how to find out they are legit or not?
Below is a (surprisingly simple) checklist on what you have to look at to filter out the wannabe’s.
First of all, you should not trade signals at all, as they have ZERO educational value for you.
If you “just” want to put some of your money to work, thats then of course a different thing. and far more advisable than putting it in the bank.
SwingFish does offer a fat greater solution by guaranteeing gains of at least 9.55% with the risk-free offer. Whete you simply never experience a loss or drawdowns.
Here are a few (mostly obvious) things you need to check on.
If any of the things listed below are true: “Stay away”
- Advertised with images showing wealth and/or expensive things (house, boats, cars, cash)
- Is there any documentary on the past signals? Not a website, twitter posts can not be changed so its easy to track. Chatrooms that do not allow deletion of messages.
- Promises xxx pips, that is completly nonsense, as the gained Pips are in direct relation to time and drawdown, a signal on the 15 minute chart claiming to make 1500pips is just as unrealistic as one from the weekly chart with a 15 pip stop. Also gaining 3000pips is not difficult, but if the trade require 6 months time and has to allow a 4500pip frawdown, there is very very little reward in taking it, as the reward is smaller than tje drawdown.
- Advertised as “make 500$ a month” immideate red flag! The financial reward is only bases on your account size!! Making 500$ on a trading account with 300.000$ balance is nothing, but if you have a1000$ balance the same gain would be massive. Anyone mentioning any fonancial values besides percentages, simply prey on your greed.
- No losing trades. Everyone loses! That is part of trading, if there are no recorded losses. Stay away!!
- Cost: nothing is free, and reliability is better enforced on a contract basis. However there are free sources like the SwingFish Signals, as the analysts try to build a reputation or SwingFish does pay for them. So its important to know the background on the pricing.
