Forex market is already saturated with products that claim to deliver above par results. But not all of them are created alike.
Some sellers are definitely doing better than the others. Especially when it comes to products that help you with the research and decision-making process, you have to be extra careful.
Forex signals are one of those resources that help you out with the decision making process. It provides you with an extra set of eyes that help you carefully examine the current market conditions and price movements.
However, similar to any other product, finding the Best Forex Signals Provider isn’t an easy thing.
If you’re planning to acquire a Forex signals service in the coming days, you’ve come to the right place.
In this post, we’re going to highlight some of the important things you must pay attention to before you start your journey of finding the best Forex Signals Provider.
What are Forex Signals?
A Forex Signal is a recommendation for entering the trade on a particular currency pair. These signals are usually generated and delivered by an experienced and proficient team of trade experts and statisticians.
These signals are particularly beneficial for experienced traders who want to get rid of the burden of conducting continuous research but want to make the final decision by themselves.
Types of Forex Signals
Forex signals are divided into two types – Fundamental Forex signals and Technical Forex signals.
Fundamental Forex Signals
Fundamental FX signals revolved around those events that can impact the price movements of financial assets.
For these signals, the trader should pay attention to the news and announcements made by the signals service company.
Technical Forex Signals
Technical Forex signals, on the other hand, focuses on previous market movements, price fluctuations, and chart patterns.
Technical Forex signals can be best used with risk management tools to ensure the occurrence of minimal loss and optimum profit.
Finding the Best FX Signals
Just like any other trading tool, finding the best Forex signals isn’t an easy thing. First and most importantly, it’s important to understand the difference between the paid and free Forex signals. Also, you must learn to differentiate between automated and manual signals.
Although free Forex signals provide traders with basic info, the input is significantly limited when you compare it with the paid options.
However, since your trades are going to depend on this decision, you must ask for a free trial if you’re choosing the paid Forex signals.
The difference between the manual and automated trading signals is pretty evident. Manual signals are generated by experienced traders, whereas Forex robots are responsible for generating signals based on preset instructions and coding.
Different signal providers offer different ways to send signals to the traders. Some send them using text alerts, while others choose emails or telegram as a delivery medium.
You must check out this info with your chosen service provider before you subscribe to the service.
Your timezone also plays a critical role when you select a Forex signals service. If your chosen service provider is based where the timezone is different, you’ll end up receiving signals at midnight. This restricts your action, and your entire money will go down the drain.
How To Rank a Forex Signal Provider?
Analyze the comments from real clients
Today, almost all popular signal providers have an online presence. This gives you an opportunity to browse through their websites and see what they have in store for you.
These websites also have a dedicated section that showcases the testimonials and reviews of active clients.
We know it is kind of ambiguous when someone recommends you to make your decision based on reviews published on an official product site, but you can easily make the right judgment if you carefully analyze each comment separately.
In addition to that, you can also review other third-party websites that are known for publishing unbiased and genuine user comments.
These websites generally have a member’s lounge as well, where you can connect with other traders and share as well as acquire feedback on different products.
See if they provide real trading results
The second best way to gauge the credibility of the signals provider is to see if they provide real trading results.
Almost all reliable service providers display this information on their websites. And why not? After all, who doesn’t wish to brag about their proven track record?
If you don’t see any such info, you can either ask for it or just simply look for the other better option.
Figure out if they are real traders
As a trader, your profit and loss is entirely your responsibility. Make sure you invest time in figuring out the service provider you’re considering for the collaboration is worth your time and money.
You can either find this out by talking with other sellers or can get in touch with the support team to know more about their previous performance. The idea is to see if they’re real traders and are capable of delivering trustworthy signals on a consistent basis.
Ask them difficult questions
The next thing you could possibly do to gauge the credibility of the Forex signals provider is to contact their customer service.
Don’t hesitate to ask difficult and tricky questions that can help you figure out how professional and experience they’re in the trading space.
Do your homework
Last but not least, don’t just count on your judgment. Do extensive research and compare different options before you finalize any service for your future trades.
Your trades immensely depend on the resources you choose for your convenience. Just imagine the impact of wrong and deceitful information on your future trades.
Choosing the right Forex signals provider not only will make the entire trading process a breeze for you, but you would be able to concentrate on other side gigs to elevate your income.
For other queries or to drop your feedback, you can use the comments section below.