There are hundreds of Forex signals providers. Among them, you are free to choose any which one you like. However, what is essential is that you want one that will enhance rather than impede your trading success.
If you diligently follow some specific ways, you will end up choosing a quality and reliable one. This article aims to show you those ways. But before we get to that, let us first introduce you to what Forex signals are.
What are Forex Signals?
Forex signals are trading suggestions. However, even though they are suggestions, the best of them are reliable ones. That is, you can be sure that when you follow them, you will get more winning trades than losing ones. And that should be their aim: to make you a profitable trader.
They are messages whose providers communicate to their subscribers via emails, SMS, and even social media posts. They specifically suggest the price at which traders should open a trade, the rate at which they should close and the price at which to put their stop loss.
Hence, the best of Forex signals are those that fully incorporate those vital details. That is, they are the ones that show traders how to make gains while also minimizing their risk. If you want to find one of them, you should follow this guide.
- Check for reliability and profitability.
The signal provider you eventually settle for will determine whether you will be able to win the market over or you will miserably succumb to it. As a result, you must ensure that it is reliable and that its signals are also highly profitable. And there is the tricky part. Why? Every Forex signal provider out there claims to be reliable and profitable. Some even go to the extent of producing imagined data to back up their claim. However, as it is commonly said, talk is cheap. Therefore, you should consider only verified records of the yield of the signals of every provider. The litmus test is that before the provider can be deemed reliable, its messages must have been verified by a third party such as myfxbook.com. This is the only way to check that the signals of that particular provider can be trusted.
- Check if the provider offers a trial period.
Another helpful confirmation you can make is to check if the particular signal provider you are considering offers a trial period. This is important not only from the angle that during this period, you can check the suitability of the provider for your needs but also from that of reliability check. If the provider is truly reliable, and its signals are indeed profitable, it should not mind offering a trial period for its subscribers. This gives you, as the user, the luxury to check if the provider is not a ruse. In summary, when a signal provider offers a trial period, you can be surer of its services.
- Check suitability for your needs.
A trusted forex signal provider whose services are not suitable for your needs and your situation is as right as evil. For instance, if you are a day trader, you will not want to use a signal service that sends out multiple signals during the day. Your aim will most likely be to find the one that instead sends a few quality ones. This is because as a day trader, your goal is to enter a few good trades during the day without having to devote a lot of time to the market. Consequently, you will not want to take on many of them. Also, do you have a long-term view of the market or a short-term one? What are your gain expectations? By how much do you tolerate risk? What is your trading strategy? And finally, what is the trading session the signal provider uses? You should consider all these and how they fit into the type of signal service you choose to use.
- Does the signal service have a customer support service? If yes, how good is it?
Does the signal service provider you want to use have a customer support service? This is essential. And you will understand the full extent of its importance when you run into any hitch for which you need to contact the signal service company itself. Thus, check only for a Forex signal company that has a robust and responsive customer support service. This feature will come in handy when you need to make necessary clarification and have technical problems resolved.
- Compare and choose
Finally, do not narrow yourself to just one. Instead, you should compare and contrast. Using the points covered here as a guide, analyze different signal providers to pick the best of them. You can use Google and different review websites to do this. However, be careful. It is not everything you see online that you can trust. Hence, use multiple sources to compare the alternatives available to you. Read the reviews of their users. What have they got to say about them? Those can help. However, 1000pip Builder is the Forex signal provider of choice. Their signals are reliable and have been verified by the renowned mfxbook.com. Hence, you should check them out here.
- Does the signal provider also provide analysis and learning resources?
Honestly, the best Forex signals are comprehensive enough and should be easy to understand. However, a signal provider that still goes a step further to show you how the messages are arrived at can be more fascinating for you to use. In addition to the fascination, you will also get to grow your skills. The right Forex signal service should, at least, also provide some resources for analysis and research for its users. Moreover, it should accompany those with learning resources, too. The goal is to ensure that you do not grow to be utterly dependent only on signals while neglecting the development of your trading skills. Such a signal service will help to better your trading performance while also grooming you into a successful and independent trader. 1000pip Builder is such a signal service company, and you should sign up for an account with them here.