There is such a thing as professional traders, most of which make a decent to very good living. For most professional Forex traders, their career is one of extensive training and life-long learning to undergo a process of developing trading skills that eventually lead to consistent profitable trading.
However, for those interested in taking advantage of the income opportunities that trading financial markets offer, there is an alternative. The recent growth in the trading industry has spawned the introduction of trading signals services which has provided non-professional traders with the capacity to effectively trade financial markets without having to undergo the lengthy and rigorous training process of becoming a professional Forex trader.
Can You Make a Living in Forex Signal Copying?
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Making a living as a non-professional Forex trader is not an easy endeavor. If it was, everybody would be doing it – But it is possible.
Many professional Forex traders that work for large financial firms eventually leave their firm to trade their own personal accounts. They, however, bring forth their knowledge and experience with them and basically duplicate what they did for the former employer. For the non-professional, subscribing to a valid trading Forex signals service can serve a similar purpose.
The rigor of performing detailed market analysis to generate trading signals can be relegated to the experienced professionals that work for the Forex signals provider, and the subscriber (non-professional trader) can focus on properly executing the trades and managing risk.
Important Parameters to Consider When Relying on Forex Signal Copying
While trading Forex with signals services do provide entry and exit signals for individual trades, they may not provide advice on other element associated with successful trading that are just as important. Risk managing, money managing, and managing trading activities at the portfolio level are also key to consistent profitable trading.
Most Forex signal providers will include with the entry signal some sort of stop-loss exit and a profit target. These price targets will dictate a risk profile that may or may not be consistent with the risk tolerance of the trader using the signals. Traders must be prepared to accept the risk profile that comes with the signals provided without resorting to making irrational decisions to adjust or ignore the signals because their risk tolerance threshold has been breached. This will inevitably lead to trading losses, even if the signal provided are profitable.
Money management activities associated with trading such as scale, costs, slippage, and capital withdrawals are key to effectively maintaining a trading account in such a way that it does not lead to ruin – Theses elements are not covered by most trading signal providers.
Strategic portfolio level decisions including number of assets to trade, diversification, and limits on periodic gain, losses, and drawdowns for the entire portfolio need to be considered and are certainly not included with most trading signal providers.
Although a non-professional can use a trading signals provider to assist with trade entries and exits, all the aforementioned parameters must be taken into consideration and practiced diligently in order for a trader to make consistent profits and earn a decent living.
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