If you’re looking for free forex signals or a free forex signal provider, then the question you need to ask yourself is, which ones really work? The truth is, you can find a great 4x signal provider just about anywhere, and it’s just a matter of knowing what to look for and then testing the services yourself.
The reason we use forex signals varies from person to person. In most cases people seeking out a system that provides the trade signals for us are either strapped for time or looking to rely on a proven system. After all, it makes complete sense doesn’t it? However, we need to know what to look for if we plan on using a signal provider.
Imagine having a seasoned trader who makes a modest return in the forex market and every time he decides to take a trade, he gives you a call and gives you his signal. You trust him because he’s proven himself overtime and you know his methods work. In a lot of cases signal services do the same thing, some are mathematical and others are professional traders relaying their signals onto their clients. Whether or not you choose to take the entry point is up to you.
So how do we know what to look for? There’s tons of forex signals out there. First, make sure that your source has both back tested and forward tested data, or data with actual real results. Second know the frequency of the signals. It’s not going to help you any if you get signals every hour and you work all day. In most cases systems will give hourly, daily and even weekly signals therefore pick whatever suits your needs. Next, apply sound money management and never over leverage yourself. Using a good stop and a win to loss ratio of 5:1 is very good. An example would be, you only need to be right 1 out of 5 times to be in profit and believe me most traders are wrong more than half the time, but it’s the money management that keeps them in the game. Lastly, follow the rules and discipline yourself to do so. It’s easy to trade alone and break the rules, trade your plan; don’t let your plan trade you.
There’s dozens of signal services out there, do your research and make sure they have solid data to back it up. Never seek the Holy Grail, you’ll end up looking forever, instead seek modest returns.