Forex Signals: 3 Reasons Why They Will Fail You in 2023

by Justin Bennett  · 

January 5, 2023

by Justin Bennett  · 

January 5, 2023

by Justin Bennett  · 

January 5, 2023

Failed forex signal

The idea of using Forex signals sounds great.

You sit back, receive an email or text alert, place a trade and watch the money roll in. Then wash, rinse, repeat.

What more could you ask for, right?

Let me stop right there because it isn’t quite that easy. As the saying goes, if it were that easy, everyone would be doing it.

While I can’t and won’t sit here and say that all Forex signal services are “bad”, what I can say without a shadow of a doubt is that they won’t get you to where you want to go.

And where exactly is that, you ask?

That’s for you to decide. But if your goal as a trader is anything other than becoming self-sufficient, you may have chosen the wrong profession; and the mere act of using a signal service flies in the face of that very goal.

So if you are currently using one of these services or thinking about joining one, you will want to read this post first so that you know what you are getting into – or rather, not getting into.

1. It's All About Your Confidence


Let’s assume for a minute that you are an expert on all things astronomy. It’s something you have had a passion for since you were a child. You studied it in college and now you teach it to others every day.

I know nothing about astronomy. Aside from what I learned in my Astronomy 101 course in college, it’s a completely foreign subject to me.

If you and I both gave a lecture on the subject, it’s safe to say that I wouldn’t stand a chance. Your presentation would be much better than mine.


The obvious answer is that your knowledge of the subject matter stretches far beyond mine.

But aside from the knowledge itself, you would have something I could never have without years of studying – confidence.

You would have much more confidence giving a presentation on astronomy than I would. This confidence would give you the ability to articulate and expand on the subject matter, something I simply wouldn’t be able to do without having that same level of knowledge and confidence.

And when it came time for those tough, thought-provoking questions at the end of the lecture, you would be much better suited to answer them. Again, it all goes back to having confidence in the topic at hand.

The same principle holds true when it comes to trading the Forex market. You have to know why you are trading something in order to have confidence in it. And trust me when I tell you that confidence is a huge factor if you intend to become consistently profitable.

Think about it this way, how many of the self-made professional Forex traders or fund managers out there rely on someone else’s signals to make consistent gains?

I can’t think of one. Can you?

Chances are you won’t be able to either, and there’s a good reason for that. It’s because each of those individuals had to put in the “sweat equity” to get where they are. Nobody handed it to them on a silver platter and they certainly didn’t put their future in the hands of a stranger.

Sure, those traders had mentors along the way. But any good mentor knows that the knowledge acquired by any individual is only as strong as the effort it took to acquire that knowledge. In other words, knowledge acquired through great effort will always be superior to that which is acquired through little or no effort at all.

This is why the really good mentors in life will always ask that their students present every problem with a proposed solution. It isn’t because they’re lazy. It’s because they know that in order for that student to truly acquire knowledge, they must first put in the effort.

How much effort does it take to follow Forex signals blindly?…

At the end of the day it all comes back to having confidence in what you are trading. If you don’t know why you are trading something, it will be extremely difficult to hold on to the position through volatile market conditions – an ability that only confidence can give you.

2. Forex Signals Won't Fit Your Style

Trading that fits your style

Regardless of the service you end up using, the signals provided will never fit your style.

What “style” am I referring to, exactly?

Your trading style, lifestyle and even personal style.

The process of developing a Forex trading strategy is more than just putting some rules together. Even if those rules help to stack the odds in your favor, there is always more to it than simply jotting down a few bullets points on a piece of paper.

The only way you will ever become consistently profitable is by developing trading rules that have been forged in the fires of tribulation. Stated less poetically, you have to put in the time and effort in order to find what fits your style.

By using a Forex signal service, you will never achieve the level of consistency that you desire. This is because the signals are not yours, therefore the rules by which those signals are produced are also not yours.

This creates a disparity between what you are doing and what you ought to be doing to appease your inner voice that calls for something more inline with your individual style – a vital task on the road to success. And when you try to suppress, or worse, ignore that inner stylistic voice, it only gets louder with time.

This is why most Forex traders spend years jumping between trading strategies. It isn’t because all of those strategies are worthless, as I’m sure there are one or two diamonds in the rough.

Traders do this because it takes time and effort to find a way of trading that fits their style. This explains why some Forex traders find success strictly using fundamental analysis, whereas some, myself included, use technical analysis. There are even some who use a combination of both fundamental and technical analysis.

