As a trader, you will most likely have encountered a number of different Forex signals. The main task for any newbie trader is to learn how to trade efficiently and gain an understanding of the Forex market, rather than just copying signals that they may not fully understand.
That being said, the knowledge of what those signals actually mean for a trader in general and how to apply them can prove to be useful for traders of all levels of proficiency. In order to benefit from signals, you need to know what role Forex trading signals provider play in trading. You also need to look at how FX trading community rates affect different providers, and find a reliable provider that doesn't manipulate results and make completely false statements.
In this article, we're going to address these matters and provide you with some guidance to help you choose the best Forex trading signal provider. First, let us explain what FX signals stand for. Signals act as a trade alert for the currency market. It notifies a trader when to enter or exit a trade.
Signals can be split into three groups:. The first one mentioned in the list is the fundamental approach to FX signals. The aim of this signal is getting the news release as quick as possible, so the trader can gain the maximum level of profit in a short period of time after any news releases. These signals will often come with daily or weekly commentary and analysis. Technical trading signals are simply trading tips on the basis of technical analysis. That means you trust the background and track the record of the provider of what you may consider to be the best Forex signals service issuing certain signals.
You may prefer to trade on this basis rather than enter your own orders. Technical FX signals are frequently issued along with different risk management strategies in order to ensure minimal losses, if the current plan does not work out as it was initially expected.
Most online Forex signals tend to fall under this category, which can make the search for the best Forex trading signal provider a much longer task. Having general knowledge about Forex signals will help you in finding the best Forex trading signals provider for yourself. Forex signals can be obtained from various companies that specialise in this service, as well as from a number of top FX brokers who provide them for traders of standard or VIP accounts.
The price of the service will vary depending who you get it from. If using a broker, some may offer the service for free whilst others may charge between 5 - 10 USD per day, maybe even higher. For long term access, there are packages with a one time subscription payment often ranging from USD, however these can be as high as a few hundred dollars depending on the provider.
Services that you gain upon signing up with an FX signals provider generally differ from firm to firm. You might expect to receive almost anything from performance trackers, email or SMS alerts, customer support via email or phone and, of course, an advanced analysis of more sophisticated offers.
Because Forex signal service providers must protect their strategies, trading with them always involves blind trust, to some extent, in the chosen company or individual behind the issued Forex signals. The trustworthiness of options available on the internet will vary widely, the same as with anything related to making money in any market. If you are seeing providers with claims of 80 - 90 percent success rates, you should take these claims lightly - if it seems too good to be too true, then it probably is.
Of course there are genuine firms who really do have good success rates, but if they are genuine, they will be able to provide the evidence and information to back up their claims. If a firm can provide this, then they can be classed as the best Forex signals provider.
You should keep in mind that your ability to successfully utilise obtained Forex signals depends a lot on the efficiency of your broker's service. That especially comes to light with Forex news based trading, where you must act as quickly as possible, whilst being sure that any issues that have any relation to slippage and misquotes will be minimal.
Prior to reviewing the three top Forex signal providers we have selected, we should clarify some facts. Whether you are going to use FX signals or not will depend on your personality and trading plan. For instance, in case you are a highly active individual with little time to spend on thorough analysis of the market, Forex signals offer an alternative to manual trading.
If you want to learn the mechanics of trading in detail, you will gain a very modest benefit from subscribing to these Forex alerts. We cannot omit one discouraging factor concerning Forex trading signals and that is the high price tag.
As we have mentioned earlier, the appliance of signals depends on your level of proficiency in trading, your expectations and main goals.
Let's take a look at these providers in more detail and review the main aspects of each signal provider. One of the most highly rated Forex signal services is pip Builder. They are a very popular provider and are operated by a professional Forex trader. Now is a good time to join because they are currently offering a free 7 day trial.
One of the key benefits of pip Builder is that they are one of the few signal services that have independently verified results. It is easy to follow the signals and all the information is immediately sent to you by email and SMS. The number of trading signals sent out by this FX signal provider undoubtedly has something to offer to traders.
If you already have some experience and moderate knowledge of the financial markets, you may benefit from utilising these signals. If you are trading using the MetaTrader 4 terminal , it would be preferable to use the advanced trade copier. Traders who invest a lot in the FX markets each month often favour this product. Overall, Honest Forex signals are user friendly and provide easy access to good customer support - contact details are clear and they answer almost immediately, which technically serves a user well - which is one more reason why they are in the list of top Forex signal providers.
OmniForex Signals , provides FX traders with a cheaper service. They indicate to their clients when it is an appropriate time to carry out buy-sell actions of main currency pairs on the Forex market, based on analysis.
OmniForex signals have three trading strategies: Intraday three-six closed trades a day , Daily one trade a day , Weekly one trade a week, accordingly. Their signals recommend traders when to buy, the target level and the stop-loss level.
The last mentioned in our list is Signals Trading. They monitor the Forex market and send the signals in real time to a trader. You gain full control of your trades with predetermined profit and risk. They also offer to protect the user's account, so you can manage your risk and safeguard your profits with their system. This FX signals provider offers a free trial for 14 days - preferable in comparison to OmniForex's trial price and length.
The Forex signals here are sent to your email, mobile phone or directly to your MT4 platform. In addition, the market is scanned by using a system with 12 various parameters. You may notice that we haven't mentioned any free Forex signals providers. The reason for this is because their quality is often debatable - and they often lack the evidence to back up their success rates.
We have talked about Forex signals, what they stand for, their types and appliance in general Forex trading. In particular we talked about how to define a top Forex signal provider, by providing theoretical information, tips and exemplifying three chosen providers.
Our intention isn't to encourage you to utilise signals, but rather to give you an understanding of what is available should you want to include signals in your trading strategy. Remember, however many benefits signals seem to offer, they aren't a replacement for experience and real trading skills.
Build up your knowledge and gain a real understanding of the Forex trading market before you start to rely too heavily on signals. We hope that this article has been helpful for you and we wish you good luck in your future trades.
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