There is no “magic” trick to succeed in trading FOREX. There are, however many different strategies and combination of them that will improve your success ratio. It all depends on your interest, understanding and risk tolerance. If you enjoy studying charts and indicators, great. But if you are like most of us, you might be looking for an easier way to trade FOREX. Aside from using robots, this is one very popular way to help you trade. Subscribing to a forex signal provider.
There is one forex signal provider that has received great reviews and is probably the one in the forefront of forex signal providers. ForexSignals.com.
They not only provide signals, but offer a fully loaded academy teaching you exactly how they do it. “Learn from hours of exclusive educational videos, available only to members inside our Pro Trading Academy. We’ll teach you everything you need to become a profitable trader, including our proprietary strategies!” They trade what they teach.
ForexSignals.com has helped 67,000 traders since 2012.
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Since its’ inception currency market (Forex) has grown to become the biggest financial market in the world. The numbers speak for themselves. Statistics show that around 5.3 trillion dollars turn over the market every day. Compare it to New York Stock Exchange (NYSE) of 170 billion US dollars, Tokyo Stock Exchange of 30 billion US dollars or London Stock Exchange of 5 billion Pounds (about 8 billion US dollars).
A similar staggering fact about the turnover of currency market is how fast it has been growing. Just four year ago daily turnover was about 4 trillion dollars. No need to say that the interest of general public in the market has been growing in leaps and bounds too.
Despite these staggering numbers on daily turnover the percentage of those who actually make money in the market is very small: about 5 percent. Most Forex newbies actually lose their entire deposit within the first year of trading. This is a sobering fact that should cause aspiring traders to stop and think how they are going to invest, make money and protect their hard earned money from being lost to market pros.
One can do some self-education by reading books, watching videos, browsing in Forex forums etc. This is good, but it may take you around five years to become successful. You can also invest in Forex PAMM accounts where a money manager will invest for you. However, he will take percentage of your profits that may vary from 20 to 40 percent of the profits he makes. In our opinion, a much better choice would be to subscribe to a Forex signal service that currency trader pros offer and follow those signals.
Variety of Forex signals
In most cases Forex signals is a recommendation to open a specific currency pair at a specific price level with exact stop loss and take profit levels and a few more pieces of advice what to do if the levels are not reached. You can get those by email, RSS, sms, straight on your trading platform via trading Robot, Expert Advisor (EA) or simply by logging in a website of your signal provider.
If you are new to currency market you can familiarize yourself with trading possibilities by subscribing to free Forex signals. Again, they may come in the above mentioned forms. The leader in free service is mql5.com website that specializes in automated Forex trading. There are a few more. However, one should remember that a lot of things that come free are of poor quality. You may backtest a lot of Expert Advisers that are offered on the above mentioned website and other similar websites, look at their performance and find out that most signals will actually lose you money, not make it. It is good that you can test those on a demo account where you can see the results for yourself.
Paid signals from pros
Despite the fact that not all paid signals may actually be profitable there is a much higher chance that they will be and if they are not a lot of signal providers will offer you a money back guarantee or not charge you on losing months. Others, like fx-tradecopier will offer you a 7 day trial period, which may help you to decide whether you want to buy services from them or not.
What you need to know about real pros is that they specialize. Let’s say traders use only three trading strategies: intraday, daily and weekly across a number of pairs and you can choose time frame when you want and are able to trade.
Benefits of using Daily Forex signals
I can assure you that if you want to invest in the market and do not have time to do your own analysis using a reliable Forex signal service will provide you with a lot of benefits.
Firstly, you will be able to trade without doing analysis on your part as it will be done for you by expert traders. You will not have to think which strategy to be used at that specific time, what currency pair to trade, where to place your order, and where to exit the market.
Secondly, you will have a lot of time to do other things as you will not have to monitor your charts all around the clock trying to make a decision when to enter a trade as most independent traders do. Your signal provider will do it for you.
Thirdly, you can choose from a number of ways how you can get a signal and trade it: manual entries, getting sms, logging into a website, automated trading (Expert Advisors and Robots) and many more.
Fourthly, the amount of money that you will pay will be far smaller than you make as most signal providers have just a few bad months per year.
We can go on and on with this, but we will come back to this when we will do reviews on the best Forex signal providers.