Forex signal provider services are constantly growing in numbers and popularity. We'll start off with a quick definition of what a Forex signal provider services. A Forex signal provider service provides Forex traders with trading signals. Once a trader has received the signal they may then place the necessary trade(s).
There are any number of reasons why someone would choose a Forex signal provider service over their own system or a commercially available Forex trading robot. One thing is for certain though is that those traders who do rely on the services more often than not simply do not have the time or inclination to develop their own trading systems. They may also find Forex signal services to provide better performance results than if they were using an automatic Forex trading robot software system.
Forex signal provider services are usually paid for on a monthly basis although some may have a one time only fee.
The Forex signal provider has their own Forex trading system that they use to generate the signals. If the Forex signal provider is competent in creating Forex trading systems then it is quite possible that they will be able to provide Forex signals you can rely on.
Forex signals are sent out using a variety of methods. Here are just a few.
Web Access — Some Forex signal providers may have you log in to their website at a particular time during the day. Once at their website you can see the current or future Forex trading signals and then act upon them accordingly.
Email — Many signal providers prefer to use email to send out up-to-the-minute Forex trading signals to their subscribers. Email allows the signal service provider to “broadcast” any necessary trading information at the push of a button.
Text message — Much like using email a Forex service provider is able to broadcast text messages that can be viewed on any text message capable cell phone. This can be particularly convenient as a subscriber does not need to be near a computer in order to receive the most up-to-date trading information.
Forex signal provider services will typically send out the following types of information:
1 – What currency pair to trade
2 – How many contracts to trade
3 – When to get in — in the form of either a particular time or a certain price level
4 – When to get out — in the form of either a particular time or a certain price level
5 – How much to risk
Besides the signals themselves some Forex signal provider services may provide Forex market commentary pertinent to the current trade and market conditions.
If you're in the market for a Forex signal provider service the most important thing to keep in mind is the competence level of the person or persons delivering the Forex signals.
Which do you recommend as a good reliable website for trading signals that can be sms’ d to me for a fee?
I would appreciate your suggestions very much as I have had some bad experience with a forex trainer who really gave me very dangerous advice and I lost my account 3 times! so now i am very careful! Sometimes it was because we had no Internet connection and gold was being extremely volatile so the lack of connection meant I could not manage the account. I had made the mistake of opening too large a trade In gold.
I am looking forward to really trading with informed decisions and after proper planning!
Diana,
I don’t know of a good trading signals provider.
I keep getting contacted by someone who claims to provide trading signals which yield 100-150% per month. In reality if someone really had trading signals which yielded 100-150% they wouldn’t be contacting me to basically give their signals away. When it comes to most money-making opportunities, “If it sounds too good to be true, it probably is.”
You are already on the right track by learning more about Forex trading in order to make more informed decisions.
Thank you for taking the time to comment.
Good Trading and Good Life,
Cedric