|
The rapid development of reliable forex robots doesn’t make people automatically trust them to manage their trades; these people expect suggestion or recommendation, but they want to make the final decision by themselves and a forex robot won’t give them that privilege. A reliable forex signal service provides suitable solution for this problem; it offers trade suggestion, but the user still can analyze some more and decide by himself/herself whether to execute the order or not. If you are trying to search for a forex signal service, you'll find a bunch of them on the internet, but you must realize that half of them are just trashes that created by scammers. Here are some useful tips when selecting a good signal provider: 1. Do not rely on information from forums While forums can provide a good place to ask questions and get answers, the answers are not always from credible source. You’ll always find negative and positive reviews about a service, but you’ll never know the story behind it. Every day, there are many new player in forex and they always come with high expectation of quick profits; when these guys can’t have it, they will blame it on the system (signal, robots, strategies, etc) and flood the net with their stories. Sometimes, they experienced two loss trades and immediately claim that the system don’t work; note that if you have a trading system that can give you 10 winning trades for every 15 trades, it is not impossible to have 2-3 loss trades at the beginning. 2. Money and risk management Usually risk management in the form of take profit and stop-loss orders are already handled by the signals, but you should manage your own money. As stated above, it is not impossible to begin your trade with losing streak. This is maybe due to the signal’s provider incompetence or you just selected a bad time to start trading. Whichever the case, you must recognize your own limit and restrain yourself from betting all your money in a single trade no matter how high the winning chance is. 3. Monthly fee When you subscribe for a forex signal service, you’ll be charged with monthly fee. Calculate your monthly cost and expected profits carefully before making any decision. Many signal services fees are around $100/month, so you’ll want at least that much profits per month. In this case, using $100 mini account clearly isn’t a good idea, so if you can only spare that much, it may be better to switch to another method. Check the available alternatives at best trading system. 4.Practice account Like other trading system, you’ll need to test the signals in a demo account before putting your money on the line. This may seem like wasting time and money for the monthly fee, but it is better than losing your entire funds in a live account. If you’re a trader that won’t let a forex robot manage your trades but don’t want to analyze the market on your own, forex signal service is the best solution. If you’re going to use this service, make sure you’ve prepared for it and test it first to see how it performs against real market movement. Check Forex Automoney review for more info about the most recommended forex signals.
Related Articles -
forex signal service, forex automated trading software,
| 
