Best Forex Signals is nothing but the signals that work in your account. Confused? Let’s have a burger and read this article to make sure you have understood the point. Most of the Forex Trader looks for the best Forex signals as they don’t know the basics of Forex or they know, but don’t have time to do their own analysis. Therefore, they look for the best Forex Signal provider.
The main problem behind this is most of the Forex Traders follow the signals blindly. No one in the Forex market can send signals with 100% accuracy. But, people fall in the trap by telemarketers or social media advertising written “100% Unbeaten and Best Forex Signals”. This is the starting and they lose the money that they paid for the subscription and the money in their Forex Trading account. It is not even the telemarketers’ fault as their job is to sell the product. The fault is yours! Because you need to ensure that where am I investing money?
Image: The Trap of 100% winning Forex Signals!
What to do for getting the best Forex Signals?
Forex Trading industry is really vast and you need to be careful before purchasing any tools or subscriptions. Before purchasing, you need to know from whom are you buying the tools or subscriptions. You must have to understand that the best Forex Signals may not be best for you, and even it can be worst for you. Quality Signals provider will never tell you to jump into the trade blindly but they will tell you to consider the signals.
Before Purchasing, you need to know from where they are operating and what kind of strategies are they following to send signals. Are they Technical analysts or they are fundamental analysts? What kind of technical analysis do they follow? (E.g. Price Actions, Bollinger bands, Fibonacci, etc.)
Secondly, you need to know what types of signals they send. Is it scalping or swing? If you have a small balance in your live trading account, a scalping strategy might not work for you. If they hold the trades for a long time, that also might not work for your account. You have to think of your account size as well.
Thirdly, you should know that when they send signals? If you are from Australia and the signals provider sends signals to the New York session, it can be difficult for you to follow. But, most of the traders trade in London and the New York session. Because London and New York sessions are most liquid sessions and a big part of Forex traders are from Europe and the USA. During this period most of the major currency pairs can be traded at the lower spread.
Image: Most popular trading sessions
Finally, you should have a look at their signal’s sample. There are many Forex Signals providers who provide multiple Take profit which is one kind of bluff for the subscribers. It is really great to show off the profits but inside, it is nothing. When there is multiple Take profit, most of the traders close their trade at first Take profit and never try or hold half trades for second or third TP. If they close the half and hold the rest, they will count TP1+TP2+……. and so on! But how many pips did you get? Did you think ever? You actually got the TP1. If you take multiple entries for each take profit, if it hit the stop-loss price, have you ever realized how much you are going to lose? Maybe the profit you made the whole week!
What are the qualities of the best Forex Signals Provider?
Best Forex Signals provider never thinks of quantity but quality. We need to understand Forex is a place of business but not for passing our time. One trade is enough to make your day, week even your month! You need to be smart because smart traders always win the race but not the trader who works hard. I think you became confused again! Let me clarify the statement, the trader who is always after the charts and never think of the world economy or fundamental updates, always lose in the market but smart traders think smartly. They are up to date with the fundamental news as well as the technical analysis.
Remember, best Forex Signals providers will always keep transparency on their signals. Risk, reward, profit, and loss all are the parts of Forex and no one should feel shy if there is a loss. Therefore, the best Forex Signals provider will never hide any loss or edit the losing trade. He will be honest and punctual.
Nowadays, many traders who don’t have the basics of Forex Trading but selling Forex Signals with 100% accuracy! Strange! Right? Actually, they are buying the signals from some other place and reselling it. Do you think that you will get any benefit from them? Best Forex Signals provider will always provide charts along with the signals, he will mention the reason and the fundamental facts in front of you. So, you can get the idea and know the reason behind this trade!
Why am I making a loss after getting the best signals provider?
Many of you follow the same signals provider but most of you are in loss and few are in profit. It seems abnormal but true! Even ForexPundit’s subscriber asks me the same question. Five years before, I was fed up with these types of questions and I started to analyze it. Finally, I found a few problems with the followers’ trading strategies.
Followers can never follow all the signals and it is not possible. But at least 80% of the trades should be followed. Most of the traders never use the same lot size while trading. Just think, if you trade with 0.10 volume/lot size and get 100 pips profit in GBPNZD, you will get 60-75$ profit based on your broker spread. If you trade by using 0.20 volume on Gold, and it hit the SL of 60 pips, you will lose almost double! Many of you even don’t know that if you use the same lot, the profit will be different in major and minor currencies!
The overtrading tendency is another reason behind the losses. Many traders are doing Forex trade as a part-time business but they suddenly open their phone and click of MT4/MT5 and check the trades intentionally or unintentionally. This is not right! You should make a routine to trade and besides that, you should have personal and working times. Do not trade the days. If you put fewer trades and most of them are blue, doesn’t it look good?
You need to have the basic knowledge of Forex Trading. Education is really important for Forex Traders. When you get the signals, open charts on your MetaTrader, check twice if it is a legit entry. Check the daily calendar if there is any upcoming news of any currency. If it is, ask the signal provider if he knows and what he expects from the news. Search the historical data of the same news. You will get confidence. Watch YouTube videos of Forex trading.
We have already posted an article that “How a trusted Forex signals provider can boost your income?”. It is really difficult to find an honest and transparent Forex Signals provider. You need to be smart for getting the chance to have the best one. Searching in search engines and Social Medias can never help you to find the best one. You have to search for it and find it yourself. But try to avoid being judgmental but be professional. I know most of you just avoided to read the whole article but very few of you smartly read the whole article and thinking of it. I am eager to see the smart traders who took the time to read this out and let me know by commenting and sharing your opinion.