What is the best forex signals provider in 2019?
The best forex signals, many websites claim to offer them. But can you trust them? This article will give insights about forex signal providers where the focus lies with live trading results. Since iForexRobot recently started a forex signals service it is interesting to know how others are doing. I will analyze a few important factors that you should think about before signing up for any forex signal service. The most important one is: live trading results and real account statements. In other words, how can you believe any signal provider if they don’t trade the same signal in a live account themselves!?
What is a forex signal?
Forex trading signals are used by Forex traders to help them making better trading decisions. It is considered as a really helpful tool and can really boost your trading results. Some signal providers offer their services for free where other charge substantial fees for it.
Before choosing a provider it makes sense to study the type of signal and what is important is to determine the risk management settings. Trustworthy forex signal providers usually offer good money management inputs.
I try to write this article fair and square without bashing any website nor will I state how bad any forex signals service is. I will however try to explain to use common sense, as well as understanding the fees versus profit ratios.
If you are interested you might want to jump to a topic directly
Maybe the most important factor for a forex signal. What is the winning percentage? It’s not that easy. Let me explain..
What do you prefer:
75% winners or 75% profit per year in your trading account or 7.5% max drawdown?
The rule should be: the risk return ratio should be at least 2. So for each trade of $1 risk, you have a probably chance of gaining $2.
The winners % should be at least 60% and be very careful when lot sizes all of a sudden increase. If the provider is very clear about it then you should not worry. Just understand that you will not always have time to trade a signal. Make sure you completely understand what the trading goals are for this trading strategy.
For example, what is the point of using scalping signals if you have a busy day job? Right, it’s a waste.
What is the best time for receiving signals?
Most likely you have a day job and no time to constantly fire up your mt4 trading terminal. So understand that too many signals are not always useful. Personally I prefer signals just before the EU trading sessions and enter them during breakfast. Or do you prefer to constantly look on your phone? Enter the trade, including stop loss and take profit and switch of the platform. Easy as that.
Money management settings?
Lets be plain and simple about this. Without a stop loss or take profit consider each forex signal as worthless.
Which order types are the best?
How long does it take you to start your MT4 platform whilst having lunch? A minute? This makes an at the market order kind of risky. You will not be able to enter your trade on time and probably face a better or worse price. Therefore I can highly recommend to work with limit orders. This allows you to enter your trade in time and will probably get a better trade execution.
You might want to receive a stop sell order signal in the red box zone. This allows you to still be in time to enter the trade in your terminal or app. No need to drop your phone because of stress. limit orders are used by all professional traders.
How much do forex signals cost?
Pricing usually starts from zero up to $499 per month. So are free signals worse than paid signals? No. After trying out a few signal providers via an app or a telegram group I did not really notice any difference in the quality of the forex signals. I would rather say the free signals were better in some cases. Premium usually means more signals and many active traders like that.
Cancelling your subscription
Some signal providers are not transparent about their pricing. So after a “one month test” the fee will be recharged the next month. Make sure that you are aware if this is what you want. To cancel a subscription you can either send a mail to the provider or in my case directly to Paypal. All I had to do was to prove that I was not aware about recurring payment. Within one hour the money was back in my paypal account.
How to choose a reliable signal provider
Choosing the best forex signal provider is a challenge and time consuming. How to recognize a scam? Many providers manipulate results and show false statements. So what is good price value for reliable forex signals. To make it a bit easier for you we already checked some providers. Unfortunately many of them do not offer any live trading results. To select a reliable provider it all comes down to this;
Also here common sense is key;
- 100% winning trades
- no losses
- how to make a million
Messages like these will not bring you anywhere! So make sure you don’t end up with yet another disappointment. Too good to be true does not exist. One of my favorite scammers must be the instagrammers with the Bentley and a laptop images and advocate all was made with their forex signals.
The single rule that usually filters out most providers is to look out for a real and verified track record. We only found two providers that actually offer live and verified track records.
So who is the best signal provider in 2018?
Based on all the information we received it would be naive to draw a final conclusion. The two providers as mentioned are the only ones offering live trading results. The rest we checked are all founding their signal service on promises that they can not back with live trading records. At least not on their websites. Now does this mean they are bad? No, but still, i am critical about anything related to forex and why would I pay for a service that the seller cannot back up. I would also not buy an expensive bottle of wine in a restaurant without tasting it..
Forex signals are definitely a good trading tool especially if you are new to forex trading. Ensure yourself you are dealing with a reliable provider and not some site to collect your phone number. Paid subscriptions can be interesting although we recommend to go for the free signals services first.
Try not to enter some very active telegram or twitter channels that most likely are managed by extremely active traders that over trade heavily. This due to the forex trading addiction. This requires to be online all day and that is exactly what you don’t want.
You can join our channel to have a look and it will cost you nothing. In case you prefer a fancy app, you can go to 1000pipsbuilder.com or forexsignals.com
Before jumping in recurring subscriptions consider this; if you have a $3K account and you pay $99 monthly, you need to make 40% profit before you will break even. So better safe than sorry and ask yourself if you really need any signal. In case you would like to learn how to trade you can also sign up with one of our partners.
Also, why pay $75 a month for making a few percent of profit. A good signal means your account really shows profit over time and it gives you a decent trading plan. You don’t need to trade 100 times in order to achieve good results. Less is more! You might want to join our telegram channel where we are offering free forex signals.
Contact us in case you have any questions.
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