Who offers the best forex signals?
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by: Rick Martin
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Truth be told, there are a lot of sites offering forex signals, both free and paid services. But is there a reliable service, with affordable price that offers such signals, providing decent number of pips per day? The answer is yes, and one can find such services by consulting the numerous forex brokers reviews on the internet.
There is no easy way to make big money on the forex market. There are a lot of people peddling get rich quick schemes around forex - so be warned! If it were that easy to make money on forex, there should be a lot of millionaires from forex trading. Forex signals are so rough and it tends to bend or ignore every rule of money management. But keep in mind that Forex is not a "game" you can make by following someone else's moves. You need to understand every aspect of the trade so you don't run when you shouldn't... and don't get out too soon. Preserving capital is job number one!
Different forex brokers reviews can lead you to sites you can use – some free, some paid. The paid ones are about $100 a month; they do not usually offer pips a day but over time they offer a good rate of return on your money monthly, yearly. You can speak with the owner of the company during weekly conference calls and learn how he trades and what he is doing. Some people found this to be very successful. However, there are no sites that offer pips every day.
On the other hand, there are people who say that there is no one that offer reliable forex signals, because no one knows what can happen next. These people agree that some services have been right a lot, but it actually is like flipping coins: if you had 1000 people flip coins1000 times, guessing at heads or tales, at least a few of them would get it right almost every time! However, some of the signals have 80% or more accuracy level, and anyone can use them for your trading purpose – this is what most forex brokers reviews recommend.
The problem with some services is being drawn down. As there can be no stops, people can get out after a trade can loose them let’s say 80 pips. There are cases when the signal companies didn't get out of the position for 2 weeks. The draw down went almost 200 pips before it reversed. There can be a small profit on such signals, but most of the people could not afford to hold on. On paper this looked great, but it didn’t prove so to most people involved. Bottom line: reading helps the most, and so do sites that can help you learn more.
Foreign Exchange can be very rewarding for the small number of people that can make it work. At least 50% of the effort is in money management. Successful traders have their own techniques that work for them, and “taking a shot” is not one of them. In order to make profit in a short period of time beginners often use signals (some of these services are free, while for others you have to pay) to compensate for their lack of experience.
About the Author
Forex signals are thought to be a good way of making money. Forex brokers reviews come in handy when it comes to choosing Forex signals.
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