How to pick reliable signals?

[nvenr32]

Your balance doesn't mean anything. 10k or 50k. Who cares. It's all about %%%%%%%% not $$$$$$$.

I understand it's not about the balance however, and correct me if I am wrong doesn't the XAU/USD pair carry more risk in lot sizing as compared to trading just a regular currency pair e.g. EUR/USD?

That's why I brought up my balance.


Regards,

nvenr32

[Big River Man]

I understand it's not about the balance however, and correct me if I am wrong doesn't the XAU/USD pair carry more risk in lot sizing as compared to trading just a regular currency pair e.g. EUR/USD?

That's why I brought up my balance.


Regards,

nvenr32

Silver does. I think it's 10 times the contract size of FX and Gold.
If you do sub to Goldstar then just put fixed lot 0.03 risk.

[mchung]

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[FX Protector]

Pick a signal which uses 100% hard stop loss and good risk reward ratio! Thats all.

[Okda]

Pick a signal which uses 100% hard stop loss and good risk reward ratio! Thats all.

this is good on paper, but in real world ( or at least on this website) the best signal (aka Viper) doesn't use sl nor have good RR ratio

money management IMHO is one of the most important factor that we always neglect in selecting a signal to follow, which is the main reason why Viper has survived while many other traders with good strategy failed

Sent from my GT-N7000 using Tapatalk

[fxnafis]

Hi all,

Let me give my feedback on this topic as I believe this is very important.

First of all as an investor you have to do your own due diligence and define your risk parameters. Some of you might want high return and don't mind high risk and others might want a slow consistent return and will not like fluctuation in your equity curve.

Lets talk about risk parameters first:

Please pay close attention to the settings available on the trade copier. All your trade copier comes with a setting which allows you to set a max level drawdown. Please use this. If you use it u will not get burned by signal providers who might not stict with the parameters they promised. First rule of thumb protect your equity at all cost. If that's gone ur out of the game.

I always suggest being proactive about this. Instead of blaming SP's just make sure you are doing everything from your end to control risk. This way if the trader doesn't trade the way he/she outline you can always cancel the subscription with them.

Secondly choosing the traders:

There are quite a few strategies traders use to trade. I will briefly outline a two mostly used stragies with pros and cons so you can make a better choice

Martingale Strategy:

This type of strategy will usually give good results if used with very low leverage. But as in most cases most ppl will use high leverage which eventually results in blowing up the account. Also the trader has to knw when to cut position as some are impossible to save. Easiest way to spot this is pips gained will always be lower than profit. And on big gaining days their net pips will be negative. So if u see a trading using this strategy with high leverage trust me just run. They will blow the account just a matter of time.

Normal price action strategy:

In this type of system the trader must have positive expectancy with gainers being higher than losers. If not weeks of gain can be wiped out on 1 bad day. So MAKE SURE YOU SET UR MAXIMUM DD LIMIT. This will help save ur account even if the trader has a big losing day.


Final few words:

Always make sure you test out the traders before you invest big with them. And remember big return means big risk no other way to achieve it. And if it looks too good to be true it usually not so please be careful. If you lose 50% in the market you need a 100% return to recover it.With an average annualized return of 30% Warren Buffet is one the richest man in the world. Just trust in the power of compounding and be patient.

I hope some of you might find this useful. Just contributing my 2pips.

[Beggar]

It is not so much about reliable signals but you need to determine your overall trading strategy first. Signals for swing trading will necessary be different from trend following or breakout trades or price action trades.

If you are into trend following (yes, this strategy is not only for stocks and there are even more trends in forex), you may want to read the tactics used by Turtles (detailed in Inside The Minds of the Turtles by Curtis Faith) and check out this forex signals software which I stumbled across recently.

http://forex.mastertrendtrading.com/ForexTrendy

Happy Trading!