Today finding a signal service is not a problem In fact, there are many Forex signal providers out there. The problem then is to find one that will actually fulfill your essential trading requirements and do it at a reasonable price.
To make sure you are going with one that is right for you, we have put together a list of service features as well as some things that should serve as red flags. We hope that this list will help you make a more informed decision.
Let’s get right into it then.
1. See what they are offering
All good Forex signal providers offer suggestions for stop loss, take profit, and entry levels.
Make sure all these things are included in the service and you are not just paying for entry level suggestions.
2. See if you can find reviews
The best thing when subscribing to a paid service is to rely on word of mouth. If you know someone in this field, ask them if they use any and which ones they recommend.
If you don’t know anyone try online forums. The problem with those is that there are many advertisers on these places who are only there to propagate their own companies. So be sure that you are not falling for something like that.
Also, don’t just rely on the reviews they’ve given on their website.
3. See what their past performance is like
There are two things to note here. First, Forex signal providers, when they are not being truthful, often exaggerate their performance.
If the previous numbers and results are too good, analyze them critically. If they are too good to be true, they are probably not true. No one knows exactly what’s going to happen in the market. It’s always guesswork based on past data and the laws of probability.
Secondly, of course you don’t want to hire a service that never shows any results. There is no point in wasting money then.
The balanced thing to do then is to go for services with past performance and results hitting right above or near the 50% mark. That is a good and realistic number.
4. See how they generate signals
Good Forex signal providers will use both technical and fundamental analysis. They have analysts and market experts on their team who use the right tools to generate signals efficiently.
A Forex signal provider that is just using robots and automatically generated signals is no good.
If they don’t talk about how they generate their signals and aren’t willing to divulge that information, steer clear of them.
Hope this helps.