3 min read · Jul 24, 2023
--
A question we all get asked regularly is ‘Are Forex Signals Worth It?’ and in this video, we run through the pros and cons of Forex trading signals and what you should keep in mind when reviewing them.
Of course, there are hundreds of free forex signals, all trying to get you to subscribe to their service before offering you their paid version.
We run through the difference between free and paid and what you need to keep in mind when reviewing both.
You also need to consider the risk involved in taking someone else’s signals, plus their experience and, most importantly, their track record.
Even then, you want to make sure you are doing forward testing on their signals. So you should consider opening up a free demo FX account and then executing every trade per the signal provider’s rules over 20–60 completed trades. Then you can view the results for yourself.
The results you generate in real-time are still unable to tell you what will happen in the future, but they can give you a suite of statistics to confirm whether the signal is worth paying for or not.
Are you ready to find out if Forex signals are worth it? Click play on the video to find out.
If you’re a new trader and has not yet found profitability, you may be considering using Forex trading signals. So what type of trading signals are there?
Trading signals falls into two categories:
- Free trading signal
The first category is free trading signals that come from a copy service. Trades are automatically copied and taken in your trading account.
A popular copy service as an example is Zulutrade.com. I’m not recommending this service to use, but this is an example of a free copy service that traders will explore and investigate. - Paid trading signals
The second category is paid trading signals, usually monthly or annual subscription service. The trading signals are received by email video or social media app. You review the trading signals before deciding to trade them or not so you have added flexibility.
There’s an underlying risk that is associated with both free and paid trading signals, and that is, you could lose money. Do your homework.
Does the signal provider have a high level of knowledge and trading experience for a profit or track record that can be verified over 6 to 12 or even 24 months? If the answer is no to any one of these questions, you run a very high risk of losing money.
When trading with their signals by considering the free or paid services, I recommend that you forward-test the trading signals in a demo account first over 20, 40, and 60 trades.
The greater sample size, the better. When getting a free trial trading signal from a paid service, you can do forward-testing in a demo account. If a provider won’t give you a free trial, the trading signals are probably no good.
When you prove that the trading signals return a profit over a series of trades then, and only then should you trade the signals in your live account.
There are some good signal providers out there, but make sure you do your homework. Always perform forward-testing on the trading signals before putting your hard-earned money at risk on live trades.
The use of trading signals can have positive benefits. If the signals are good, you can create trading profits as well as learn how to trade from using the trading signals.
But on the negative side, if the signals are poor, you will simply lose money. And that is no benefit to you.
Register for Duncan’s new webinar trading schedule here.
This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.
