Biggest Forex Mistake: Premature Abandoment Of Trade Signals

The biggest Forex mistake you can make is prematurely abandoning a Forex signals provider after a very short time. You know what I mean. 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. You then decide to leave the Forex signals service as soon as possible.

Then the people say to themselves, “The service quit working”. Well, if the positive performance was real from the beginning, a small losing streak does not mean the signals service stopped 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 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 in an uptrend of profits. But you also need to be prepared to go through times of consolidation and draw-down.

The biggest Forex mistake is to leave a signals service after just a short time. If you leave the service after a very short time period, you are going to miss out on the long term gains. Forex trading should be looked at as a long term investment, and you need to suffer through the consolidation and losing periods to enjoy the overall profits.

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

The most obvious thing you must 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 many 3rd party statement publishing services on the Internet. Statement publishing services connect to the trading platform and report up to date, transparent performance statistics.

The reason this is important is to keep from falling victim to unrealistic results. 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 the service is profitable, if it doesn’t reach your expectations when you joined, you will be disappointed and leave the service.

The second thing you should do is take a long term view of your Forex signals membership. You need to make a commitment of months, not days, before you make a educated evaluation of the signals service performance. The saddest thing you can do is leave a service during a time of consolidation, and miss out on long term profits that happen after you leave.

Forex traders need to be disciplined to achieve long term profits. Likewise, Forex signals provider subscribers need to be disciplined and stick with the service over the long haul. This is the best way to avoid this big Forex mistake and reach your overall, long term profit goals.

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