Forex Signals and Signal Services
Although a lucrative business, Forex trading is highly volatile in nature. It requires accurate knowledge of the market and conducting fast transactions. If you want to make big profits in currency trading, you need to have the best Forex signal service.
What are Forex Signal Services?
Simply put, it is a service that gives you an indication of when you should buy or sell a particular currency pair to make the maximum profit. A Forex Signal Service is provided by professionals who suggest trading in particular currency pairs. The suggestion is made on the basis of an analysis of the foreign currency market made by Forex trading robots or expert traders. The information is delivered to traders and investors through phone, e-mail or pager. In some cases, signals are also sent through pop-up messages via special applications that traders need to install onto their systems.
Forex Signal Service Providers send signals all through the day so that traders do not miss an opportunity to conduct a transaction. Due to the time-sensitive nature of this business, signal service alerts are also often sent to phones through text messages.
Types of Forex Signal Services
Forex Signal Service is generally of two types:
Automated Forex Signal Service
As the name indicates, it is provided through Forex trading applications (platform). Forex trading platforms let you determine when you will receive signal alerts. The majority of Forex platforms depend on automated trading robots to analyze large amounts of information. They let traders know the most favorable times to enter and exit the Forex market.
Manual Forex Signal Service
It is provided by professional traders who operate live. Expert traders have years of industry experience behind them that allows them to examine the data and draw inference from those, either manually or through trading robots. They pass on the data to their clients, letting them know the optimal times to trade a specific currency pair.
Advantages of Forex Signal Services
A good, reliable Forex Signal Service offers you a number of advantages, such as:
Successful Forex trading requires traders to conduct a high amount of trading analysis and study the direction of movement of the market.
Getting signals anywhere
Whether you are a beginner or experienced trader in the foreign currency market, you can receive Forex signals wherever you want. You can choose to specify the location where you would like to receive the signals, whether at your home or office.
Receiving signals in any way
You may also specify the mode of getting these signals. You may choose to receive Forex signals through your mobile phone, email, live chat or in any other way you prefer. Various Forex signal service providers also have the provision to send alerts through short text messages.
Know the latest market developments
With fast signals, you can be aware of the latest changes and developments in the currency trading market. With no Forex signals, you can risk losing a lot of money in case the market suddenly takes a turn against your strategies. An accurate signals service lets traders know about the perfect time to make a trade along the direction of the market. They can also be aware which currency can yield them the maximum profit. This can automatically lower the risk in your Forex trades.
Get assistance at affordable rates
Quality Forex Signal Service providers offer a comprehensive service that suits diverse levels and styles of trading. In most cases, the services are offered at affordable rates which fit the budgets of clients. However, there are many service providers who charge over $100 per month. You have to compare the rates of various reputed Forex Signal Service providers to choose the one that fits your pockets.
Make successful trades on a regular basis
Reputed signals service providers consist of a team of truly dedicated experts who are genuinely concerned about the success of their clients. They are actual traders with lots of real industry experience who provide education and guidance to traders to ensure their success in foreign currency trade. This allows investors to become financially independent and use Forex trades as a steady source of income.
Choose from various membership levels
Forex Signals Service providers offer diverse types of membership levels that are associated with the level of trading that an investor is at. Irrespective of whether or not you are a chief dealer or a junior trader, this can be advantageous to your success in trading.
cAre Forex Signal Services Helpful?
Although there is a debate on whether these types of services are really useful, many Forex traders swear by the usefulness of daily signals. While looking for these services, you should consider three things:
You can safely sign up for a service that fulfills these three criteria. A Forex Signal Service, with accurate Forex indicators, can provide you with reliable data that can easily help you make significant profits. Unsuspecting new traders often hire fraudulent services which solely aim at making money at the cost of their customers. It is essential to do some background checking of various services before signing up for one. The internet is replete with scam sites that only aim to make as much money as possible and shut down before being caught. It is better to hire a company that has been providing services for quite some time.
How to Choose a Forex Signals Provider?
With growing success of foreign currency trades, more and more signal service providers are coming into existence every day. Due to this, it has become tough for traders to choose the right service provider for themselves. However, there are certain points that you can keep in mind before looking for a good signal service provider.
Do a performance check
Check the previous performance of various providers before choosing one. You should judge the quality of a provider over the years to check how consistent its services are. Check over two years of performance to find out whether your provider has a proven track record.