It isn’t that one is better than the other, which is why a Google search for, “best Forex trading strategy” will never offer the answer many are hoping for. That answer can only be found by looking within while experimenting with a variety of different styles of trading.

Jack Schwager, author of Market Wizards sums it up perfectly with the following quote…

There are a million ways to make money in the markets. The irony is that they are all very difficult to find.

What he is saying here is that there are in fact a multitude of strategies that can “make money”, but you have to put in the work to find the one that will make money for you. Because if it doesn’t fit your style, it won’t make you money, regardless of how profitable the strategy may be for someone else.

This is exactly why I offer a 30 day money-back guarantee on my course and community. I never want someone to be stuck with a style of trading that doesn’t work for them.

3. No Effort Equals a Lack of Responsibility

Responsibility as a trader

This is a biggie. If you aren’t putting in the time and effort to do the analysis and make your own trading decisions, the idea of taking responsibility for your actions will be extremely hard to come by.

You may be thinking to yourself, “not me, I know that I am in complete control of my actions even if I am using a Forex signal service”.

But are you sure about that?

I will give you this, you may be making the final decision to buy or sell, but do you really know why you are buying or selling when it comes time to pull the trigger?

Probably not, and that can be just as dangerous as having no control at all.

If traders who use these signal services were really in control of their actions and taking responsibility for those actions, why would they ever leave a negative review about the service?

If they were truly in control, that review would only serve as an alternate means of self-reflection. But, as we know, traders do leave reviews and often talk negatively about these services on the internet. Comments such as, “xyz service made me lose 800 pips” or “I lost $1,500 trading xyz’s signals” are all too common.

My point is this…

When I take a trade, the only person I can point a finger at is the person staring back at me in the mirror. There is no way to avoid taking full responsibility for the decision I just made; it all falls on my shoulders.

It’s that kind of responsibility that allows me to reflect on what I did well and what I could possibly do better next time. Until you are able to do that without pointing a finger in the opposite direction, you will find it extremely difficult to improve your trading performance.

I’m not saying that you can’t learn from someone else. Clearly my own services show that I’m not of that mindset.

But there is a very stark contrast between learning from someone who is successful and blindly following their lead. While doing the latter may allow you to stumble across a few successes along the way, you will never be able to take full responsibility for your future until you put in the effort and start making your own decisions.

I provide the services that I do because I believe in what I do and how I teach it. My members know that there is no silver platter and they appreciate that. They know that it’s a combination of hard work, perseverance and structured coaching that will elevate them to the next level of their trading career.

Ditch Forex Signal Services for Good!

A better way to trade

Before we talk about what may be a better path to success, I want to reiterate something I mentioned at the beginning of this post.

I am in no way saying that all Forex signal services are “bad” for your trading account. Given the sheer number of them out there, I couldn’t possibly compile the kind of data necessary to make such a claim.

That said, what is good for your trading account this week and what is good for your trading career are two very different things. So while a service that provides decent trade setups may make you a few pips in the short-term, it will never get you to the level you need to become a truly profitable, self-sufficient Forex trader.

With that in mind, let’s move on…

First things first, if you are just starting out, it’s important to learn the basics of Forex trading. The good news is that there is a plethora of free information available on the internet to get you started.

The bad news is that for every accurate piece of content available, there are likely three inaccurate ones.

However, you’re in luck because if you just want to learn the basics of Forex trading, there is one source of good content that you can rely on. My personal favorite is the Forex trading school over at

You should also check out my Forex beginner’s section for more.

If you are someone looking for more advanced material, as I know many of you are, there is also a ton of information available online.

Unfortunately, however, I cannot recommend any of it.


Because I simply don’t believe in any of it enough to give it an endorsement. Yes, I have my own site with my own services. But even if that did not exist, I still wouldn’t be able to stand behind a recommendation to any other site or resource.

Since 2007, I have spent the better part of my life developing what has become a very profitable style of trading. It is something I believe in wholeheartedly, which is exactly why I started Daily Price Action.

That said, I will be the first one to tell you that my own course and community isn’t for everyone. As I have said many times, in order to become successful as a trader you have to find a way of trading that works for you.

Maybe you find that with my site, maybe you don’t. What is important is that you find a style of trading and a mentor you can believe in, with the ultimate goal being to develop a level of confidence that will allow you to succeed.

