This blog is all about the most effective ways to profit from the forex markets. While developing your own unique trading quirks and learning how the markets work in much the same way as the pros and corporate banks do. Forex signals are something you MUST learn how to read to become a successful trader. This is why I created this mini-guide.
The Best Forex Signals and the Elite Guide to Reading them
A Forex signal is an instruction to execute a profitable trade. The signal can be delivered by a human or a robot AKA manual or automatic.
- Manual. You receive a message with instructions, and you must enter the trade on your broker’s platform manually. Many novice traders like this kind of signal, because they think that by manually entering the trades they’ll eventually learn something. However, this kind of signal is often sent as a very brief message with no further explanation or reason why it is recommended. These signals require much more work form your side, in order to enter the trades without missing the signals you receive, you have to be “online” when the signal comes in, and if you miss it by an hour or so the opportunity is likely done. You should consider manual signals only if you plan to spend a lot of time in front of your computer, or will be looking at your mobile device frequently during the day.
- Automatic. Signals are received directly to your platform. The trade is automatically executed. You can open your platform at any time and watch the open trades in real time, and review your history of closed trades, but its all automated. These kind of signals normally require you to leave your computer running. Normally effective automatic signals involve fees (from a few dollars to millions). Automatic signals are much less of a headache, because it’s literally a plug n’ play solution and if you have a reliable signal source, you can make a profit without researching trades.
I’ve used both types of services and on the whole like both, but its all about the quality of your source. A reliable signal is worth a lot of money (thousands is some cases) and as a result signal sources can generally be expensive, but you can find a nice middle ground usually (explained later on.)
But hiring a signal service is not necessary a guarantee of profitability. The internet is saturated with signal providers that have a crucial factor in common: lack of actual, real profitability. In my first years as a trader, I wanted quick money, and sometimes fell in the trap of some unscrupulous signal providers that could not keep up to their promises. After years of experience and a few thousands lost, I’ve listed some of my favourite profitable signal providers below.
Currently there are no automated forex trading signal services I like. Instead you should improve your technical analysis to the point where you don’t actually need a signal service. This is the only way long term to improve your overall profit line. Take one of the Elite Forex Trading paid courses to become a signal service of your own!