely on me to generate income for them.
In my opinion there are no short cuts on your way to success. In order to truly become a successful trader you must go through and overcome these 3 obstacles that stands in the way of every new trader that find himself trying to make money by trading the financial markets:
- Know what to look for – Picking the right trading opportunities and avoiding the bad ones.
- Write a proper trading plan – Writing a trading plan that defines your risk, your potential reward and how to activley manage your trades.
- Establish a reliable trading strategy – Finding and testing the trading approach that provides you trading edge and do not allow emotions stray you away from your trading plan.
When a trader signs up for a Signals Service he practically delegate all of these tasks (milestones on your road to success) to someone else. That someone else, the Signal Service provider, bridges the gap that stands between the trader and success.
Choose between instant profit and your longer term objective – Being a successful trader
The desire to get instant pleasure and make money from the first day of trading is what drives most traders to seek for services like Signal Services.
Most people realize very quickly that trading isn’t as easy as some advertisers won’t you to believe it is and, when they experience the pain that comes with losing money, they start seeking for answers that will help them to avoid this pain by and return the sense of pleasure by seeing money stream enters their trading accounts:
- Some go to trading rooms
- Some spend money on trading robots.
- And..most people sign up for Signals Services (mostly since it is the most affordable service among the other options).
All of the above are a form of a bridge that allow traders to close the gap that stands between them and successful consistent trading performance.
While these three options may help to make some money and generate income, none of them will get you even one inch closer to becoming self dependent successful trader.
One has to ask himself what is his goal – To generate income though purchasing services or to learn how to generate income on his own.
Those who wants to make money on their own and do not want to rely on others to do it for them, needs to put on the effort and avoid the short cuts that the services above provide.
Find your path first
Allow me to take one step back, now that I’ve explained how Signal Services stands between you and your own success, and tell you that Signal Service CAN be a useful service but with certain conditions.
Signal Services and the other services that I mentioned above may be very handy once you already established your own trading strategy and managed to successfully generate constant income by yourself.
How come? Why do you need services if you can generate income by yourself?
Well, if you already established your strategy, acquired the ability to find the right opportunities, you know how to manage your trades and control your risks….then you can, if you choose to, try to improve your performance by hooking up with more experienced traders that have proven track record in order to perhaps get more trading ideas or learn new techniques…
Once you’ve found your own path,there’s nothing wrong in learning more from others. Your skills at this point will allow you to pick up the right services will benefit your trading style and you’ll not, in any case, return to depend on others to generate income for you
The question that sums up this blog post the best is: Do you want to become a self dependent, successful professional trader?!
If the answer is YES – Stay away from short cuts. Take the long road and learn the skills of trading
If the answer is NO – Just make sure that you choose reliable and proven service that will create money for you and bridges over your weaknesses.
The Elite Zone, my mentoring program, has a goal to guide you towards success. The scope of the service includes detailed trading scenarios that are showing you exactly how what to look for when you analyze charts, how to trade the different trading scenarios that the analysis brings and how to manage your traders. Members get fully detailed trading plans that allows them to understand the trades, take decisions on their own, and manage their trades according to the plans guidelines. I also share my own trades with the members for those who want to learn from my own actions.
If you are looking to get better as a trader and you are willing to put the effort (money, time and hard work) – The Elite Zone is the Zone you want to be in.