If you are not currently trading profitably, have little expertise, or simply don’t have much time to dedicate to your forex demo trading competition, you should give forex signals some serious thought.
A portfolio of forex trade notifications can be practically free and rapidly turn you into a successful trader. These alerts can range from the straightforward one email per day variety to the forex coach who sits with you all day holding your hand as you trade.
If, like us, you’ve ever studied a chart and made your own trades, it’s quite likely that you’ve also sat in front of your computer screen and questioned if you were doing appropriately.
Has my entry into this transaction been too late? you’ll have undoubtedly wondered, “Am I trading in the appropriate direction (long when I should be short)?”
How often have you wished you had a seasoned trader directing your decisions, steering you out of risky deals, and pointing you in the direction of transactions with a higher chance of success?
In the beginning, we were undoubtedly in that situation frequently, but we always thought the expense of having an expert on hand would outweigh any potential gains. It turns out we were completely mistaken.
Numerous services referred to vary as forex signals, forex alerts, or forex recommendations, are available.
Depending on how much of your day you can dedicate to trading, there are many different formats for trading signals. Yes, there are many scammers out there, but we’ll show you how to spot them and point you in the direction of the better ones.
Variety of Forex Trading Signals
The following are the primary traits of forex trading signals to be aware of:
- Free OR a monthly commitment
- Simple “one email a day” OR Full-Service Complexity
- Control: You maintain complete control OR the signal provider trades your air conditioning for you.
- Swing trader with limited volume OR a frequent scalper, for example,
- Although a free forex signal might initially seem like a great idea, as we will explain, you might actually prefer to pay for a paid subscription service (yeah, we realize that makes no sense, but keep reading).
- There are websites that offer forex signals for free, however the majority of websites that offer forex trade signals demand a relatively small subscription cost, typically between USD $80 and $400 per month (although thankfully most are at the lower end of this range).
A forex trading signal, in its most basic form, will send you an email each day listing trade setups for the following 24 hours.
A human expert trader may include some market commentary to their forex forecast whereas some of these are entirely machine generated, computer generated, and then audited by a human expert.
Some forex trading signals are high volume scalpers; they place numerous transactions each day with the goal of making a few pip profits on each one. Others merely place a small number of trade calls each day, looking to make 20 to 80 pip profits on each trade.
The type of forex signal service that offers you an almost 24-hour live web broadcast calling forex trading ideas as they occur, explaining the reasoning of the proposed transaction, and supporting it up with an email or even a video clip is at the more full-service end of the market.
Some forex trading signals can even execute trades in your own account while you sit back and observe.
By employing forex signal software, this is comparable to what a robot would do, but with the extra security that it is being carried out by a skilled, knowledgeable human trader rather than a mindless machine that is simply following an algorithm.
You might be as shocked as we were to learn that the costs associated with full-service providers are typically quite comparable to those associated with one email a day providers.
This kind of service typically also has an interactive component that allows you to message your forex tutor with any queries.
Numerous forex signal providers have devoted subscribers, and some even set a cap on the amount of new subscribers they will allow.
Forex Signals for Free
Based on the axiom that “time is money,” we believe that the time we can now devote to other pursuits by not spending hours poring over our charts in search of the ideal trade setup, as well as the improvement in our trading results, have more than covered the extremely low cost of the forex signal subscriptions.
Applying this logic, subscription-based services are in fact essentially free when you consider the increase in your trading profits and the time you gain to engage in other profitable pursuits.
Control Your Risk
However, we have discovered through our own experience that following multiple different currency trading signal providers and trading all of their recommendations is the greatest method to get consistent profits using forex signals. Even if one of them has a really bad week, the others should make up for it and still make you money, or at the very least break even.
Prior to trading a provider’s forex alerts, always perform your due research. A good forex signal service would post on their website the results from the previous six to twelve months. Some will even provide information on the specific trades they made. Because forex demo trading competition is a risky endeavor, expect to see both successes and losers. In fact, be on the lookout if the results only show winners or the supplier refuses to show you any results or offer you the contact information of some of their clients who are prepared to serve as references.
The majority will provide you with a free trial or a special deal. Make sure you comprehend this offer’s conditions in full and are aware of the deadline by which you must give notice of termination if you’re dissatisfied with the service received.
You should discover that, when regarded as a whole, all of the forex signal service providers you wish to use produced a profit if you compare their results over the previous six months.