Trading Signals Won’t Make You Rich!
Bitcoin / Dollar
Probably I will break the business of local signal providers, but I would like to share with you my thoughts on this topic. Of course, fans of crypto gurus and crypto legends will write me in comments how far I’m from the reality, but it’s ok. I would like to address this post to novice traders who really want to become successful traders and use trading signals just because they don’t know about the proper way and they don’t see alternatives.
Trading signals won’t make you rich! It’s my position supported by my knowledge and experience. I have been trading since 2007 and passed the path from the novice to professional trader. I know what I’m talking about. u2028u2028Trading signals can’t make you rich, because they represent only a small part of the whole arsenal which every trader must have. Trading signals, they are just a tool which can make money or lose money. When you start following signals without knowledge and experience, you are not far from making mistakes. Mistakes lead to blow up capitals in the financial markets. You can’t use trading signals properly because you don’t have knowledge and experience. What do you know about proper money management? What do you know about periods of drawdown? What do you know about controlling your emotions? If you are a beginner, of course, you know nothing. But instead of getting important knowledge about trading, you focus on the most simple way. Trading signals allow you to start making money right now. As you want to get results right now and improve your life just right now, of course, you begin following signal providers and signals as the tool which can make your dreams come true.
«Get Lambo for one week» – sounds interesting. What do you need for this? Oh, just buy signals and you dream will come true. It’s simple! It’s cool!
«If you want to become a profitable trader, you need to learn the theory and practice during one year or even more. Only after that, you will be able to become a successful trader» – it sounds too complicated.
You must remember, even you use trading signals from a very good source. Even a trader or signal service are not scammers and really provide you with high-quality signals. One day you will face with the drawdown. Because there will be 1,2,3 – 10 loss trades in a raw and it will hurt you. Negative emotions will overload you and they will push you to make mistakes. If professional traders can pass such period of drawdowns easily because they have trade plan and believe in it, novice traders have nothing, only emotions and they start a panic. As a result – they have to search for new capital and start from the beginning.
One day, you will realize how much time and money you spend for nothing. You could spend it on getting knowledge and only after that use trading signals for getting experience from real trading. In the Risk Warning of TradingView, you can read right words: «Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice.» For educational purposes… But how do you use this stuff? You use the stuff for trading only and do nothing for learning from it. If you could use these trading signals for educational purpose and combine them with the main theory about trading, you would be able to build a solid basis for your further growth as a trader. Many of you prefer to use the most simple way, and trading signals provide it. Trading signals give you the illusion that your goal can be reached faster and with minimum efforts. But the proper way which can really lead you to success, it’s in other direction.
Source: TW DLavrov