Forex signals are basically trade alerts or recommendations that help forex traders make profitable trading decisions. Generally, these signals are generated by seasoned traders. Today, you can find hundreds of free and paid forex signals sources that you can subscribe in order to receive text-based useful market information.
The best forex signals providers now opt for different channels to transmit the information including SMS, Email, Telegram, Skype, etc…
Forex Signals – Introduction
Forex trading is believed to be one of the most tactical fields that require traders to keep a strict eye on market movements and price actions. However, many times traders find it cumbersome to conduct thorough market research themselves. This is where forex signals come to their rescue. Whether you’re a novice trader or holds expertise in the trading world, you can benefit from the profitable trade recommendations of other expert traders.
High-quality forex signals do not just notify you when to enter a particular trade, but they also provide detailed information about configuration of your profit margins and stop limits.
Things to Consider before Finding a Reliable Forex Signals Provider?
First and most importantly, you should consider timeframe as a basic element. Due to the time factor, trading signals do not deliver desired results for certain trading strategies like scalping.
Keep in mind, not all forex signal systems are created alike. Every forex signal system can work well if blended seamlessly with personal techniques and priorities of the signals provider. Broadly, there are two types of forex signals systems available these days that can you choose based on your personal preferences and individual trading style – technical analysis based and fundamental analysis based.
Technical analysis based forex signals system acquire trade recommendations from previous price fluctuations combined with various numerical actions. The second category focuses on signals providers assessing recent events and getting their trade alerts from the impact of such events.
How to find a reliable forex signals provider?
Let’s admit it, the quality and accuracy of your signals will make or break your winning chances. Therefore, it’s crucial that you attentively pick your signals service to attain great returns.
Below, you will find some of the ways that can help you pick the most reliable and dependable signals service system for your trades.
Before finalizing a signals service provider for your trading business, make sure to check out the time zone of your provider. Even high-quality signals from your provider will go down the drain if you’re not awake at that specific time. Try to discuss this essential aspect with the provider beforehand in order to avoid any confusion. However, if there is no way to know this basic information, try to sign up for a free account initially.
Ask for a free trial (if they have one)
There are many signals providers that offer free trial period to their clients. If this offer isn’t included on the service website, try to talk to the customer care and ask for free test period offer for yourself. This way you can check the authenticity and effectiveness of the signals on the basis of which you can take your final decision.
Online buying is very different from your usual shopping experience. The World Wide Web is full of swindlers and fake service providers who brag about their products to attract clients. Make sure to do thorough research on your part. Try to jot down a list of providers who you feel can perfectly cater to your needs. In the end, choose the best one. It’s as simple as that…
Check their trading history (make sure it’s verified)
This is certainly one of the most important things. Take a good look at previous performance of the signals company. You can also refer to third party independent websites such as Myfxbook to track records.
Look for the complete package
Ignore signals providers offering just the entry price and stop limit. Go for the complete package. Ask questions and clear your doubts. Don’t forget to ask for proper market analysis along with charts and graphs to know more about the service.
Try to look for the signals service that offer some additional benefits and services to their customers. These extra services can either be in the form of educational or learning tutorials or can also be an occasional seminar or webinar.
Check their customer reviews
One of the ways to gauge the credibility of the service provider is to go through reviews and testimonials available on their official website. You can also check out reviews on other independent sites to avoid partiality.
Check the community reviews (forex robot nation)
To know what your peers think about any particular service, make sure to visit credible review sites like Forex Robot Nation. Such websites generally have a community forum where all traders share their opinions about any particular product or service.
Forex signals are definitely a great resource that can help forex traders make the right decision at the right time. Just make sure to follow the aforementioned steps to find the best signals service for your trades.