Top Forex Mistake: Early Abandoment Of Trade Signals

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The most costly Forex error you can make is prematurely abandoning a Forex signals provider after a very short time. This might have happened to you before. 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 there are immediate losing trades. This leads you to abandon the Forex signals service as soon as possible.

Then the people say to themselves, “The signals quit working”. Well, if the positive performance was real from the beginning, a small losing streak does not mean the signals service stopped working. In truth, well designed trading strategies never stop working. All systems work better under some market conditions than others.

Forex signal performance is a lot like the currency market itself. There are up-trends, sideways movement and downtrends. Every trader wants to join a signals service when it is winning consistently. But you also need to be prepared to go through times of consolidation and draw-down.

The big Forex mistake is to abandon the service. If you abandon the signals service after a very short time period, you are going to sacrifice overall gains of long term trading. Forex trading is a long term activity, and you need to suffer through the consolidation and losing periods to profit over the long haul.

Here are a couple of pointers to keep your from making this costly Forex mistake.

The first thing you must do to keep from making 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 online. Statement publishing services hook up to the trading platform and report up to date, transparent performance statistics.

Basing your decision to join a service on real results helps you avoid falling victim to inflated expectations. 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 match your high expectations when you subscribed, you will be disappointed and leave the service.

The next thing you should do is view your Forex signals service subscription as a long term investment. You need to be committed to staying in the service 3 to 6 months before you can make an educated decision of whether to stay with the service or not. The last thing you want to do is quit the service because of a consolidation period, and miss out on long term profits that happen after you leave.

Forex traders need to be disciplined if they are going to reach their long term goals. In the same way, Forex signals provider subscribers need to be disciplined and stick with the service over the long haul. This is the only way to avoid the biggest Forex mistake and reach your Forex trading goals.

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