Why I Stopped Sending Forex Signals...
TLDRBen from Position FX announces he will no longer send Forex signals, despite their profitability, because he believes long-term success in trading requires personal chart analysis and understanding market structure, not just following signals. He aims to cultivate traders, not robots, emphasizing the need for patience, discipline, and daily practice. Ben shares examples of successful trades from his students who have done their own analysis, contrasting this with the quick-fix mentality of signal followers. He stresses the importance of learning to fish, rather than being fed, and clarifies that his journal's signal entries are not always accurate due to timing differences. Ben commits to focusing on education and chart analysis, offering to review his students' work to ensure they are on the right path to becoming proficient, independent traders.
Takeaways
- π Ben from Position FX has decided to stop sending Forex signals to encourage traders to develop their own analysis skills.
- π° Despite signals having made people money in the past, Ben believes that long-term profitability comes from personal chart analysis and understanding market structure.
- π« Following signal groups like a robot can lead to traders not knowing why they enter or exit positions, which Ben sees as a path to laziness.
- π Ben will now focus on providing chart analysis, but it will be up to the traders to decide whether to act on the information provided.
- π€ Traders are encouraged to practice and review their strategies daily, rather than just following signals from others.
- π§ Ben emphasizes the importance of patience, discipline, and daily practice for long-term trading success.
- π ββοΈ He criticizes the reliance on signals, which he believes creates a culture of laziness among traders and is not a sustainable approach.
- π£ Ben uses the analogy of teaching someone to fish rather than just giving them a fish, implying that education is more valuable than quick fixes.
- π He acknowledges that while making money quickly is attractive, it's not a viable long-term strategy for Forex trading.
- π Ben points out that no one gets the same entry points as him, and the timing of signals can affect profitability.
- π He will continue to offer one-on-one mentorship and educational support to help traders become independent and successful.
- π Ben will focus more on education and reviewing traders' chart analysis to ensure they are on the right path to becoming full-time traders.
Q & A
Why has Ben from Position FX decided to stop sending Forex signals?
-Ben has decided to stop sending Forex signals because he believes that long-term profitability comes from one's own chart analysis and understanding of trades, not from following signals like a robot. He feels that relying on signals creates lazy traders who do not develop the necessary skills to analyze the market and make informed decisions.
What does Ben think is the key to long-term profitability in Forex trading?
-Ben believes that long-term profitability in Forex trading comes from patience, discipline, daily practice, and mastering the market structure. It requires traders to be actively engaged in analyzing charts and understanding the market dynamics rather than passively following signals.
What will Ben be focusing on instead of sending Forex signals?
-Instead of sending Forex signals, Ben will be focusing on providing chart analysis and educational content. He will share his entry, stop-loss, and take-profit strategies but will encourage traders to analyze and understand the information to make their own decisions.
How does Ben describe the typical mindset of traders who rely solely on Forex signals?
-Ben describes traders who rely solely on Forex signals as having a lazy mindset. They wait for signals to be sent out without analyzing the charts or understanding market structure, which does not help in developing the skills needed for long-term success in trading.
What does Ben suggest is the alternative to following Forex signals for quick gains?
-Ben suggests that instead of following Forex signals for quick gains, traders should focus on learning how to fish, meaning they should develop their own trading skills and strategies. This involves daily practice, analyzing charts, and understanding market dynamics to become a successful trader over the long term.
Why does Ben consider the practice of following Forex signals to be unrealistic and potentially misleading?
-Ben considers following Forex signals to be unrealistic and potentially misleading because it does not allow traders to understand the reasons behind entering or exiting positions. Additionally, there is a time lag between when he enters a trade and when he sends out a signal, which can result in different entry points and potentially inaccurate representations of his trading journal.
What kind of results has Ben observed in traders who have done their own chart analysis?
-Ben has observed positive results in traders who have done their own chart analysis, as evidenced by the examples he shared. These traders have been able to achieve success by applying the knowledge and skills they have learned, rather than relying on signals.
How does Ben plan to support his community going forward?
-Ben plans to support his community by providing more educational content and chart analysis. He will review traders' chart analyses to ensure they are on the right path and to help them become full-time traders capable of making independent decisions.
What is Ben's stance on the claims made by Instagram gurus who offer free Forex signals?
-Ben is critical of Instagram gurus who claim to offer free Forex signals, calling such claims 'a load of rubbish.' He believes that these offers are unrealistic and do not contribute to a trader's long-term success.
How does Ben define transparency in the context of his YouTube channel?
-In the context of his YouTube channel, Ben defines transparency as being honest about the realities of Forex trading, not deceiving his audience, and providing accurate and truthful information about his trading strategies and the industry as a whole.
What is the main message Ben wants his audience to take away from this video?
-The main message Ben wants his audience to take away is the importance of developing one's own trading skills and understanding of the market, rather than relying on Forex signals for quick gains. He encourages his audience to be patient, disciplined, and to practice daily to achieve long-term profitability.
How can viewers continue to engage with Ben's content after the shift in focus from Forex signals?
-Viewers can continue to engage with Ben's content by subscribing to his YouTube channel, turning on notifications for future videos, and leaving comments with their feedback and suggestions for future topics.
Outlines
π Transition from Signal Service to Chart Analysis Education
Ben from Position FX addresses his audience about a significant change in his business model. He announces that he will no longer be sending out trading signals, despite their past success, as he believes this approach does not lead to long-term profitability. Instead, he emphasizes the importance of individual chart analysis and understanding market structures for sustainable success in trading. Ben expresses his intention to cultivate traders rather than dependents on signal services, advocating for patience, discipline, and daily practice as the keys to becoming a profitable trader. He also transparently shares his journey, including the realization that following signals alone is not a long-term solution, and encourages his community to embrace education and self-reliance in trading.
Mindmap
Keywords
π‘Forex Signals
π‘Long-term Profitability
π‘Chart Analysis
π‘Entry, Stop-Loss, and Take Profit
π‘Market Structure
π‘One-to-One Mentorships
π‘Lazy Traders
π‘Patience and Discipline
π‘Daily Practice
π‘Full-Time Trader
π‘Education and Chart Analysis
Highlights
Ben from Position FX announces a change in his business model, ceasing to send out Forex signals.
The decision is not due to the ineffectiveness of the signals but to encourage long-term profitability through personal analysis.
Ben believes that relying on signals does not lead to sustainable trading success.
He emphasizes the importance of individual chart analysis and understanding market structure.
Ben argues that following signals creates a culture of laziness among traders.
Traders should not act like robots but understand why they enter and exit positions.
Ben will now focus on providing chart analysis, with entry, stop-loss, and take-profit levels.
Recipients of the analysis are encouraged to do their own work and decide on trades.
The goal is to create traders, not just signal followers.
Long-term profitability requires patience, discipline, and daily practice on the charts.
Ben criticizes the unrealistic promises made by some Forex 'gurus' on social media.
He shares examples of successful trades made by students who have done their own analysis.
Ben prefers to teach his students how to fish rather than just giving them a fish for the day.
He stresses that quick profits are not the same as long-term trading success.
Ben will continue to offer one-on-one mentorship to help traders improve their skills.
His team will focus on education and reviewing traders' chart analysis to ensure they are on the right path.
Ben is committed to transparency and does not want to deceive anyone with his services.
He wants his community to understand the reality of Forex trading and the industry.
Ben encourages viewers to subscribe, turn on notifications, and comment on what they'd like to see next in his videos.