I like to use signal services for my forex trading. I'm just not confident enough in my abilities to make a consistent profit. So while I'm learning the trading style and systems that work for me I use these services to make some money in the market and get hands on experience in a live account. So far it has worked out pretty well for me. I won't mention which signal provider it is. I dont' want to bash or advertise for anyone.
So the issue that I have is that my signal provider seems to skew his results on the positive side. For instance he could be up 1000 pips in a month and yet I'll still loose money. Typically this is how it goes:
1) a signal is sent out.
2) you enter your trade with your maximum risk (Mine is 2%)
3) Trade goes up 50 pips, close 50%
4) trade goes up another 50 pips, Close 25%
5) trade goes up another 50 pips, close the rest.
For this one trade we are now up 150 pips. Which seems a bit skewed. you see I would have lost my full 2% on the 50-100 pip stop loss but we somehow gained 150 pips and I only really have a 2% gain. I like the profits are taken and locked in but it seems a bit shady that they want to add pips on a single trade signal instead of say averaging the close prices.
Is this normal? Are there any signal services out there that don't skew the numbers in their favor.
Nic
So the issue that I have is that my signal provider seems to skew his results on the positive side. For instance he could be up 1000 pips in a month and yet I'll still loose money. Typically this is how it goes:
1) a signal is sent out.
2) you enter your trade with your maximum risk (Mine is 2%)
3) Trade goes up 50 pips, close 50%
4) trade goes up another 50 pips, Close 25%
5) trade goes up another 50 pips, close the rest.
For this one trade we are now up 150 pips. Which seems a bit skewed. you see I would have lost my full 2% on the 50-100 pip stop loss but we somehow gained 150 pips and I only really have a 2% gain. I like the profits are taken and locked in but it seems a bit shady that they want to add pips on a single trade signal instead of say averaging the close prices.
Is this normal? Are there any signal services out there that don't skew the numbers in their favor.
Nic