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Chapter 39, Part II. Forex Scam - Trading Bots, Signals, and Brokers. Page 6

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 28, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    Trading signals services

    Commander in Pips: In general signals services are not much different from managing and trading bots. The major different in them is that you can decide – to take signal or not, with what volume to trade and can monitor overall development of the trade. In fact, a traditional signal service just gives you the kick – “Dude, Buy!” or “Dude, Sell!” After this you are scratching your head and trying to come to any conclusion. NOTE: Some signals services offer link to a “slave” EA that copies the trades automatically to your account.

    And what’s wrong with it? At least I’m controlling situation and can accept or denied the signal. I’m my own master. With third part management I do not see anything – trades, decision context – nothing. With trading bots I also can’t do much, but here – all the cards in my hands, I suppose.

    Commander in Pips: I tell you, there are still some scam traps here:

    1. One of the possible conditions to get signals, could be an opening account with some particular broker. For example – you will open account with us and you will get trading signals for free. Taking into account broker’s interest (at least fast and flat trading, if not to say worse), you can imagine what kind of signals they could provide;

    2. Some good traders could provide their own signal services for free, but usually they do it, if you subscribe for some another services, say trading online room or some others;

    3. Take a note that when you take some signal – you absolutely do not know what the foundation of it is, what’s the context and reason for provide it, and how it has appeared at all. All choice that you have is just to take it or not. How do you know, maybe some guy tossed a coin and say – “Heads – buy, tails – sell” and have sent this signals to you. Other words, if you trade – you do it blindly. That sounds not too fascinating, right?

    4. Also signal service could be based on some trading bots, that even you have seen before and denied it. But now those swindlers run the same bot in their office, get signals and send them to you. In fact, you’ve bought the same bot, but do not know about it;
    #1 Sive Morten, Dec 28, 2013
    Lasted edited by : Oct 16, 2016
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