Making a mistake on climbing mountains can cause death. In forex, if you make a mistake, it could cause significant money loss. So, should you stop right now? I will say yes. But if you're in the Forex Market, then you should check your opportunity with intel. With a reliable forex signal you can utilize your brain and earn big profit from it. So, in this article we're gonna talk about FX signals and best few Forex Signal Providers yet in 2021.
What is Forex Signal?
Forex Signal is simply trade ideas which can suggest a Forex trader what to do in trading time. A good forex signal will indicate the market trends in real time based on technical staff, finance decisions etc. Though a signal used by pro traders but novice guys also interested in it. (Caution! Noob aren't wise enough to use forex signal). Good to know that signal is not only for forex market but also cryptos, commodities, indices etc.
Let's see what things are considered as a signal. A forex signal provider will provide you technical indication like this-
- Entry point: like 0.123
- Order Type: Sell or Buy
- FX Pair: EUR/USD
- SL: 0.129
- TP: 0.100
About short names, if you're unfamiliar with SL/TP then you should take a Forex course right away because these terms are very very important for a signal user in trading terminal.
A Typical FX Signal
A typical signal could be market idea like price entry point, SL (Stop Loss), TP (Take Profit) with decimal places. A trader need to justify with current market situation and execute the trade by copy it to the trading terminal. It is called live or active signal and you won't want to miss it.
Forex Signals Legitimacy
No forex signal service provider can say they are 100% profitable. If you get someone saying that, don't be a fool. Just you should avoid them because, the liquid market is unstable and no one simple can control it.
If a signal supplier or a company provides trade recommendations, they are good. Well, their productivity will likely not as expected. That is why you need to use your brain.
Use your market analysis tools to perform your own investigations on the signal supplier company. Another thought- if you get profit from a signal provider, then I would say take less risk and go for it. CAUTION!, you have to take the risk on your own.
A smart trader will apply signals in a demo account before going any further. You too, you should not chase a signal provider's service blindly.
Free Forex Signals
It is rare to see that a signal provider is offering accurate free forex signal. This year, at least we can't say it is so easy. But if you look, you'll get one hopefully. If you found one, it should get periodical free signals without entering your credit cards.
Some free forex signal provider will ask you to join specific broker(s) account and they'll provide you free signals. Well technically it is not a free service, they are getting money from commissions. In this case, you should be aware of the amount of money you're going to invest. Because, probably they're going to rip your fund by poor quality signal service. The more signal they send, the more commsions they can earn. You should avoid those thugs by all means.
Paid Forex Signal Service
A lot of paid services available on the web but how much of them are legit? How can you trust a service?
Well those are your fair questions. It is true that only a few services are worth of paying fees. As a smart trader you should not avoid follwing things-
- DO NOT Trust a service if they can't explain their signal.
- Look out if they don't have quality of their services. A good signal provider should tell you their chart patterns, breakout, trend, price action, reversals.
- Always check trading assets before buying a signal service. Usually it is forex, stocks, shares, CFDs, commodities, indices. About cryptos- you need to beaware because of its nonregulated system.