Check the specialties
The majority of signal providers extend services to particular types of clients. Certain providers offer services to experts or mid-level traders while others only cater to beginners. Most service providers offer signals for only a few popular currency pairs, such as USD/JPY, EUR/USD, USD/CHF or GBP/USD. Occasionally, you can come across specialty services that provide signals for pairs that are lesser traded. Therefore, it is imperative that you make sure of the specialty of a specific service provider before signing up for its services.
Check the website
Note whether the official website of the service provider is big on promises or understated. If the website is found to be promoting in a big way, with loud fonts and big promises, there is good chance that it is going to provide an inferior service. A profitable service gains by word of mouth and does not need to push hard to make prospective clients sit up and take notice.
Go through reviews in various popular websites and forums to check the quality of service offered by the signal provider. Check what others have to say about it. A service provider with the most positive customer feedback is the one you should go for.
Check the customer service
Check the quality of the customer support before you sign up for a signal service provider. Send an email to the customer support and find out how much time it takes to send a response. Also check whether the answer is helpful and the support staffs are polite in replying to your queries. This will help you a lot in analyzing whether or not you should sign up with the Forex signal provider.
Check the frequency of trades
Find out how often do the service providers call trades? Generally, the less often trades are conducted the higher is the possibility of the service to become profitable.
Check the profitability of the service provider
Check whether signal providers claim to be profitable? If the support staff or the providers themselves do not provide satisfactory answers to queries of being profitable, you should look elsewhere.
While choosing a service provider, you should also check other important factors like:
- Spread of recommendations
- Back testing results
- Speed of signal creation
- Modes of sending alerts
All these factors must be compared with various service providers before you choose the right provider for yourself. If you do not have the time or energy to look for a good provider, you may sign up with NetPicks which is a much reputed signal service provider in the market.
NetPicks Live Signal Service
One of the most reputed trading signal provider services, Netpicks has been in the business for around fifteen years. Unlike other live signal services that keep sending signals throughout the day, Netpicks provides traders at all levels with a community that lets them interact and learn market strategies together. It broadcasts charts in real time which show clear and precise trade setups. Users can view these from their own computer and pick up the tricks of the trade.
Once you sign up, Netpicks works out an optimal trading strategy for you. It sends you Key Numbers for the forthcoming trading sessions. From these numbers, you can gain a clear idea about
- When and how to enter the market
- The exit target
- Ways to stop loss
- Reversal points
Beginners in Forex trading can understand where exactly to buy and sell their preferred currency pairs. NetPicks aims at making trade profitable and more effective for its traders. It solely aims to assist individuals earn through Forex trade without the assistance of a professional trader.
NetPicks offers a mechanical trading system that is tried and tested to generate profit. Like other mechanical systems, it may involve some drawdown. However, this is comparatively small and can be easily balanced out by trading more than one currency pairs or Emini contracts.
Free Forex Signal Services
While most Forex trading signal services are paid in nature, there are also some software firms that provide these services free of charge. Companies provide these as part of their trial services to determine whether the features that they set up would be active once they operate live.
You must check various factors before actually choosing a Forex signal service and finding out whether it is good for you.
– A major worry in availing this type of service is to find out which Forex signals would correspond to your trading style. Pick a service that matches your style of trading.
– The foremost priority of the service provider should be investments that have low risk and greater profit potential. Free trading signal providers must have a good risk-reward proportion.
– Analyze whether the advertised success rate of free signal or alert providers are really achievable. High rates of success are publicized by many free signal providers and frequently turn out to be bogus. Although there are certain programs that can achieve such positions, they are rare and can be very costly. Authentic free service of this type allows other people to use its platform and justify its process of income generation.
– If any of the free Forex signal service providers offer these features, you can register with it.
Manual vs. Automated Forex Signal Service
There is a great debate over which one is the better signal provider service – manual or automated? If you prefer to work with real people, manual service is the one you should go for. Manual signal providers typically comprise of experts who have thorough knowledge of the currency market. Automated signal service, on the other hand, comprises of software programs that are based on old and new market data and latest industry trends. The service of a manual provider is usually restricted to sending a buy or sell alert to traders. An automated service, on the other hand, works together with your broker or bank and sends you an alert when it is the most profitable time to buy or sell a currency. These applications can be used on any currency pair or time frame. With a manual service, you can only receive the signals sent by your service provider. An automated service lets you determine the currency pair or the time frame.
How to Join a Forex Signals Provider?
If you want to enlist the services of a Forex Signals Provider, you must be a Forex trader with a live trading account. Once you are a confirmed Forex trader, you can get in touch with a good signal service provider and enlist its services. There are many reviews of Forex Signals Providers over the web. You have to go through reviews on reputed websites and forums to know which one is the best for you.