Finding a good Forex signals provider can help ensure your success as a forex trader. Forex signals tell the trader whether they should open or close a position in a particular currency pair based on either technical or fundamental analysis methods. While you can find trading signals available free, many providers offer their signals on a paid subscription basis. But how do you find the best provider to ensure that you are getting the best signals?
- What is their track record? Virtually every signals provider will brag about their outstanding results, making it difficult to separate the truth from the hype. One of the ways you can check out the track record of a signals provider is to look at reliable reviews sites that offer rankings of the best providers. You can also research a provider online to see what traders are saying about them.
- How fast do they provide their signals? As a trader, you need to enter a trade as soon as a signal is detected in order to ensure that you capture the maximum profits. Find a provider that gives you signals with as little delay as possible.
- What methods do they use to transmit their forex signals? Most providers usually send their customers alerts through email or on their website. However, the best providers offer their customers the option to receive their signals through SMS on their mobile phones or other portable devices to ensure that they never miss a trade.
- Do they provide a full explanation of how to use the signal? Signals should come with entry and exit points, as well as suggestions on where to put stop-losses and take-profits in order to ensure the profitability of the trade.
- What level of customer support do they offer? At the least the provider should have knowledgeable customer reps available during office hours to address customers’ concerns.
- Do they offer a trial period? Many reputable providers will offer their clients a trial to demonstrate how good their service is. If the provider you’re interested in offers a trial, you should take advantage of it in order to familiarize yourself with their service as well as seeing for yourself how effective their forex signals are.
- Do they have a lower priced option? If you are not ready to sign up for a full service membership and the provider does not offer a free trial, will they give you the option to sign up with a lower cost option?
- What other services do they offer? For example, do they offer mentorship to beginning traders? Do they have other educational resources on their site? Can you open a demo account through their site so that you can test their signals to see how profitable they are?
Finding a good forex signals provider can be challenging. But hopefully with the help of the above tips, you will be able to match yourself with a provider who meets your requirements and will help you become a profitable trader.