Forex Signals: How much attention should you pay to Performance Results?
It never ceases to amaze me how many forex signal websites there are, which are offering to double your money each month. Site after site I see, the performance results are 10%, 20% , 30% a month – sometimes even more! I don’t know about you, but I am very sceptical about these results.
My main piece of advice on this topic would be to completely ignore everything a website owner says about past performance results for his forex signals, unless they can back this up with hard proof from a live trading account. More often than not, when you ask to see some proof, you will receive a reply such as ‘Oh, my broker does not provide tis sort of information’, or ‘This information is confidential’. This is a sure sign that the perfomance results are fake, and he is trying to scam novice traders out of their hard earned cash. After all, why would he post his performance results if this information is so confidential – these explanations simply do not make sense!!
Also beware of screenshots of nicely increasing increasing equity curves, and a big profit and loss balance – these can easily be replicated on MetaTrader 4 by running an EA with different variables until the forex signals show a profit.
In conclusion, there are a lot of good, reputable forex signal providers out in the market today. However, there are also a lot of scammers out there, who know that forex traders are desperate to receive profitable forex signals in order to make them successful. Just make sure that you do your due diligence, and don’t get caught by a scrupulous website owner!