I’m trading for a while, but i never been using paid forex signals services. I have developed solid news feed that works for me but i was kinda got interested when i met one trader who told a fairy tail that he thanks to companies xxx signals earns a fortune. Some months less but overall very good.
So i would like to know do you use Paid forex signals services?
Which one you’ve been using?
How much does it cost?
~ pips revenue in longer period?
Personal experience recommendations always appreciated.
Well Linda, Please use your time to find solutions for other FX related things. I have tried many signals services. Failed to achieve any success. Try to develop your own system to trade.
Thank you perryfx, as i said i have developed my own news feed and tactics that i stick to and i’m happy with the results, but somehow that trader who i met recently left me wondering… just wanted more opinions
Yes, I agree. However, if you decide to follow a signal service, ask yourself whether you can be well and truly available to trade their trade calls and whether you know and have faith in the strategy behind it.
What a lot of people make the mistake of doing is subscribing to the signal service, but only being available to take some of the trade ideas (but not all of them) meaning that, sods law, the ones they miss are winners but the ones they take are losers. You can put a lot of it down to variance! With my signal service, I had an irate email from a client who protested that he was down some 30% on my trade calls, despite the signal service finishing 2012-2013 at a gain of 14.55%. The reason, was, of course, because he wasn’t available to take the trades which amounted to big a high reward outcome. He took weeks off because he was travelling and for that reason was out of the “flow of opportunity”.
If you do subscribe to a signal service, make sure the style of trading suits your lifestlye (whether it’s end of day, the European open or the US open) and learn the strategy which inspired the signals. If the strategy makes logical sense to you, then great - you will have faith in the signals…if it doesn’t, you wont. Never trade or follow signals representing something you don’t understand.
This is what I found when I researched Signal Service Providers. Assuming they send you a: entry, stop loss, take profit and exit. You have 2 choices. 1. You can take them at their word that they know what they’re doing, are on the up and up, then follow them blindly for a certain time period, then make your decision based on the numbers or 2. You have to learn about trend, momentum, cycle, support and resistance so you can see how they came to their conclusions.
To me option 1. is not a very effective use of your trading money therefore in my opinion you would be better off with option 2. If you decide to use option 2 but still want to use a signal service provider because for example, it will save you the time of doing the analysis yourself, then you would still be better off with option 2. At least then when you’re trying to decide which provider to use, you will know what to look for and what questions to ask.
While I can relate to what is posted, have you guys considered looking at trading social networks i.e. FxStat? traders/ signal providers have an auto-generated profile page which penalizes their performance to the z so if you can decide to follow a trader’s signals only AFTER you’ve seen their performance for a better guarantee for performance.
Also some traders trade by Highwater mark, so if you lose money they lose money and you only pay commission when they consistently earn for you. That said you could rely on the service long-term or you could rely short-term until you’re longer a newbie
Linda,
I’ve tried a few…one service I tried for two weeks…at $10 a week…they send the signals at a fixed time and they tell you when to get out…I could never duplicate their “pip gained” but I did profit about 10 to 20 pips some days, and broke even other days.
I’m trying a set and forget it service now that only trades GBP/USD…out of 5 days, 2 trades locked in the profit at the first TP point ( I always just go for the first TP point) 2 trades didn’t kick in…the price didn’t go in the range to trigger the trade…and one trade was a loser. I’ll give them another 3 weeks before deciding to continue or not…since I’ already paid for the whole month.
I’m also looking into someone that has the same method of set and forget and according to them they average about 300 pips a month…I tend to believe people that say a reasonable amount of pips versus…those that promise a 1000 pips a month.
I will would like to pointed out for you that you should not be looking for paid services, because they are not reliable on long term trading. As many others in this forum I will say that you should try to create your own strategy and work on improvement.
Yes I use paid signals from a well known and gauranteed company ,They show excellent results. I do not use after it due to some reasons that I can not give proper time to live trading and signals has to follow as they are instructed . Signals can be profitable if you follow them in time
Honestly so far I am never use signal forex even paid or free signal, still prefer learn standalone and use manual analysis, forex trading for me is like as education investment and I like this challenge although only treat as part time business.
Maybe some trader they prefer use signal and just need to copy trades, this is simple and if they found profitable signal provider it will make easy to make money.
