What are the things we should know before choosing forex signal provider?
How to choose best forex signal provider?
What are the things we should know before choosing forex signal provider?
How to choose best forex signal provider?
I’ve not personally worked with a forex signal provider but what I know is that they charge $$ for it and I feel like if I have to pay someone to tell me what to do, I may as well learn how to it myself or have someone build an EA for me at least. Just my two pips.
Why are you on the hunt for one @vineeta?
Hi ponponwei, thanks for your views. You are right when you say you have to pay charges for getting signals. But what if it is really profitable for you. You can also learn to do it all yourself but what if nothing is achieved after that.
I don’t think I’ve seen anyone here who’s actually been profitable using signals (unless of course they were selling it themselves). I could be wrong of course and may have just not the met the right people.
That is a scary thought. But perhaps then maybe trading isn’t for you?
Look up ImperialFX on instagram, was with them while i learned how to trade. Very good service.
I was just asking. Even I enjoy trading but I am lacking confidence in the same.
Thanks. What did you like about the service?
choosing a best Forex Signal is most difficult task as like when broker choosing a new Forex trader .
I agree but what if we have to find the right service provider. How to find such service?
Just my opinion. A forex trader with a very profitable system would not sell signals. Too much work for too little gain. Would be much easier to borrow money or get backing or a job with a prop firm to be able to trade much larger size. Am skeptical of signal providers. To illustrate:
Trader A has had a good 6-12 months performance, averaging 5% a month on a $1,000 capital. He borrows money from the bank at 10% per year and bumps his capital to $10,000. He now makes more than enough to pay the principal and interest assuming a 3-5 year term. After another 6-12 months of consistent profits, he shows his records to investors and backers, raises his capital to $100,000 and continues to make 5% a month. He is now making more than enough to trade full time and pay off the loan and give his investors a good return. From then on it’s easier and easier for him to get investors and funding.
Trader B also has a consistently profitable system. He signs up for prop trading firms like the5ers or topstep trader. After paying the entry fee, he trades on their account and passes the qualifying stage. He now gets funded tens or hundreds of thousands of dollars to trade.
I’d only be interested in looking at signal providers if they showed verified proof of their trading results over a fairly decent period of time, perhaps at least 6 months. The fact that providing signals is their business tells me that perhaps they might not be that good at trading.
Long-term performance, max drawdown, risk-reward ratio, money management rules, type of assets where trades are carried out, principles of the system.
Best signal provider is you because the benefit of experience is priceless
is this a common thing that providers offer? And what would make you trust the information? I have no experience with them.