FOREX Signals Providers and My Experience
Trading FOREX can be extremely stressful and time consuming. In
fact 95% of traders lose money in their first year trading
FOREX. Many people feel as though if they are a stock broker,
commodities or securities trader, they can come to FOREX and
apply the same trading system and profit. This is where these
people go wrong. The FOREX market an extremely volatile and
unique market that can see huge market moves in a matter of
minutes.
With the failure rate so high for first year traders, many have
taken to FOREX signal providers. I can be the first to say that
a lot of the FOREX signal providers are terrible. However,
through my extended research I have come across a few that do
work.
When using a FOREX signal provider, they usually send you their
trading signal through charting software, e-mail or SMS. I did
find it easy to receive the signal; however I was not always
able to take the signals due to a day job. This really
frustrated me since the service I was using was making money
with their signals, however I wasn't always able to act on the
signals provided.
The easiest and most effective way around this problem of not
having access to a computer all day everyday is finding a
service that provides signal updates through a cell phone. Once
the signal is received through a cell phone via text message,
you can then call the trading desk and execute the trade.
The only downfall with a decent FOREX signals provider is the
times that the signals may come in. FOREX signals can come at
any hour. If you are sound asleep at 3:00am and a signal comes
in, either you wake up and take the signal or miss out on a
trade that may or may not have made you money. However, this can
work to your benefit from time to time in that missing a trade
here and there may better your position taking the signal at a
later date.
Lastly, choosing a FOREX broker is important. Many FOREX brokers
offer a 3 pip spread on all the majors, some are much higher.
You will want to choose a reliable FOREX broker that provides
you with the lowest spread. A lot are around 3 pip spreads and
very few have 1 to 2 pip spreads, but they do exist.
Which ever FOREX system you decide to go with, be sure to
discipline yourself and stick to your plan. One mistake many
people make with FOREX signals providers is that they use their
service then they cannot bring themselves to take the signals.
The key to making money in FOREX is money management and
discipline.