WHAT IS A FOREX SIGNAL?
Forex signals are alerts some traders choose to receive which suggest paying attention to an opportunity which has arisen to buy or sell a currency pair in a profit generating way.
Forex signals have evolved greatly since trading forex online has become possible. In the early days such signals were sent mostly by SMS to traders’ mobile phones, today there is a variety of ways in which a trader may choose to receive forex signals, ways which enable providing more information in text, pics and graphic form.
Every forex trader stands to gain a lot of forex signals, it is a shame not to make use of this high potential tool. However, as with all things concerning trading on any product, currency pairs included, it is essential to learn how to make the most of forex signals without taking on risks any greater than you feel comfortable with. We’ve gathered for you some useful information and tips which will help you make the most of forex signals.
We do not advise deciding whether or not to make trades based solely on information provided in a certain forex signal, even if it is one provided by the most reliable source. A forex signal should be seen as an invitation to learn more about a certain opportunity. You should always check further before deciding to give a buy or sell order. Things to look out for;
Reviews written by traders who have acted upon signals such as the one you’ve received (or even the very same one), verification of results posted.
Is there a sales pitch, which may imply that the signal is not as reliable as it first appears to be?
Is there a trial period and/or a money back guarantee?
Testing a Forex Signals Service
A good way to test a forex signals service is by signing up for an evaluation period (“trial”). Some services offer a free trial while others charge a reduced fee. The trial period will allow you to find out for yourself if the claims made regarding the signals provided are true, for instance, they may boast a 90% + success rate while the more realistic figure turns out to be 65 – 70%.