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When you trade the Forex you will be offered many opportunities to receive ‘signals’ to assist your FX trading. You must assess what is on offer before you proceed.
These signals will be sent to you via email, sms text message or you may access them by logging in to a members’ area.
Sometimes these signals are offered free, but beware, nothing in life is free. Free forex signals may be the preamble to many other offers coming you way which you will be required to pay for.
Alternatively you may be required to keep returning to a website for signals and therefore increasing traffic which increases advertising revenue. Of course, free forex signals may also be sent accompanied by forex ads.
Forex signals vary in price and come in many different formats. Weekly or monthly subscription as well as yearly memberships. They can be cheap or very, very expensive! Not just the up front membership free but following poor signals could cost you dearly.
The obvious method of finding out who knows their forex and who doesn’t is to check the forex review sites. Beware. Many ‘signals’ providers review their own performance – using different names obviously – so be very careful.
Just like any purchase, buying a car or using a tradesman, try to get a recommendation from someone you trust.
Most services will keep things simple to appeal to the biggest market. They will usually concentrate on the five most popular currency pairs. They will include (hopefully) a ‘Stop Loss’ and a ‘Take Profit’.
Do your due diligence and rigorous research and you will avoid getting scammed. Make sure you know all the terms and conditions and are not surprised once you’ve joined. No point in subscribing to a service that only sends at certain times of the day when you are not available. I know this sounds obvious but many people make very simple mistakes.
Do your due diligence and research.
There are numerous FX robots which are supposed to make traders redundant (not yet I’m glad to report!) and most of these seem to be ‘affliliates’ driven. The forex world is swamped with them. Streams of wonderful results are produced, but if the sellers really thought they were so wonderful they would just be trading 24/7 and not selling the so called forex secrets!
Experienced FX traders can be very cynical (realistic) because we know that a combination of both technical and fundamental analysis is imperative for forex trading profits.
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Miles Carmichael, Professional Forex Trader of 10 experience and success. Proprietary Trader. Happy to share my knowledge and experience to help other traders.
