FOREX SIGNAL TRADING IS A TOUGH SPORT
In spite of the plethora of providers available, finding successful Forex Signals is a hefty task. Most fx traders come to realize this the sad way. Losing money with a Signal Provider can happen in two different ways, unsuccessful performance being the more obvious of the two. The less obvious however, is related to the potential profit to costs ratio. When a forex trader is trading small, the potential profits might not cover the costs of the monthly subscription fee they are paying for the service.
Traditionally, fx Signals are sent to the trader via email or sms. Additionally however, automated trade copiers were created; automated software that will copy Signals produced either by semi-automated algorithms or solely by humans, directly to your MT4. Assessing systems using an automated trade copier follows many of the same principles as with evaluating Expert Advisors. Prior to using a particular one you should be familiar with the following;
- It’s important that you know how a Signal Service works
First you need to know if you are subscribing to an email/sms service or for an automated trade copier. Automated forex trading involves inherent risk and one should know the basics of how your provider of choice operates. For instance it is useful to know if your trading system solely uses signals created by humans, or if it is solely algorithmic or if it uses a combination of two methods. Regarding services that need you to trade them manually; you need to make sure that you know how to interpret the signals sent to you.
- It is not recommended to use a Service that has not been tested via an independent authority or does not have an abundance of positive reviews on trusted websites
A Signal Provider should be able to present positive results on live accounts via an established, independent authority for a decent amount of time, or have an abundance of positive reviews on established websites.
- Ensure that your broker of preference and signal system of choice are compatible
Not every system is compatible with any forex broker and any fx account type. Especially regarding automated signal copiers you should consider equity/balance, leverage and other possible limitations in regards to the trading conditions of your fx broker of preference. The signal trading systems we currently accommodate are compatible and can be used with all and any MT4 trading account and fx broker.