The Most Important Things About Forex Signal Services You Should Know
If you are not experienced in the world of trading forex, there is an excellent chance that you may have thought about using the forex signal services to get some free forex signals. Hopefully, this would cut the time between your education and when you hit the markets.
If you are already in the market, but you have not had the chance to trade much, there is a good chance you may have encountered different forex signal services and all sorts of free fore signals that promise you significant and consistent returns.
When you are beginner, the biggest challenge is to learn how to trade. That is the reason why forex signal services exist. They are here to augment the way you trade. However, as you enjoy the paid or free forex signals, there are a few things you should know.
Not all of them can be trusted. What do we mean by this?
Scams Abound in the World of Forex Signal Services
When you hit the markets and start to interact with other traders, you will hear stories about people who paid a lot of money, only to end up losing it to scammers. There is not a single thing that happens in the forex market, that is not proliferated by scams.
The free forex signals may hurt if you go ahead and decide to trust them without testing them. How would you avoid getting scammed when looking for a forex signal service?
Well, we will tell you:
1. Testing is Important
When you first sign up with a broker, they will offer you a demo account with access to real market data and virtual money. With these tools, you can combine the knowledge of others, in the form of free forex signals and your experience, to pick out trades and see how they work out.
If the consistency is lacking or the forex signal service is getting most of the trades wrong, then they are not for you.
2. Track Records Matter
Scams do not advertise track records; they make promises. It is not uncommon to look at these websites they create and see someone offering to clear 700 pips or so every month in terms of profit for you.
They draw a chart and tell you why they are the best forex signal service ever. Then, when you look for a track record, there isn’t one.
Always make sure that the people you want to pay have the goods that you need.
3. Never Pay Without Proof
As you look for a forex signal service, you should keep one thing in mind ‘all forex signal services are scams unless proven otherwise." This might seem like a very irrational reaction, but there's one thing you need to know.
Most of them are not as honest as you would like to think they are. Most of them are in it to make a quick buck from gullible seekers of free forex signals and then disappear.
Let’s Talk About The Groups of Trading Signals
When you look at the types of forex signals services provided in the market, you will find that they have some things in common. You will find that they all can be categorized into two distinct groups.
That is what we are going to look at here:
1. The Fundamental Forex Signal Service
This is the first entry, and it refers to signals that are taken from keeping an eye on all the economic events and the market news. They all can influence the price movements of any instruments.
Let’s say there is an announcement about interest rates. A trader can use that information to know what to do next. The forex signal service that is using this kind of information is giving you free forex signals based on something that anyone can observe.
Most of the fundamentalists will usually keep an eye on the news and the economic calendar, to be useful as a forex signal service. It is a simple process that even you can learn.
It is also why we encourage you to look for forex signal services that offer information as to why they give you a particular forex signal.
2. The Technical Forex Signal Service
As you may have learned from your forex education, where fundamentalists look at the news and the forex calendar to get signals, the technical folks like to look at the historical patterns and price movements, for repetitions or patterns that are known to manifest in a certain specific way.
By studying the past, the traders using this approach can know how the instruments might behave in the future. The traders then generate the forex signal service's product from being able to keenly observe these trends or tasking robots to give automated alerts about precise specific movements.
Most of the time, when a forex signal service is technical, they will most likely offer you a risk management strategy that is different from what you would get from a fundamentalist.
That highlights the disadvantage of using free forex signals. They never tell you how they got a particular signal. You will not know how to do risk management, and that is why you should always make plans to incorporate a forex signal service that you pay for but which gives you the best information.
What Makes Us Stand Out As a Forex Signal Service?
First of all, we are not a one-off website that has no history. We are linked to several other sites for reviews, education in the forex markets and other useful forex tools for crypto, commodities and other assets in the market.
Under the Web Magnate umbrella, we aim to provide everything, and that is why we have this forex signal service. But why choose us?
Well, we will tell you why:
- We Give Free Forex Signals
Yes, we have a paid service, but we also have free forex signals that will offer you a chance to test us out before you get on a paid subscription. We know that as a trader who is just starting, the last thing you want it to be duped by a forex signal service that claims to be what it is not.
That is why we have the free forex signal provision to make sure that you can test them on a demo and see if they work and how many times they work.
- Our Signals Come from Experts and Copy Trading Channels
We will talk about copy trading later, but for now, you should know that the forex signal service we have here, has its roots deep in the markets. It works in tandem with reputable forex players like MyFxBook to make sure that the information you get is actionable and guaranteed to be useful.
The same experts who provide the signals we offer are also the ones who provide some of the best copy trading experiences in the forex world. In copy trading, just like with paid subscriptions to a forex signal service, you will find that there is an explanation for every decision that is made.
You will know why the traders chose to enter a particular trade, at what time and the information which guided them in that direction.
- Our Offers Are Realistic
We make no promises because we know just how volatile the market can be. We do not have specific numbers of how much profit you will turn when using this forex signal service. However, we can promise that our results are usually consistently, mostly winners and that with time, you will no longer need us.
We encourage the learning of new traders to make sure that they develop their belief system.
The Process Of Developing Your Strategy Using Our Forex Signal Service
The question here should be 'what have you learned?' If you can answer that question, you are good to go. The answer better not be 'nothing.' Our efforts encourage you to know more about the market and how it works so that you have your signals and use them alongside ours.
It is true that using a forex signal service, is equal to abandoning your belief system in the market and adopting that of someone else.
We do not want you to rely on this forever. To make that easy for you, our paid subscription explains every trade and every free forex trading signal we give. It is about growing your skills as a trader. You will be a better trader for it.
Do not rush into a forex signal service just because their offer seems to be better than others. Choose a paid or forex signal service because they have proven that they have the goods. In that way, you will avoid losing money and learn something along the way.
It is how you will learn how to do the analysis yourself. With time, your signals will start to look more and more like what the experts give.