Nico.Muselle

Education: Why you should NOT buy or trade signals!

Education
FX:EURUSD   Euro / U.S. Dollar
"Give a Man a Fish, and You Feed Him for a Day. Teach a Man To Fish, and You Feed Him for a Lifetime" - unknown origin*




🔴What does this quote mean, and how does it related to trading (signals)?
The quote means that you can indeed resolve an issue by providing a hungry man a fish, serving his immediate need, but if you really want to help him you should teach him to become self-sufficient.
Similarly, while providing a signal, you can provide the signal to a winning trade to someone, but if you really want to help him, you teach him how to analyze the market and become self-sufficient in trading.



🔴DISCLAIMER
This post will probably get some backlash from users who provide signals, be it paid or not, because it goes against their "business model" and might reduce their revenues in one way or the other. But that is fine by me, this is my personal opinion, and I advise every single reader of this publication to draw his own conclusions.



🔴What are trading signals?
Trading signals at a minimum constitute of an entry price and a direction. Example : buy $Gold at 1825 USD.
Some (but not all) signal providers also give you a Profit Target and/or a Stop Loss. They give you actionable information on where to open a trade, which direction you should trade and sometimes when you should close the trade.



🔴That's easy! Nothing wrong with that, it can make me money, right! Right???
Yes, it can, you are absolutely right that you can make money off a trading signal.
However, there are a couple of questions that you need to ask yourself :

  • How many trades, what percentage, can you expect to win?
  • If not provided, where should you take profit or cut your losses?
  • What is the reason for entering the trade?
  • What confidence do you have in the trade if you're just following someone elses instructions?
  • What if you lose 10 trades in a row, was this expected?
  • Who is responsible for your losses? You, or the signal provider?
  • What do you learn from trading signals?
  • What are the emotions you have to go through during the trade?
  • What if your signal provider stops?

🤔 Additionally the question arises why the signals are provided.
Is it altruism? Or is it conceivable that the provider does not make enough by trading and wants to top-up his gains(?) by selling signals. Income from trading is not guaranteed, when you sell signal you make your profit the moment the transaction takes place, independent of the outcome of the trade. That's guaranteed 💰.
And yes, people will be unhappy and no longer order the providers' services, but there are always new "potential buyers" coming to the financial markets.

💡 "Trading signals does not guarantee your income, it guarantees the signal providers' income."




🔴OK, fair enough, but what should I do if I don't know how to trade?
Allow me to be blunt here, if you don't know how to trade, you should either learn how to trade, either keep your money in your pockets.

Ask yourself why you want to trade? What is the end goal?
► If you say that you just want to make some extra money, then taking up a 2nd job is a much more reliable source of income than throwing your money at the markets based on something someone else said, don't you agree?
Other than that, as said earlier, if you depend on a signal provider, that income (if any) will disappear the moment the signals do.
► If you want to become a trader, become financially independent, get rid of your daytime job, get out of that hamster wheel, I strongly suggest you invest the time and effort to learn how to trade for yourself.



🔴MY ADVICE
  • Don't be lazy
  • Don't trade signals and
  • Learn how to trade
  • Hustle
  • Grind
  • Fail
  • Learn from your mistakes
  • Fail again
  • Don't give up
  • Don't expect to become rich overnight
  • Keep learning
  • Do your own research and analysis
  • Rinse and repeat until you succeed....
That, imho is the only way you will achieve the financial goals you have set for yourself and feel good about it...



So, let's take our initial proverb and give it a trader twist:
👉🏻👉🏻👉🏻 "Give a Man a Signal, and You Could Feed Him for a Day. Teach a Man To Trade, and You Feed Him for a Lifetime" - Nico Muselle

💥The decision is all yours, if you want it bad enough, you can do it!💥

🔴Useful information
This TradingView article gives you some additional information on the things you shouldn't do ... Give it a read before you hand out your hard earned money.
https://www.tradingview.com/support/solutions/43000570848-5-things-you-should-never-do-on-tradingview/

Do you agree? What is your view on signals?
Let's open the discussion in the comments below ...

✌🏻 PEACE OUT

Liked this post ? "Smash that like button!" 👍 - follow for more educational posts and alerts 🔔 when a new one is published.
Oh, and maybe you'll like the related ideas linked below as well?
Thank you for your visit! 🙏
Comment: To those that provide an opposing view and want to show that they provide signals explaining the reasons for the entry:
Only give references that we can all see on TradingView, references to your any other sources outside of TradingView will be removed as they are in violation of the TradingView House rules. Thanks!
If you have purchased signals in the past from an active user on TradingView, do not use this thread to call out scams or publicly announce the malpractive while mentionining the user in question.

