Forex Trading Signals
What to Avoid
Using Forex trading signals can be a lucrative way to trade the market if you find a good system. If you choose the wrong system, you could lose your shirt. Here are a few things to avoid in this area.
High Subscription Prices
When you get involved with Forex signals, you need to pay special attention to how much the signals costs. While you do not want the seller to give them away, you do need to find a signal service with a price that you can afford. There are many signal services out there that charge a large amount of money and could be quite good, but unless you have many thousands of dollars to invest in your trading account, you will not be able to recoup the costs of the signals.
If you lose money every month after subtracting out your signal subscription costs, it does not make sense to continue trading.
While you may not be able to tell at first glance, you should try to look out for fake statements on Forex alerts websites. Many of these sellers put up statements that show how awesome their signals are with all of the money that they have made on trades. If you see a statement, get on a Forex trading platform and go back and look at the history of the currency pair. If the prices are way off, you should realize that you are dealing with a scam. A little bit of discrepancy may just be an error in interpreting the data, but some sellers are not even close with their results.
No History or Results
In many cases, the signal services will promote how long they have been in business and how many people have purchased their signals successfully. To test this theory, you can check out "whois" data online. This tells you exactly how long their website has been in operation. You can also go to resources like Alexa to find out how much traffic the site is really getting. If the site was just started a month ago and it does not receive any traffic, you can feel confident that you are dealing with a scam artist.
Questionable Broker Requirements
Some Forex signal services require you to work with a particular broker when you use their signals. If you have to work with a well-known and rep you will broker, this is not really that big of a deal. If they make you work with Forex brokers that you have never heard of, it can be an issue.
You do not want to have to work with a broker that is located in Yuzbekmenistan (not really a country, but you get my point) just to trade the signals. Stick with well-known brokers and your money will be much safer.
Return From Forex Trading Signals to Forex Trade Signals
Return From Forex Trading Signals to Forex Trading