Since it is common knowledge in the trading world that Forex signals run in real-time, it is vital that you have access to on-the-dot notifications. After all, having your finger on the pulse will give you a much more successful foundation as a trader and help you master those winning trades.
Forex signals tell you when the best time to put your money in certain trades, and their likely trajectory. It is exactly this reason why having all the right Forex signals can be an extremely important tool for Forex traders like yourself. Who doesn’t like a hot and reliable tip on a forthcoming trade?
Thankfully, there is a niche industry built specifically around trading signals, along with their own trading recommendations.
Here is our pro-tip, though: it does not matter how many Forex signals you have; It all depends on how accurate those Forex signals are, and how much it helps your trades. It can be easy to get mixed up with some unreliable signals which can negatively impact a trade for you, which is why it’s important to have access to the best trading signals available.
One of the things that you should look out for when it comes to good Forex signals is that it does not just tell you when to dive into a certain trade or just the direction of that certain trade. A good Forex signal will also let you know the in-depth details of the configuration of your Stop Losses and Take Profits.
Of course, the best thing you can do if you are only considering Forex signals for the first time is to get a demo account. This gives you leeway and allows for you to look for what will actually cater to your needs, and your prospective Forex trades.
If you are looking for a quality and dependable trading signal, but don’t quite know where to look, then don’t worry! We have created this handy guide to help you make a perfect choice.
Read on to find out what you should look out for in the perfect trading signal:
Forex Signals Time Frames
It probably already goes without saying that time is of the essence in Forex trading. This is why it is incredibly essential to your trading that your forex signals come on time and are up to date. There would not be any sense in receiving forex signals that are an hour or so later, especially when something else has overturned that news. In Forex, staying on your toes and knowing what’s happening every minute will arm you well and help you to make good, well-informed trades.
One of the first things you should look out for is that the time zone of the trading provider coincides with when you are awake. Through this, you will know that your notifications are fresh and hands-on when you get them. Even though some trading signals claim to be 24/7, it would be a nice safety measure for you to know that their time zone fits yours, should you need any customer assistance or such. It really is important to keep things aligned and as accurate as possible, at the end of the day, it’s your funds on the line!
If you can not figure out the timezone of the provider from their website, sign up for a free trial to receive free forex signals! That should help you get a feel for the trading signal’s compatibility with your needs.
Best Forex Signal Providers
Now, this might seem like such a tedious task but don’t skip past this just yet. All the hard work you put into canvassing and figuring out which has more pros than cons will definitely pay off. It can become somewhat work-intensive, but it will yield proper dividends if you finally find out the best trading signals provider for you!
Here’s how you compare trading signal providers; first, you run a search on forex signal ranking. There are websites all over the internet that do the heavy lifting for you and rank the trading signal providers! After which, you can take maybe 3 to 5 from the top of the list so that you can take a closer look at them yourself.
Now, you should look for reviews. Those comparison sites usually already have a brief overview as to what you should expect per platform, but it would not hurt to do some extra research and find reviews that dedicate entire articles for each.
Again, do not jump into the first trading signal provider you find. They can promise you tall tales, but you would not really know what it is like, or if it’s suited to you until you get your real hands-on experience of the trading signals platform. Take some time out of your day to weigh out the pros and cons of each. After all, this is an investment, and you should be getting your money’s worth and more if possible. It’s important to find providers that you feel comfortable using too, different interfaces and solutions work differently, so finding your own personal preference is really important too.
Reliability of Forex Signals when Trading
It is important that the Forex signal provider you choose is one that you can depend on any day of the week, any time of the day. If you have a community of fellow Forex traders, or you at least know a friend, you should ask them about their recommendations or their thoughts on a certain trading signal platform. They will be able to give you an honest account of what they think about it, as well as make recommendations.
Take a good look at the track record of the trading signals as well. This should already give you a bird’s eye view of the trading signal provider, performance-wise. Make sure that you look at track records validated by a 3rd party, though!
Apart from personal accounts, take some time to dig around the internet as well. There are tons of reviews and hands-on accounts of the popular trading signal providers, and you will be able to save yourself some time from but also other people’s experiences can provide valuable insight into the providers.
Take Advantage of Free Forex signals via Trials
We can’t stress enough how important it is that you sign up for free trials. Getting to experience the trading signals firsthand will help you figure out if they actually add to your trading experience, or if that provider is merely feeding you information that is non-essential to your trades.
Free trials will help you pinpoint what you really need from trading signals. As you go along each one, you will have an accumulative knowledge of what makes a good trading signal. This will help clue you in on the quality of the service, without requiring you to shell out any money or make any huge, lasting investments.
Make Sure Your Trading Signal Needs Are Met
Trading signal providers can easily promise you the world and more when it comes to features, but this amounts to nothing if you don’t really ensure your fundamental needs are met. Don’t be fooled by some fancy features and extra bells and whistles which really don’t deliver a benefit to your trades. Apart from the essentials of trading signals such as the instrument or currency pair, you will be trading, the direction of the trade, etc. you should think about what you need too.
Maybe you are someone who would benefit from getting notifications and updates frequently, or you would much rather just specify the time frame you want to get updates.
It is important that you factor in your preferences when you weigh each choice that you have on deck.
A Few Extra Features Won’t Hurt
The fundamentals are important, but a few extra features that actually enhance the experience won’t hurt! Trading signal providers can vary quite a bit, and they may offer extras that others don’t, so this is something you should take into consideration as well. You will feel like you are getting more than your money’s worth if you sign on to something that will give you a few benefits that you did not expect!
Try out the full range of features, and take note of the things you can find from one trading signal provider that the other does not have. This may help you make the choice if you are ever stuck between two options.
Make sure that you are getting the best trading signals available by taking the tips above into consideration.
It may seem an investment of time to have to check out each but, trust us; it will all pay off when you are comfortable using a platform based on your own unique needs and your trading signals have you making the best trades possible.
Check out Forex Trading Masters to be equipped with all the Forex trading skills you need in your arsenal!