Things to consider while choosing a Forex signal provider

Posted by John Smith on October 1st, 2019

A number of factors must be taken into account for the right decision making, as there are several signal providers on the market and each one offers a range of variables to consider.

1. Type of Signal System Offered:

In general, forex signal providers use an automatic signal production system based on statistical principles, that is, considering a similar movement in the past, we try to predict the same movement in the future. Through a series of mathematical algorithms implemented by software, the buy and sell signals of currencies are provided.

2. Use of Free Signal Service:

Instead of forex signal live providers allow the use of signals they send for a limited free trial period. This is a good opportunity to understand signal layout as well as to prove the effectiveness of shipments on time. These signals can be executed without any risk on a demo account, opened with a Forex broker.

3. The Profitability of the Signal System:

In general, signal providers summarize detailed information on the daily and monthly results of the signals they offer. This gives you access to the monthly average obtained by a proposed signal system.

4. Signal Submission Method:

Signal providers often send alerts or Forex signals Australia via email, posting of signals on the website page via an access code or via text messages (text messages) to your mobile phone. Based on your daily activity, consider which consultation medium is most convenient for you.

5. Currency Pairs Offered:

In general, signal services include major currency pairs such as EUR / USD, USD / GBP, USD / JPY, USD / CHF, USD / CAD.

6. Signal Time:

Different signal providers send them at a predetermined time, and overall, as a strategy, the time you execute your order will be significant. Through it, you should analyze if you currently have access to your trading platform to place your order proposals.

7. Suggested Strategy Term:

Forex signals can be sent to stay short, medium and long term.  The medium and long term strategies research the benefit over a longer period of time, ranging from one week to one month.

8. Additional Services:

Training at different levels of different aspects of Forex investing, such as trader psychology, discipline, risk management, and various other relevant topics.

9. Market Monitoring:

There is a wide variety of signal providers that have a team of technical analysts who monitor the Forex market 24 hours. This type of service is very useful as there may be eventualities in the market that can generate very interesting profit opportunities.