Final Words

While joining a Forex signal service may seem like the ideal way to make a few pips, the truth is that it won’t do you much good. Sure, you may get lucky and find a service that provides decent signals, which may help you make a few pips here and there. But you won’t be any closer to your goal of becoming a successful Forex trader.

Truth is, if you are serious about making it in this business and becoming self-sufficient, you have to put in the time and effort. There are no shortcuts.

My intent with this post was not to claim that all Forex signal services are “bad”. I’m sure there are a few out there that do actually provide decent setups.

However, what I am saying is that you should not expect to become a stay-at-home Forex trader by using one of these services. If you truly want to become a professional trader, you have to put in the sweat equity; there are no two ways about it.

Frequently Asked Questions

What is a Forex signal service?

A Forex signal service is a service that provides buy and sell trade ideas (signals) to its subscribers for a fee.

Are Forex signals reliable?

Most often, the answer is no. Think about it this way: if most signal services made their subscribers consistent returns, why wouldn’t everyone join instead of learning how to trade?

Are trading signals worth it?

I think it’s far better to teach yourself how to trade. Sure, you might be able to make some money from trading signals, but how long will that last? By spending time and effort teaching yourself how to trade, you stand a much better chance of enjoying a lifetime of profits.

Your Turn

Do you agree or disagree? Use the comments section below to ask a question or leave some feedback.

Continue Learning


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  1. Margaret, thanks for sharing your story. It’s a pretty common theme in trading where the desire for instant gratification tends to outweigh the time and effort needed to become self-sufficient.

  2. Yep, I do agree with this post. Learnt this recently (a few months ago), that you have to trade according how it fits you as a person… your own style. You can learn stuff, but in the end, have to find one that fits your personality. And that is the holy grail of trading 🙂

  3. Hi, I’m writing from Venezuela, I started to follow your post and I look great, I hope to be part of your community

  4. I had been stuck with a forex signal service provider for a few months now. But, I was not able to make the decision of leaving it. This article has really opened my eyes and I have immediately applied for a refund. I am now looking forward to making some profits with my own knowledge and confidence.

  5. I pretty much agree with this article. Also I have noticed most forex signal services have very unsensible risk to reward ratio.

    So many of them offer higher risk than reward which will never suit any forex trader in my opinion.So all the more this article makes even more agreeable to me..

  6. Most often forex signals are not only useless but also dangerous. It may blow away your fund if you follow them. Though there are some good forex signals providers, it is very tough to find them out. If anyone finds them, It can be a blessing

  7. Another great insightful journal bra. I can vouche on this one I have used a signal service before joining your community it made me less interested and confused about my trading career.Most of signals were also bad timing as I work during the day and cannot go to the charts and confirm the proposed move.It was bad experience.Thank you

    1. I used signal services in the past. In the beginning I was like yes, sit back and make pips, but in the end I got frustrated as everytime a signal came in to buy or sell I had to be quick on the draw, I lost many times.
      Plus I never knew anything about higher timeframes. Even the signal service that I signed up to, told me that his service was excellent and it was all shinning with bright colors. Thankfully after many loses I figured out that I want to trade and make my own decisions.

  8. Thanks Justin you realy help me you opened my eyes with this article and I’m read to learn forex in a right way to become a profitable trader one day I will take one step at the end it will be a successful

  9. “So while a service that provides decent trade setups may make you a few pips in the short-term, it will never get you to the level you need to become a truly profitable, self-sufficient Forex trader.”

    The idea of signal service is not few pips short time, but long term profit. I do not get why it is hard for this?

    Since you are profitable, it means you can easily be a signal service. We would not even need to find that profitable signal service – if you would provide signals – then we have found you already 🙂

    And even if we do not get self-sufficient trader ,we would not need to be. There would be those signal services who make profits. So everyone would be happy. Why it is not the case? I do not get it.

  10. Hello Justin
    I came over here after reading your article about overtrading. I agree with what you say here about a signal service – in the long term it won’t make us self-sufficient!

    But here is another perspective: I want to learn to swim but I’ve never seen anyone swimming. My coach tells me how to swim, on dry land, but never gets in the water to demonstarte. So I try to do what he tells me but I am never very good at swimming. One day, the coach gets in the water and demonstates what good swimming looks like. I see – and I get it! My swimming career takes off. I train hard and improve. I have actually seen what a good swimmer should do.

