An effective way to produce money in Forex is subscribing to something that delivers signals. How this works is you normally join a talk room with others and there is a MENTOR supplying BUY or SELL signals and you follow them. Now many people use this kind of service for either confirming there own technical analysis, so if I predict a BUY and the mentor says enter long then this confirms my analysis and so I go long (BUY). A lot of new people also join these services and they just follow whatever the mentor says, nevertheless the mentor isn't always correct. You can also learn a few things from following along.
The cost for most of these services is pretty expensive. Individuals who lead these signal rooms normally involve some years of experience, the cost can be from $200 - $300 per month. This isn't the very best selection for someone with a tiny trading account. The smallest trader cannot afford that price so that they look towards the cheaper ones for like $50 monthly which only provides you with the entry Mister OB e-mailed for you and no chat room. This can be helpful too but almost certainly they're never as experienced whilst the mentors are, and you cannot ask questions in a talk room.
Now when you have a sizable account that means you can almost certainly afford these types of services. But for small traders and new people you can find places that provide the signals via e-mail for a tiny fee. These places also give warnings they are not responsible for what happens etc, you receive the picture. So it is still good to know the basic principles and how exactly to trade the Forex rather than just following someone's e-mails whom you understand nothing about. I use signals to simply help me confirm and double-check my trade entries. It's not a bad thing to own if you just need another confirmation for entry. This also has regarding emotions, you're unsure if the prediction you're doing is right so you select another opinion.
You can make money from Forex signals, I understand somebody that trades on nothing else but signals. He once showed me one of his accounts with a $13,000 balance and he started with $5,000. In only 3 weeks he generated that by simply following Forex signals. He still uses a cheap signal subscription to this day, he gets his signals via e-mail and just follows those. E-mail signals normally are sent once anyone has entered or finished projecting the entries, which are normally morning hours 12 AM-2 AM, you need to get in the moment you receive the signals or when the market has hit one of many indicated entry-level. He's a regular technical trader and he uses his techniques to guide the Forex signal before deciding to jump in on the entry, thereafter it's as much as him to control the trade if it's going with or against him.