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Are all Signal Services scams?

  • #1
  • First Post: Aug 19, 2007 3:03pm Aug 19, 2007 3:03pm
I was just wondering if all Signal Services are worthless, are even scams, thanks.
Binary Options Trader
  • #2
  • Aug 19, 2007 3:27pm Aug 19, 2007 3:27pm
I can't say they are scams, but think of the following:

If they could produce such sure-fire signals, then why aren't THEY trading them?

Also, you should take the time to produce your own signals.


Keep working at it, you will find the answer.

Would you trust me with $500 (or whatever size you trade) of your money? That's basically what you are doing with these guys.

NOTHING beats knowing the markets yourself. Period.

If you want someone to tell you when to buy, I would suggest maybe having some firm trade it for you.....


Clockwork71
  • #3
  • Aug 19, 2007 3:50pm Aug 19, 2007 3:50pm
Quoting Yoda_Glenn
I was just wondering if all Signal Services are worthless, are even scams, thanks.
Yes they can work very well. The key is to find the right one. I am very happy with the one I use. My favorite provider is also listed with FXDD autotrader which is a good way to use a signal service. I'm in the process of adding FXCM's autotrader to spread out the broker risk between the two signal autotrader services.
  • #4
  • Aug 19, 2007 5:45pm Aug 19, 2007 5:45pm
Quoting nvwine
Yes they can work very well. The key is to find the right one. I am very happy with the one I use. My favorite provider is also listed with FXDD autotrader which is a good way to use a signal service. I'm in the process of adding FXCM's autotrader to spread out the broker risk between the two signal autotrader services.
Does having a different broker than your signal service provider prove problematic? The reason why I ask this is because it's well know that brokers have different price action.
Binary Options Trader
  • #5
  • Aug 19, 2007 5:52pm Aug 19, 2007 5:52pm
Quoting Yoda_Glenn
Does having a different broker than your signal service provider prove problematic? The reason why I ask this is because it's well know that brokers have different price action.
Absolutely using a different broker than the signal provider could result in different results. GOOD OR BAD
  • #6
  • Aug 19, 2007 6:36pm Aug 19, 2007 6:36pm
I should add a couple of things after my last post.

You almost never do as well as a signal provider's track record shows even if you use the same broker. I discount their pip count by about 20% off the top. I am then pleasantly surprised if I do better than that. I have tried providers where the discount should be much higher. In fact I could not see how people ever made a profit.

Use great caution if you are considering trading your whole account through one signal provider. I only trade part of my account through signals and autotraders. I also use EAs and manual chart trading. I don't think it is a good idea to put too much faith in any one system.
  • #7
  • Aug 20, 2007 6:11am Aug 20, 2007 6:11am
Quoting nvwine
I should add a couple of things after my last post.

You almost never do as well as a signal provider's track record shows even if you use the same broker. I discount their pip count by about 20% off the top. I am then pleasantly surprised if I do better than that. I have tried providers where the discount should be much higher. In fact I could not see how people ever made a profit.

Use great caution if you are considering trading your whole account through one signal provider. I only trade part of my account through signals and autotraders. I also use EAs and manual chart trading. I don't think it is a good idea to put too much faith in any one system.
lol obv you dont know enough winning systems ,)
  • #8
  • Aug 20, 2007 9:47am Aug 20, 2007 9:47am
Quoting clockwork71
I can't say they are scams, but think of the following:

If they could produce such sure-fire signals, then why aren't THEY trading them?

Also, you should take the time to produce your own signals.

I surely can't speak of others, but I'll be launching a website this autumn where I'll be offering free signals. Won't be charging a dime. And I won't even advertise on the site. The exact signals I trade on my account and the few other accounts I manage. Check my profile homepage for the website's address, I don't want to link to it without Merlin's approval.

But you're absolutely right. Everyone should produce their own signals. The question remains, though, does everyone have the time necessary for producing his own signals?
  • #9
  • Aug 21, 2007 12:44am Aug 21, 2007 12:44am
Of course they are worthless... and if they are worthless why should anyone pay for them? so, as long as they charge even a dime for their "signals", they're scams!
  • #10
  • Aug 21, 2007 11:07am Aug 21, 2007 11:07am
Quoting clockwork71
I can't say they are scams, but think of the following:

If they could produce such sure-fire signals, then why aren't THEY trading them?



Clockwork71
This is a common nonsense...

Let say you have a working system that produce 90% good signals.

Ok you trade it and make 10000$ each month

Now you sell your signals to 100 persons charging them 250$/month

Congratulation, you've just made an additional 25000$ without even looking at your chart !!!

Now you can make your choice here, let others trade your method and relax or trade the method yourself and stress...
  • #11
  • Aug 21, 2007 11:34am Aug 21, 2007 11:34am
Quoting melpheos
This is a common nonsense...

Let say you have a working system that produce 90% good signals.