    This analogy applies to trading too, I believe. Show us how you place your trades and then we can see what should be done and over time we will do it all by ousleves. At the moment you have not validated that you are a good trader. What you say makes sense but I’ve never seen your trades. You need not share your P&L but you could tell us when you take trades and let us take it from there. Don’t you think it would be great to show us how you actually trade?

    Kind regards

    1. Hi

      This comment really makes sense

      That would make a good learning process to see actual trade by Justin himself.

      Show us how you set the pending order, the sl, the tp in a real trading account.

      You can put disclaimer at the bottom of it
      “If the trade meet sl, it’s just a feedback, dont take is a personal”
      “Whenever the trader open position, it’s their own responsiblity on whatever the outcome is”
      And so on

      I hope, ok not hope, i WANT justin to implement this kind of features, it will really helpful and boost our confident as a newbie trader.

  11. Tnx guys 4yo comments they helped me a lot. I nearly invested all my trust to this wonderful app that did wonders for me. I have my own strategy am developing but as times goes by it can be something. Am a newbie and truly believe one day I’ll be great

  12. Thanks for the write-up,is educating keep it up.we need to learn how it works…not following signal..
    thanks Justin Bennet

  13. The way I got into Forex was via an instagram post of a fella offering signals for his team. I thought about joining it and then I read about Forex more and got interested. I made a decision on not to start following any signals but to start my bumpy road of learning it myself. Currently two weeks of practice account trading under my wing and beginning to see big improvements on my trading and finding a suitable trading style for myself. I totally agree with this article. Don’t just copy trades but start learning and practice with a demo account. You have nothing to lose and all to gain!

  14. I kind of agree, but i think it is good to use signals if you use it as advising tool, to help you with your own decisions.
    I use fxleaders signals for the last 4 or 5 months (by the way, they have great tools besides signals) and i find it helpful. not always accurate, and made me lose few times, but all in all, good and reliable.

  15. Yes, all what you’ve said is right, your lack of confidence may affect your trading, plus lack of hard working and too much relying on a signal provider, even though I’m using FXLeaders I don’t reel to it that much, I always trust and construct my plans.

  16. Am 101% agreed with you sir…strategy that worked for someone might not work for you…in all …to become self sufficient Forex trader you have to find a way of trading that works for you and find a style of trading and a mentor you can believe in.

  17. Congratulations Justine.This article you wrote to change the mindset of some of us the newbie,there is no two ways about it that is the absolute truth,except you don’t want to be a forex trader.Thank you for the enlightenment,keep it up.

  18. I wish i have read at least a few articles like this before paying 200$ for a signal sub and blowing my 1k account
    Small lesson for a big price

  19. I had the same thinking when my wife decided to get FX Leaders to help her. She said it was a good idea since she is still new to forex trading. But I have to let her read this. Thanks for posting.

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  21. Dear Justin

    It’s about 2 weeks I Johnny your website.
    I read your article daily and found several of them diamond for me. And this is one of them!
    Hope I could be succeeded in the way.

    Good luck

  22. I totally agree with what you said sir.
    When I came to forex I didn’t have money at all and I knew that I will really need a mentor but these trading academies online were so expensive so I took signals only to raise money for joining trading schools online and to get a mentor. And yes it paid off but I will never take signals again

  23. I have 2 years of experience in the forex market, it is totally brutal. I learnt by opting for many signal providers. Finally, it’s gong better now. Thank you for your sharing, I have always considered everyone’s thoughts when making any decision.

  24. Hi there and thank you for your interesting article. I am one of those people that wanted a consistently good signal provider. I tried one last year, who promised so much but could not back it up sadly. It makes sense, what you said like ” everybody would join if they were consistently profitable”. I suppose you could say I wanted to copy someone else’s work in class and pass😃. Anyways, thanks again and best of luck.

  25. I resonate with the points raised in Justin Bennett’s article, emphasizing the challenges of relying solely on Forex signal services. It’s clear that trading success demands a personalized and informed approach.

    Having been a part of the Forex trading community, I’ve found that Ultreos Forex stands out for their commitment to providing traders with accurate and dependable signals. What sets them apart is their team of skilled traders and analysts who employ various techniques, including Price Action Analysis, Elliot Wave, and Candlestick Patterns.

    The success of Ultreos Forex lies not just in signals but in fostering a community where traders can learn and grow. They understand the value of education and a personalized trading strategy. Joining Ultreos Forex has been a rewarding experience for me, and I’ve witnessed firsthand the accuracy and profitability of their signals.

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