Forex Signals - 3 Things to Look For
When it comes to choosing a Forex signals service, you want one that is going to eventually make you some money. While there are many different types of Forex alerts and signals that you could buy, many of them are not worth their salt. Here are 3 things to look for in a signal service.
Free Trial/Verifiable Results
When you sign up for a Forex signal service, you want to make sure that has either a free trial or some way to verify past performance. If the service offers a seven-day free trial or something like that, you can get a realistic idea of what to expect from the signals.
If the service does not offer a free trial, you need to see some steady results that appear to be legitimate. This can be difficult in the Forex world because anybody can make results that look pretty realistic. If you can find some third party reviews or something that is not affiliated to the signal provider that verifies the results, this would be best. For example, many signal services have threads in Forex forums in which many different users are trading the same signals. You can usually see what the trades are doing each day by reading the posts from the different traders.
Price is Right
No, I don't mean the signal service needs to have a 70's style game show (which is awesome by the way...Plinko anyone?). I do mean that the signal service needs to be priced at the right level. The "right" level could mean a lot of different things to many different people.
However, the price needs to be somewhere in the sweet spot. For example, if you find a signal service that only charges $5 dollars per month, you can pretty much be sure that the signals won't be worth a crap. On the other hand, you most likely do not want to pay for Forex signals that are $1000 a month.
Somewhere in between is a good range for good Forex signals. For instance, paying $200 or $300 per month is reasonable if the signals are really good. When deciding how much you can afford, you need to look at how much you have to invest. If you only plan on investing in thousand dollars in your account, you will most likely not be able to afford the signals and make any money. If you are investing $100,000 in your account, a few hundred bucks isn't going to kill you one way or the other.
Clear Forex Trading Rules
When choosing a signal service, you also need to make sure that it has clearly defined rules. You need to see some clear entry points and clear exit points. You need some Forex money management involved with your trades. For example, if the signal service tells you to open a trade without a stoploss and leave it open for a month, this is not very realistic for most traders. You could blow out your account pretty quickly.
Make sure that you understand how the signals work and that they give you some clear indications of when to get into and out of your trades. Otherwise, you could run into some serious issues along the way to becoming independently wealthy (like not becoming independently wealthy).
Return From Forex Signals to Forex Trade Signals
Return From Forex Signals to Forex Trading