How Most Forex Traders Using Signals Are Stuck In Stage 2 And Doomed To Failure

May 22nd, 2010 · No Comments · Currency Trading

Using the signals generated from a Forex signal service is a great way to make extra money, increase your wealth or replace your current income. However, the journey from beginner Forex trader to profitable trader does not always end with profits, even if you use a Forex signal service. As a matter of fact, there are three stages you need to go through if you want to be a successful Forex trader using signals. (Use this info to see what stage you are in and what you might need to do to get the next stage).

STAGE 1: Dreaming Of Using Forex Signals Fore Easy Riches

Obviously, we are interested in trading Forex for the vast amount of money that can be generated. We have all dreamed of making more money and all the changes to our lives because of it. Dreams of bigger houses, nicer cars, expensive vacations or simply getting all the month’s bills paid without worry is what got us interested in Forex to begin with . And there are plenty of products and services out there convincing us we can achieve all this without any knowledge, very little effort and not a lot of money to get started.

But just dreaming about Forex trading is not going to make you the money you desire. You actually have to place some trades! This leads you to enter stage two of your journey (the most dangerous).

STAGE 2: You Want The Forex Signals To Be Responsible For Your Success

You want a Forex signals service to do all the heavy lifting for you by sending you signals. Most Forex signals services claim you only have to place their BUY and SELL signals to make a steady income. Unfortunately, it never is as easy as we hope it will be. And while the dream of riches never dies, you never seem to get to where you want to be. You are sure you just need to find the “right” Forex signals service to start making money!

What is really going on here is you want to escape any responsibility for failure. When you fail to make money trading the signals, it is someone elses fault, not yours. You say out loud, “Those Forex signals were terrible”, and you go off in search of another one.

This is the stage where most budding Forex traders get stuck. They jump from one service to another without ever getting the results they wanted. They usually continue wasting time and money like this until they finally give up. They feel frustrated, cheated and embarrassed about all the time and money they wasted. (You do not want to be one of the people that end like this).

Now I want to tell you about the next stage, (which few budding traders reach), and show you what you need to do to finally succeed trading Forex.

STAGE 3: You Acknowledge You Need Help – But Accept Responsibility For Your Success (Or Failure)

Few traders realize that using a Forex signals service does not mean you exempt from the responsibility of your success. The signal service should be looked at as a tool, but how you use it is what results in success. The fact is, you do need to learn something about Forex trading and being a Forex trader to use the signals properly.

Don’t be silly an try to learn something like Forex all on your own. You need to learn from someone who has gone before you and succeeded. You need to learn, and someone to show you the ropes. But don’t forget, your success or failure inevitably is determined by how well you learn and APPLY what you learn.

I think it is obvious, you need more than BUY and SELL signals to be a profitable Forex trader. You need the training and mentoring which enables you to trade the signals successfully. And this training and mentoring should come from a real Forex trader with real experience.

If you are in stage 1 and only dreaming about the riches you can make trading Forex, that’s ok, keep dreaming. But dreaming without ACTION is never going to get you anywhere! At some point you are going to have to do something that leads to placing real trades for real money.

If you are in stage 2, bouncing from one program, system or service to the next without success, you need to put a stop to this. You need to get the right training and mentoring combined with signals to finally reach your goals. Then you need take responsibility for your part in making everything work. If you take the responsibility to succeed, you will apply yourself to the learning process and start seeing the results you wanted in the first place.

Look at it like this…

The Forex signals you use is the Fork Lift that does all the heavy lifting for you. But the training and mentoring gives you the knowledge of how to drive the Fork Lift to get the job done. Having both the Forex signals themselves, and the knowledge of how to trade them like a pro is what is going to make you a Forex success. The signals themselves do the heavy lifting, but it is your knowledge and actions that allow you to trade the signals successfully.

Tom Strignano and Vladimir Ribakov have teamed up to give both high-quality signals and top-notch mentoring. You can find out more at the Forex Signal Service. To learn the 3 reasons this signal service is different than others, check out my Forex Signals Review.

categories: forex, currency trading, day trading, investing, investment, finance, personal finance

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