Forex signals allow traders to time their entry and exit. That is why they rely heavily on providers to give them the right signals as soon as they happen. This usually means cutting edge technology in terms of data transfer such as SMS, RSS, email, and wifi connectivity. This article will discuss the different services available to a trader. And provide a short discussion on inadequate, improper, or unnecessary services as well as scam service providers.
Forex Signals through SMS or Tweets
Text messages can be sent by providers directly to a mobile device (i.e. laptop, tablet pc. smart phone, etc.). The main disadvantage of this type of service is the limited information that can be sent per SMS or per tweet. That is why most providers will limit information on important points such as:
- Entry and exit signals
- Stop loss figures
- Currency pairs
- Basic graph information
- Brief analysis
Forex Signals through Broker Contact
Some services will allow access to Forex brokers. This can be done via broker contact and/or client contact. The main advantage of this service is that it allows enthusiasts real time and one on one conversation with experts in the field. The disadvantage is that brokers tend to filter information, and are trained to sway mediocre clients one way or another, to favor trading house directives. Therefore clients have to realize that due diligence on their part is necessary in order to sort out information and then require more relevant data.
Forex Signals through Paid Accounts
Paid accounts provide real time data at the click of the mouse. If you play your cards right, you may even be allowed to try out several demo accounts to determine which provider is right for you. These services allow access to real time data with different functionalities. However, some of the more important services and/or functionalities can be unlocked via additional premiums. Therefore, for those who merely moonlight as a Forex trader, try out, or run the gauntlet of demo accounts to avoid paying fees. For more serious or professional traders you really need to pay for the full service.
Forex Signals through Continuing Education
Signals move regularly and can even be modified or become obsolete. This is why serious brokers need to consider continuing education via regular classes, internet classes, short courses, or self help books. Of course, proper consideration must be made on the requirements of the jurisdiction on license renewal.
Choosing Your Provider and Services
Traders or enthusiasts have to be careful in selecting their service providers. This is because an individual must consider his/her specific needs and then consider the services and functionalities offered. Failure to exercise due diligence will increase the likelihood of a trader signing up for an inadequate or unnecessary service or functionality. What is worse, is that scam providers maybe availed; of which, do not give any service or worst – disseminate false information detrimental to the trade. Always remember to verify proper registration and licenses compliant with the jurisdiction wherein the services are to be used. And request for a demo account prior to payment.