Today I will give a little tutorial about Forex Signals and How to choose best signal provider services ;) , to be honest with you guys! Forex signal are not good(personal opinion), but if you don't have times to trade, I think we don't have any option beside we have to use their services! there is so many signal provider out there, in fact in your MT4 already exist ;) just to remind you , who knows! maybe you not see signal in MT4, :D in past I become one of signal provider in MT4, but since I don't have many subscriber, so I am quick from there! maybe I don't fit with become signal provider :D lol ,
The reason why signal provider exist until today, simple because, most of forex trader only want profit without doing anything, e.g Market Analysis, Trading Strategy, Trading Pressure, and etc! as long they have money, and pay signal provider its. okay! in a nutshell, signal provider do the dirty jobs ;) hehehe! so the big question is, How to choose best signal provider services ?
- Choose signal provider that already have long track records! if they have long journey in forex, usually they must be good! otherwise they will not survive in this industry! that's why, most of forex signal company will hire any forex trader that already have 2 or 3 year experiences without big Draw down in their account!
- Don't see from their profits percentages! most of signal user will see profit average! but for most people that already knows forex for long times, knew that profit percentages is not the most important! the reason simple because it will effecting draw down level! for example, if they can get 100% profit in a month, usually DD level will reach more than 50%, it mean! if 5hit happen, all of your money gone for Good!
- Manual Trade or EA Robot? some signal provider use robot, some doing manual trade with good analysis! if I were you, I will choose people that trade manual! the reason simple because robot or EA can't handle Economic news! until today, there's no EA or robot that can read News in forex factory ;) lol! if there is FOREX EA, that can read Economic news, let me know :)
- What Analysis they use? Fundamental or technical! basically this part are not important but just for precaution, if you can get signal provider that trade using fundamental analysis! they usually news Traders! it mean they trade when important news coming! for me this strategy is bad! bet on news, is like gambling! nobody knew where they will go! after news result! even if we can predict, there always be a spike and can ruin everything! the best trader should be use two analysis Fundamental and technical! or if they use fundamental only! as long they trade not on short term, this kind of trader could be good! to be honest with you guys, only special people that can trade single trade and last for years ;) not many people can do this! and also it will be more efficient and effective !
- the last one! diversify! try to use more than 1 signal provider and split your account! one for the best, and one for the second best ! Diversity can help your profit consistent! at least if one trader result not good, another trader can cover your loss! some people use this kind of strategy! and sell it again to another user :) prety cool eh :D most of forex investor don't really care, which signal that you use! as long you make profit, and they see and think you good! they will invest money to you, some people use forex signal services to make more money by offering easy money to people that have big fat pocket! :D
I hope my tips about forex signal can help your investment!
Another Forex tutorial to reads.
- Forex trading Tutorial For Beginners Part 1 Forex Mindset
- Forex trading Tutorial For Beginners Part 2 Forex Term
- Forex trading Tutorial For Beginners Part 3 Forex Trading Platform
- Forex trading Tutorial For Beginners Part 4 Forex Analysis
- Forex trading Tutorial For Beginners Part 5 Money and Risk Management
- Forex trading Tutorial For Beginners Part 6 Forex Strategy Holly Grail
- Forex trading Tutorial For Beginners Part 7 Benefit and Risk
- Forex trading Tutorial For Beginners Part 8 The last Part
- Forex trading Tutorial For Beginners Part 9 Forex Brokers