The top Forex error you can make is prematurely abandoning a Forex signals service after a very short time. You know what I mean. You join a Forex signals service because you see it is doing well by making positive pips and profits. But as soon as you join there are immediate losing trades. This leads you to abandon the Forex signals service early.
Then the people say to themselves, "The service quit working". Well, assuming the service was reputable and the results they reported were real, a small losing streak does not signify the trade signals is not longer working. As a matter of fact, good Forex trading systems never just stop being effective. All systems work better under some market conditions than others.
This of Forex performance like a currency chart. There are up-trends, sideways movement and downtrends. Every trader wants to participate in 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 leave a signals service after just a short time. If you abandon the signals service after only a few bad trades, 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 enjoy the overall profits.
Here are a few pointers to help you avoid the big mistake of premature signals service abandonment.
The most obvious thing you need to do to avoid committing 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 account 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 join a Forex signals service because of inflated and unachievable results, it is only a matter of time before you abandon the service. Even if you are lucky enough to make some money, if it doesn't match your high expectations when you subscribed, you are going to get frustrated, be disappointed and abandon the service.
The next thing you should do is view your Forex signals service subscription as a long term investment. You need to make a commitment of months, not days, before you make a educated evaluation of the signals service performance. 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.
The traders placing the trades need to be disciplined to achieve long term profits. Likewise, Forex signals service subscribers need to be disciplined and stick with the service over the long haul. This is the best way to avoid the biggest Forex mistake and reach your Forex trading goals.
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