When it comes to Forex trading there are tools available to you to help maximise on your experience and help you to increase profitability. Once such tool is signal services. Signal trading services are available to help you to make trades at a specific time and price. These signals are provided by either a human or robot service.
When choosing a Forex signals provider you must choose carefully. Whilst there are some that give out very accurate signals that result in a profit, there are others which can lose you money. Signal services should not be confused with automated trading where the robot makes the trade for you. This is just a service that suggests the trades that you make.
To help you decide on a signal service provider to use with your Forex trading we offer a rating and review of the best Forex signal services. To enable us to offer advice our team of experience traders will use the services themselves. This way we can be confident of the information that we present to you. You can then make an informed choice.
How can you use signal services to maximise your profits? In this guide you will learn:
- Why signal service providers can help to increase trading profitability
- The pros and cons of using signals when making your Forex trades
- How you can use the information we provide to choose a signal provider
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Benefits of Using Signals
What exactly are the benefits of using a signal service when it comes to Forex trading and what should you be aware of? There are many different providers all making claims to provide the most accurate information with the highest success rate. Whilst some of the claims that look too good to be true usually are, there are benefits to using signals.
As a new trader it can be overwhelming and you really should understand the various signals and what they mean before you start using them. They can be very helpful though. For you, the trader, it can be very hard to be on top of everything all of the time. That's why signals can help you to make profitable trades.
If there is a significant event that will affect a particular currency pair then you need to know about it and fast. Having access to this information quickly means that you can react and use a small window of opportunity to make some big money. Of course this type of signal is a "news signal". There are other types that analyse the trends, activity, history and overall performance of the markets and produce signals based on this technical analysis. Again this is far more than a human being is capable of so it can come in very useful. The benefits of signals can be very rewarding if you choose wisely and understand them.
The Different Signal Types
Whilst a signal service is essentially a tip or advice on what to trade it is usually broken down into different types of signals:
News Trading Signals
How will a market react to a piece of news? If there is a significant movement or something which is likely to cause a movement in the markets then you need to know this and you need to know it fast. This requires quick reactions and a reliable service that can get that news to you in a hurry. The initial reaction is where the most profit can be made before the markets settle back down again.
Using various forms of data including trends, technical signals are more advanced and rely on technology. Technical signals are great and have their part to play but you have to be careful of other factors like market news. No matter how accurate your signals are, if something happens in the markets the trends of a currency pair won't be relevant.
General Trade Signals
Different providers will offer different types of trade signals. The quality of these signals will depend on the service that you subscribe to. If you are just looking for general trade signals there are plenty of providers that will offer this service. The trick is to find one that offers the data in a timely and reliable manner.
In addition to the types of signals there are also differences between providers. Some subscribe to a particular service where the information comes from one source or maybe multiple sources. If you want to go the whole hog and have the trading signals provided and the trades executed, then you need to enlist the services of an automated trading robot or EA; Expert Advisor. Another growing trend is copy trading. This is where you copy the trades of a successful trader but this does come with risks just like any form of trading.
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Signals Pros And Cons
There are many pros and cons to using a signal service to assist you with your trading. For some it is a really good tool for improving your trading success while for others it can be more damaging and you could end up losing money.
Let's take a look in further detail at some of the pros and how it can enhance your Forex trading experience:
Now while there are plenty of arguments for using a signal service you also have to consider the reasons that you may want to think seriously about whether it is for you and to ensure you choose the right service:
If you are struggling with which signal service to choose then our ratings and recommendations will help you to make the right decision.
How we Find And Rate
As with all of the various features of a Forex broker or service provider we can only bring you the most accurate, up to date and extensive information by investigating each service ourselves. That is why we put our team of experts to work testing every single one and really getting under the skin of each provider. We don't just sit at our computers reading reviews and making assumptions. We base our information on our own experiences.
This involves trading ourselves and using the various robot systems and Forex signal providers on our own trades. Our team consists of traders that have been trading on the markets for a very long time and have made significant sums of money. They know what they are doing and they know what they are looking for. They understand the world of Forex inside and out. By using the various signals provided by the various providers they can measure their effectiveness before reviewing and rating them. We then present this information in a comprehensive format so that you can make a decision armed with the facts.
You may not understand signals and how they work therefore you can use our information to get acquainted with them. If it is something you feel you would like to try then you can choose a provider from the list of our reviewed and recommended providers. Then you can sit back and trade with peace of mind.
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Frequently Asked Questions
Are signals services reliable and trustworthy?
Like anything when it comes to Forex trading, whether you can trust a provider is a big question. This is probably the biggest conundrum you will face when choosing a service to use. The key is to carry out your research, read the relevant reviews and ratings and make an informed decision based on fact. We only recommended tried and tested service providers that you can trust your money with.
Can they really predict asset movements?
The predictions are based on extensive data. Whilst they cannot guarantee their predictions most signal providers do have a good success rate. Let's be honest if they could predict asset movements accurately 100% of the time everyone would be rich. The trick is to choose a signals provider with a good success rate. Don't get excited by those promising 90% success rates, this is usually over ambitious and disingenuous.
Will I need to pay huge subscription fees?
For good, reliable data you can expect to pay for the privilege. Like with anything when it comes to Forex signal services it does vary greatly though. There will be those that don't charge very much for the information and others who charge a lot. The key is to make a return on your investment so make sure you don't pay so little that it's not very good or too much that you don't make any money.
What if my signals provider gets it wrong?
Unfortunately from time to time they will get it wrong. That is the nature of the beast. Something unexpected could happen in the market for example. It is when they consistently get it wrong that you should be concerned. Make sure that you choose a reliable and trustworthy signal provider with a proven track record. You are not looking for those that claim a 90% success rate. This is perhaps a bit overambitious but those that get it right more than they get it wrong.
How do I find the best companies to use?
By browsing through the Forex signals providers on our website you will find those that we recommend. Our recommendations are based on our own experiences so you can rest assured that we have used the signals ourselves. There are so many to choose from which is why we only select the best for you to make your final selection from. The key is to find a few that you like the look of and then visit their websites to find out a little bit more.
Our Top Recommended Websites Updated: July 2018
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