When you’re trying to find a reliable signals provider, research is key.
You’re looking for someone you can trust, that’s gonna provide trading signals that are profitable over the long term, whilst protecting your capital.
So here are the 3 biggest problems you will have with most trade alerts services and I’m going to tell you how you can avoid them.
Problem #1 – Poor Risk Management
A lot of services out there would be quite happy to give you an entry price and direction of a trade, a small minority might even be kind enough to offer you a stoploss – but if they do they don’t really tell you what to do with that stoploss.
And stoplosses are crucial to trading.
You should never open a trade without knowing at what point you should get out and take that loss.
Because NOBODY gets it right 100% of the time, so you have to expect to take losses.
There’s a lot of services that claim over 90% hit rate on profitable trades, and that’s because they take hundreds and hundreds of trades a month with really small profits, we’re talking 4-5 pips, and have a handful of losing trades for hundreds of pips.
That is a fantastic way to go broke, because just a couple of losing trades in a row can total your entire account.
When a signals provider gives you a stoploss for a position, make sure that you use a lot size calculator, and never risk more than 2% of your account on any position.
That way you don’t run the risk of totalling your account within a handful of trades.
Always ensure you are set to gain at least DOUBLE what you risk. So if you risk 2% make sure it is to gain at least 4%
Problem #2 – Lack of Proof
Before you try out anybody’s signals, challenge them for proof.
It’s very, very easy to setup a website these days and claim to be the greatest trader in the world.
The hard part is proving it.
Every trader worth his salt will have fully tracked and verified trading results, for AT LEAST 12 months.
A lot of telegram signal services share their customers screenshots from winning trades and claim this is their proof, but they aren’t gonna share the losing trades are they?
Think about it!
These guys are not being totally honest with you – they are picking and choosing what you see and taking money from you based on that information.
Don’t be fooled, always ask for a verified and tracked portfolio
A good example of this would be MyFXbook.
The guys at MyFXbook get a traders trading history direct from their broker, so as long as it has a green tick and says that it’s fully verified, then you know those trading results are legit.
At Williams & Co. Trading you can check out my trading history including all the losses, and you can see that over time we have seen a profit.
Problem #3 – Detachment from Reality
Now this is a big one because this is mainly why people think they want to trade for a living.
A lot of new traders get pulled into the world of trading by promises of fast cars, expensive watches, and designer shoes.
People get promised all of this from a trading account of just 50 quid.
A 50 quid trading account is NOT gonna make you a millionaire, it’s impossible.
To succeed with a signals service you HAVE to be realistic.
You cannot come into this game and think you’ll get rich overnight.
With that mentality it’s more likely you’ll go broke overnight.
These instagram kids that scam customers into their telegram groups really don’t have the kind of money you think they do, despite what their pictures say.
Hiring a Ferrari for a day and taking pictures in different locations and outfits really isn’t that expensive.
You can even go sit in a parked jet for an hour just to get your pics for the gram.
And that’s exactly what these kids are doing.
Most successful traders don’t flaunt their cash like that, they use it as trading capital to compound even more, with less risk.
So, if you are serious about trading, you have to be serious about what you can earn.
Once you find a reliable signals provider, who ticks all the right boxes, you need to put forward a serious amount of capital, at least a few thousand dollars.
Then you need to manage your risk correctly, and don’t expect to make higher than 3-5% a month. If you do make more, then that’s a bonus!
Problem #4 – No Details about their Trading Strategy
Somebody who is providing trading signals is an expert in their field.
The bonus of paying for trading signals is that it saves you time of having to go through the extremely steep learning curve of learning how to trade yourself.
So you go and find an expert who can do all this for you and tell you exactly what to do.
We are experts, and we should be treated as such.
So ask us as many questions as you possibly can about our strategies.
If somebody is legitimately a successful trader they will be able to explain to you the ins and outs of how they find a trade, how they decide on directional bias, how they decide if they will pull the trigger on that trade, how do they manage the trade once in it.
All of these are things we are familiar with.
Anyone who has been in the market long enough to be classed as part of the 5% of successful traders knows exactly how difficult it is to extract profit from the markets.
It’s no cakewalk, trading is the HARDEST way to make an EASY buck.
If you’re still looking for a reliable trade signals provider then click the link below and check out my Trade Alerts service.
I offer a profit guarantee – this means if you don’t make money in the first 60 days I will give you your money back, I’m just THAT confident that you will make money with me.
I am realistic with what you can return from my alerts, and I have the proof to back it up.
If you have any questions, or you just wanna drop me an email to chat about trading, I love hearing from new people, I love meeting new traders – if I’m able to offer any words of wisdom or you just wanna chew the fat, hit me up, send me an email, get in touch on the website.
P.S Whether or not you use Williams & Co Trading, or someone else for your Trading Signals, please make sure your signals provider meets all of these requirements before you sign up.