The biggest Forex error you can make is abandoning a Forex signals service, or Forex system for that matter, prematurely. 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 you immediately suffer some losing trades. This leads you to abandon the Forex signals service early.
I hear a lot of people say, "The system quit working". Well, if the positive performance was real from the beginning, a small losing streak does not mean the trade signals is not longer working. In truth, good Forex trading systems never just stop being effective. Every system is more profitable during certain market conditions than others.
This of Forex performance like a currency chart. There are times when your profit graph goes up nicely, there are times of consolidation and there are times when you are losing. Everyone 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 should be looked at as a long term investment, and you need to ride the consolidation and losing periods to enjoy the overall profits.
Here are a couple of tips to help you avoid the big mistake of premature signals service abandonment.
The first thing you must do to avoid committing this big Forex mistake is to only join Forex signals services with verifiable results. There are plenty of 3rd party statement publishing services online. These services connect to the trading account and report real, up to the minute results.
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 second thing you need to do is take a long term view of your Forex signals membership. 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, only to come back later and see the service made huge gains after you quit.
The traders placing the trades need to be disciplined if they are going to reach their long term goals. In the same way, 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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