As a forex trader, your primary objective always is to maximize your winnings and minimize your losses are much as possible. And you can only do that by trading wisely through careful analysis.
Forex signals play a critical role in helping traders look for winning trades. However, in a world with so many forex signal service options, finding a reliable forex signals provider can be quite challenging.
But there are other great options like FX Leaders that provide a range of trade ideas that you can benefit from. FX Leaders reliable forex signals provider that provides a range of trade ideas you wouldn’t find in other options.
That’s why we compiled some top factors to consider when looking for an ideal forex signal service that suits you and your trade options.
Here’s what we found:
Past Performance Reports
Reputable forex signal service providers have clear and detailed records of their past performance histories. Sure, most signal services will promise great profits and amazing pips. However, not all will be open to sharing their past performance reports, especially when they don’t reflect what they’re promising.
As much as forex trading involves risks and taking chances, you still want to make informed decisions to improve your chances of winning trades. This will only be possible when you’re using a reliable forex signal service provider.
Such service providers are always transparent and honest with their past performance records. After all, you know there’s nothing to hide when you’re good at what you do.
You must also keep in mind that while past trading performances don’t always reflect future outcomes, they serve as a baseline to gauge what to expect from using a particular signals provider.
To really know how good a forex signals provider is, you need to hear from its users. Sure, researching about a signals provider is great. But there’s always the chance that you might get biased information online.
So, you want to search for genuine reviews from other forex traders who used that particular signal system. You want to know their take on that system and their experience using it. These can be in the form of user testimonials from the official website, on social media, online communities for forex traders, and even word-of-mouth from other traders in your network.
You will always find ample user reviews for reputable forex signals service providers.
Experience of the Team Behind the Signals Service
Knowing when you’ve picked the forex signals service can be challenging. What with so many options available today? Do you sign up for an automated forex signals service or manual signals? Free or paid? Short-term or long-term? You must consider all these factors before deciding the best signals provider for your trades.
Moreover, you want to know the level of experience of the professional analysts behind the trade ideas. The more experienced they are, the higher the likelihood of their signals being successful. The vice versa is also true. How about you try the 1000pip Builder. It is another reliable forex signals provider that provides several great trading ideas across different timeframes and instruments.
Timely and Effective Communication
Unlike most services, trading is extremely time-sensitive. A few lost seconds could cost you your entire investment if you’re not too careful. Therefore, you always want any new signals or trade recommendations to be communicated to you promptly, in a way that is most convenient for you, to maximize the benefits of trading.
The idea here is to never miss out on any promising trade opportunity.
Range of Instruments and Timeframes
A reliable forex signals provider will offer you ample diversity through the signals they publish. This will allow you to trade more confidently across different forex currency pairs and timeframes.
For example, as a new trader, you will probably prefer to play it safe and trade the major currencies only while indulging in intraday trading. However, as you become more experienced with the markets, you gain confidence and choose to diversify your portfolio and trade emerging market currencies as well. You can even try some of the long-term trades.
A forex signals provider will offer you a good distribution of the best trades across multiple forex pairs and timeframes.
Different forex signal providers have different price ranges. Some are free, while others are subscription-based and can range anywhere between $40 to $50, sometimes even up to $500.
Therefore, you must ensure that the forex signals provider you’re choosing falls within your budget range. You must also remember that expensive doesn’t always assure you of greater profits. Just remember that whatever option you choose to use doesn’t end up hurting your finances.
If possible, you want to go for the affordable yet reliable signals provider, so you have more money to trade with instead.
Compatibility with Your Trading Account
While this might not necessarily be a “need to have” feature, it can still be “nice to have.” For example, if your signals provider allows for automatic trading with your trading account or forex broker, then you can place trades directly from alerts on your devices with just a few clicks.
This feature doesn’t leave room for error when entering your key levels for different trades, unlike manual trading options.
There you have it. Seven solid factors to consider when searching for a reliable forex signals service provider. Remember, using a reputable signals provider will increase your chances of making winning trades significantly. So, pick your signals provider wisely.