This thread was created to provide advice and open the discussion on the pro and con of signals in general.
Follow me on:
► Twitter: https://twitter.com/NMuselle

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https://www.tradingview.com/gopro/?share_your_love=Nico.Muselle

Comments

Although i own a signal service, But i really liked this article, invest in yourself and learn, is the better solution. well said, @Nico.Muselle, i shared this post with my people.
200 coins
+33 Reply
Cryptobytiger HamadaMark
@HamadaMark, If you truly liked this article, make your VIP Service FREE from now on! This also kind of investing in yourself.
+9 Reply
HamadaMark Cryptobytiger
Of course, there is a free service, as you can see, there are more than 1,200 ideas between an explanation, a recommendation, and an analysis published here on TradingView. I don’t want to mention other channels due to the community’s rules here.

Another thing, i was mentioned some of these points in an article I posted years ago (by the way, the paid service was running and it posted here) so I agreed with him

It may appear to you that it is paradoxical, but I will explain to you the difference from my point of view
Of course, I agree and support that everyone learns and depends on himself
And if you do not want to learn or do not have time, do not mind using a service such as these services as long as you fulfill your needs.

Your request for a free thing, you get to benefit from it. It is like calling a maintenance worker to fix your device and then telling him that you will not give him a fee for his work because it is an investment in himself (He learned and worked hard and he deserves a fee for his service) but you said no i want it for free, lol, this is a selfish act, and has no other explanation. If you do not want to pay a fee for his service, then you should repair your device yourself.

Providers of educational courses ask you for a fee for their service / also signal service providers / even here Trading View asks you to pay for more services)
So if you ask me which one is more entitled to pay, I will tell you the educational materials of course, and this is what I clearly meant from my comment.

Despite all of that, I still contribute ideas here for free, and I have never asked or forced anyone to join a paid service.

I hope things are clear now. Thank you for your comment.@Cryptobytiger,
+31 Reply
shou3125 HamadaMark
@HamadaMark, Your analogy about the maintenance worker is incongruent - the maintenance worker receives no benefit whatsoever other then the payment from the services, whereas you benefit regardless of whether someone pays for your signals or not as you yourself are also, or at least should be, trading based on those same signals which should be profitable if you are charging people from them.

I mean isn't that the point of the OP - why would someone need to charge people for signals if those same signals are already making them money to begin with? I mean you're not really charging for a service as you would be undertaking the necessary analysis and what not anyway as part of your own trading, regardless of whether you were on-selling it as signals.
+4 Reply
HamadaMark shou3125
@shou3125, The maintenance worker gets paid for sharing his knowledge, which in turn helped repair your machine
This same knowledge can be used personally as well, the matter is very simple and does not need complication or flimsy arguments

The same goes for educational material providers/signal providers etc. both of them make their own profits from their knowledge and they can share it for free or for fees, But you or others cannot compel him to provide it for free or to reproach him if he does so. if you don`t like what they doing invest in yourself and learn.
Learn to heal yourself learn how to make your own food your medicine learn to do your own trades and share it for free as you like Learn everything so that you are not required to pay for it.
+8 Reply
SaeXeaS HamadaMark
@HamadaMark, I am proffesional trader by career and I never done anything else. But seeing this post, I could not resist to reply. I completely agree with HamadaMark. Plus, I do not understand why would one make such service for free at all? HamadaMark probably spent a lot of time figuring out how to play markets (no need to mention that until turning to profitability it usually costs you a lot money along the way) and why would he share his knowledge and "know how" with others for free? If you are in business your main goal is to generate revenue, not to share knowledge. If one wants to know something about markets, then that person probably should not be reading tradingview posts in first place, but buy books instead.
+7 Reply
HamadaMark SaeXeaS
@SaeXeaS, People should know how to be fair, I can't add more Thank you for sharing your opinion, I`m glad to see some logical thinking here.
+2 Reply
SaeXeaS HamadaMark
@HamadaMark, You are very welcome, I feel for you.
+2 Reply
@SaeXeaS, Exactly!!!
+1 Reply
tried my hand running a signal channel a couple years ago, and it can be time consuming, and there is a lot of little details you have to keep up with in order to give a good service, you have to pick really carefully what signals are you sending, i quited because i really didnt have the time to run it properly. charging a little bit its totally justificable.
+1 Reply
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