Ok you trade it and make 10000$ each month

Now you sell your signals to 100 persons charging them 250$/month

Congratulation, you've just made an additional 25000$ without even looking at your chart !!!

Now you can make your choice here, let others trade your method and relax or trade the method yourself and stress...
If you had a "working system" producing 90% good signals, you wouldn't make 10.000 a month, but millions in no time! So you'd have to be pretty dumb to share such a system (which, of course, doesn't exist!)
Your logic is pretty flawed!
  • #12
  • Edited 1:56pm Aug 21, 2007 1:40pm | Edited 1:56pm
Quoting gtk
If you had a "working system" producing 90% good signals, you wouldn't make 10.000 a month, but millions in no time! So you'd have to be pretty dumb to share such a system (which, of course, doesn't exist!)
Your logic is pretty flawed!
It just that thinking right there why you will never make it.

Obviously the best way would be to learn your own system so that your not dependent on others but to say "ALL" providers are scams would just be ignorant.

Managing risk is the most important thing for long term success as a forex trader and using to much margin can be fatal for your account.
  • #13
  • Aug 22, 2007 7:45am Aug 22, 2007 7:45am
In theory, wouldn't one want a large segment of the market to go in the direction that he tells the market to go in?
Binary Options Trader
  • #14
  • Aug 22, 2007 8:05am Aug 22, 2007 8:05am
Quoting gtk
If you had a "working system" producing 90% good signals, you wouldn't make 10.000 a month, but millions in no time! So you'd have to be pretty dumb to share such a system (which, of course, doesn't exist!)
Your logic is pretty flawed!
Yours too...

What about if your working system gives you only 1 trade per week ? Millions in no time ? Dont think so...

And even if it produced millions in no time, why would you spit on thousands of buck for no more efforts than sending a bulk email ?
  • #15
  • Aug 22, 2007 11:51am Aug 22, 2007 11:51am
signal providers are worthless. They are like brokers, good or bad signals, they collect they monthly dues from you. They are no smarter than the rest of us (believe it or not)

Tradnig is a bout independent thinking. Using a signal service is just a contradiction
  • #16
  • Aug 23, 2007 1:13am Aug 23, 2007 1:13am
It annoys me to see everybody saying "if you had a system that worked why wouldn't you trade it yourself"

The answer is simple, it is all in the mathematics.

Lets say a company is charging $250 per month and they manage after a year or two to get 1000 clients.

$250 multiplied by the 1000 clients is $250,000 and that becomes an extra $3 million dollars per year. That isn't just pocket change it is a fair bit of money. If you have a system that is reliable and provides 100 pips per week you can run a signal service and trade also. Even millionaires would not pass up an extra 3 million per year, money is money and 3 million can buy you a decent sized yacht or can go in as a share on a private jet.

I am just begin realistic, the money is there. They are not all scams but I would have to say the majority are.
  • #17
  • Aug 23, 2007 3:40am Aug 23, 2007 3:40am
A while ago a friend of mine considered providing a signal service.
The idea was that he'd advise half the subscribers to buy say GBP/USD and the other half he'd advise to sell.
Thus after every trade half the customers think the system is amazingly brilliant.
  • #18
  • Aug 23, 2007 3:53am Aug 23, 2007 3:53am
For whatever its worth,
I trade j16 stuff myself, and on the side, I take robbooker signals on a seperate account, I'm suprised how good they are.
  • #19
  • Edited 9:14am Aug 23, 2007 8:53am | Edited 9:14am
Quoting djmetric
A while ago a friend of mine considered providing a signal service.
The idea was that he'd advise half the subscribers to buy say GBP/USD and the other half he'd advise to sell.
Thus after every trade half the customers think the system is amazingly brilliant.
smart choice of friends I hope you don't leave anything of value out when he is around. He probably works on the phone stealing money from little old ladies for some lottery scam too.

A THIEF IS A THIEF
  • #20
  • Aug 23, 2007 9:13am Aug 23, 2007 9:13am
Yes there are many scams and thief's. When you hire a contractor to come fix your roof, how do you know he not going to rip you off. This is just a fact of life we have to deal with. There seems to be more scams in FX but this is just supply and demand to many newbies trying to become minute millionaires. Every sucefull trader will tell you its all about MM. Its real quick to see if a provider is scam or not all you have to do is be able to match their results they are posting using the same broker (cause I hope we all know you can place the same trades at diff brokers and get very diff results)

I see it all the time the noob goes in trading 20% 30% 40% 50% to 80% of his account per trade because the provider is showing they make 1000s pips last monh. minute millionaires

I find it amazing how common sense really goes out the window when it comes to people starting out in FX

I agree it would be silly for the provider not to trade his own system, but what makes you think their not? If your answer is becasue they would be a millionair in no time I think you better take a hard look at your MM.

To me it sounds more like, becasue you can''t make it as a trader means no one can there for it would be impossible for a signal provider work. LOL
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