How to Find the Best Forex Signal Service Providers
It is important to know how to choose the most suitable signal provider if you want to subscribe to one as there are several signal providers to choose from. It is in your best interest to know what to look out for when picking the right signal service provider. Here we’ll shed light on the most important tips that will help you find the best Forex Signal Provider.
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Make sure the signal provider has verified trading results
All signal providers claim that their signals are profitable. Don’t believe what they say unless the trading results are verified by a third-party such as Myfxbook, FX Blue, or ForexFactory.
Some signal providers would rather publish simulated results on their websites than trading their own signals. If the provider doesn’t trust his signals enough to trade them, would you risk your hard-earned money on his analysis and prediction?
Look for profitability
The main reason you’re looking for forex signals is to make profitable trades. So, check how profitable the provider’s trades are. The track-record is normally published on the website but make sure it is verified by a third-party otherwise, don’t believe it. Additionally, just as important as profitability is risk management. Always check the maximum drawdown and the risk-to-reward ratio.
Make good use of the free trial
A reliable forex signal provider that has nothing to hide will normally offer a free trial period for prospective subscribers to test his services. A simple rule is to avoid signal providers who don’t offer a free trial period. The free trial period is a great time to check for:
- provider’s time-zone
- trading style
- signal commentary and accompanying charts
- follow-up trade management information
- diversification of trades.
Do the signals suit your time-zone?
The time the signal is sent is very important as you don’t want to signals to be sent at night when you are sleeping. Make sure the signal provider you choose trades during your time-zone or you make yourself available during the trading sessions that the provider trades if those sessions offer higher volatility — London/New York session.
The signals should match your trading style
It is important to check the style of the signals you receive. Are they based on short-term trading or long-term? The number of trade signals you receive and the size of the stop losses can give an idea of the style of trading employed by the provider. If you’re a long-term guy, you may find it difficult sticking around the screen all the time if the signals are pretty short-term.
Do the signals come with charts and comments?
In addition to the entry, stop loss and take profit levels, a good signal provider also provides charts and comments to explain the trade setups. This not only helps you understand the trades you make, but it also teaches you how the market works and you can learn to trade yourself.
Diversification can reduce risk
It has been proven that several successful and profitable forex traders have diversified portfolio of inversely correlated currency pairs. This way you minimize risk as a loss in one currency pair can be compensated by profits in another pair. A good signal should have a portfolio of trades. This is one of the things you check for during the free trial period.
Does the signal provider follow up the trades?
It is also important to consider whether a signal provider actively follow-up the trade and provide timely trade management information such as when to move stop loss to breakeven point, when to take partial profit, whether or not to trail profit, and how to trail profit. This is especially important for short-term signals as such trades need to be actively managed.
Does the provider offer additional support?
Check the signal provider’s website for other support services they provide. The additional support can be trading videos and webinars from which you can learn and improve your trading skills along the way. It can also be a weekly or daily market outlook or watch list that includes a list of currency pairs that the provider wants to trade.
Additionally, there should be customer care service through which you can easily ask questions. Most signal provider’s website has contact E-mail and Whatsapp number.
Make a list of the best and compare their signals
Equipped with all the parameters to look for, you should make a list of top signal providers and check those that meet the above criteria. Pick those that offer a free trial and sign-up for the trial. Then compare the performance of their signal and the suitability to your style and availability.
Picking the best signal provider from the noisy crowd is not an easy task at all. Here we’ve covered the major parameters you need to consider — ensure that the profitable track-record is third-party verified and sign-up for a free trial first, to assess the quality of the si
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