Forex Signal Provider Services
Whether you're a beginning Forex trader, an experienced investor, or even an institutional money manager, using Forex signal services makes monitoring Forex positions and profiting from market opportunities a simple and reliable process.
There are hundreds, maybe even thousands of Forex signal services available to investors, so how do you know which signal provider is right for you and your Forex trading? Consider the following.
Types of Forex Signal Service Providers
When choosing a signal provider, understand that it's not as easy as going to the first page of Google and depositing money into the first service you come across. There are actually several variables to consider. For instance, how do you want to receive your signals?
If you're constantly at work or busy with day-to-day obligations, then you'll definitely want a provider who delivers Forex signals via SMS text message or offers an automated trade copy solution. If you work at home, or always have access to your trading desk, then you might prefer signals delivered by email or even live trading rooms that require manual execution.
Consider all available delivery methods.
- SMS text messaging
- Live trading rooms (signals delivered through chat or verbally by the head trader)
- Automated systems such as robots or EA's
- Social trading services (trades are copied into your own account or positions can be manually placed)
All Forex signals should contain the following elements: The asset being traded, a strike price, a direction, a take profit level, and a recommended stop loss level.
Signal Provider Tips
Uncovering a signal provider who delivers the results you need may take trial and error. For example, while Rick might lose money using MyFXBooks auto-trade service one month, he might make a significant profit through a software like Forex Trendy, which requires manually placing trades. There is no one-size-fit-all signal service, but here are a few tips to keep in mind.
1. Know the risk – Understand the potential risk that comes with using a service. Do they offer a free trial? What about a verified track record of past trades? Are there any hidden costs, fees or requirements? How is this service viewed by other traders?
2. Never go all in – Don't make the mistake of dumping too much money into any single signal service provider without knowing their abilities. For example, just because you're profiting through a providers $49 a month email signals doesn't mean it's a good idea to invest $2,400 into their shiny new software product. Get proof of concept before investing more money.
3. Keep it simple – Use a Forex signal service that suits your personal lifestyle and trading habits. If receiving and executing signals is too complex, look for a simpler solution to minimize the hassle.