You know you can make a decent living by trading in the forex market. Your daily schedule is hectic denying you the time to follow and analyze the market for the possible trading chances. Besides, you don’t seem to enjoy much success even with your best efforts.
It is time to look for a trading signal provider. This service can offer you a lucrative alternative if you want to succeed in forex trading. Choosing the right provider can make a big difference in your efforts to improve your performance and develop your foundation.
But, what are trading signals? Are they free or I have to pay some fee or subscription? Can free trading signals really help me trade profitably on forex? These questions may be lingering in your mind.
I will do our best to answer these question and many more to help you decide whether you should trust free trading signal providers with your investment.
What Are Trading Signals?
Trading signal, also known commonly as forex signal may not be new to you. However, we have to understand there is a section of forex investors who seen the phrase or even received an advertisement asking to try some free providers. So, we will define it anyway.
We define a trading signal as potential trades that signal providers send to you go after and open on your forex trading account saving you the hassle of having to spend hours analyzing markets on your own.
Put another way; the trading signal provider does the donkey work for you. Yours is just to wait for the signal to be sent and then open the position established on the entry price provided. This way, you can hope to stop losses and take profit.
Since forex market analysis is not an easy thing to do, providers often require you to send them some little consultation free in the form of monthly subscription. However, some offer the service for free.
A majority of forex signal providers combine free and paid. The paid plan has a lot more features than the free program. Those features are often in the form of signals with higher profit targets, email support, and a higher number of signals sent per month among others. It is the free trading signal providers that we will focus on here.
How Do You Pick A Good Free Trading Signal Provider?
Forex trading is a lucrative investment if you can get the right tools and strategies. A good trading signal provider is the tool you need and what it provides is the strategy to guarantee you the exponential profitability you desire.
With so many forex signal providers claiming to be the best, it can be challenging to make a choice. Here are some guiding principles to apply if you must find the right provider that offers free plans.
Verifiable Track Record
A trading signal provider must have a verifiable track record. No one can regulate what the firm says in its marketing contents. Many free trading signal providers have easy to verify records. Others make claims that are hypothetical with mimicked results.
If you unluckily encounter and even use free signals from these providers, you’ll get shockingly different results. Instead of making a profit, you’ll become a perpetual loser. Before you can sign up with any forex signal provider, ensure you conduct thorough research.
Read online reviews, customer testimonials and other forums where people share their experiences with different providers. Take a close look at the features such providers claim to offer and see if they are real and can actually help you do business.
Amount of Support Offered
Signals alone are not sufficient when it comes to trading forex. It would be catastrophic for you to obtain trading signals from a free provider and apply it blindly in your trading account. It’s like pure gambling where there are thousands or even millions of possible outcomes even if it appears only two results are possible.
An excellent free trading signal provider must not only provide reliable trading signals but must also offer accompanying commentary as well as details for each signal they send to you. Unfortunately, many free trading signal providers “talk big” but provide a little more than sham signals.Do yourself a favor, stay away from such.
Look for a provider that offers in addition to free signals, charts with the precise entry and exit points as well as risk-to-reward ratio. It should also offer trade management guidelines such as when to move the stop-loss level or to when to take partial profits to recover the cost. You should only open a trade signal once you know these things.
Excellent Customer Service
Trading in forex is already too hard. Additional pressure can make you lose your cool. When things seem not to go your way, an excellent unpaid trading signal provider should come to your support actively.
A right provider should offer you active support in the case of invalid setup, or there is a need to close the trade before the targeted profit is reached. Very few free forex signal providers offer this service so you’ll be very lucky to find one that does. Otherwise, it is a feature shared with top-rated paid trading signal providers.
Top 4 Best Free Trading Signal Providers
We feel compelled to provide you with short descriptions of four of the best foreign exchange signal providers so that you find where to begin.
1. Forex GDP
Forex GDP provides its subscribers with 4 signals each month on their free platform with a target of 90-150 pips according to their advertisements. Each of the signals comes accompanied with basic entry and exit points. You receive the signals in WhatsApp. You also get two trade ideas to guide you which of the signals you can trade on.
If you feel you can trust Forex GDP more, you can move to premium or supreme plans both of which are paid. They offer many more signals, pips, more accurate entry, and exit points, email support and several trade ideas. The supreme plan provides signals of commodities in addition to the features of the premium plan.
2. Daily Forex
Daily Forex has more than 500k visitor each month. This should be enough proof that they are up to something.They offer several pieces of information as well as market updates on their website. Here is where to go if you are looking for entirely free signals.
However, you should proceed with caution and resist any urge to overindulge with Daily Forex. This is because they do not have a verified track record to speak of. The signals are open to every Tom, Dick, and Harry and you can access them through a portal in their website.
3. Forex Signals
Forex Signals is a little more than a signal provider. It offers you access to live trading rooms. This will give you real time update of how traders that use their platform view market sentiments and enter trades. Live commentary accompanies each trade you see.
If you don’t desire their trading signals, that’s fine. You can invest in an account they manage on behalf of their customers. This account is incredibly profitable and backed with a rich and verifiable track record. The flipside of Forex signals is that you are allowed to try service for free for only seven days after which you will have to pay a monthly subscription of $97.
BabyPips boasts of more than 2m visitors each month all of whom considers it an authority site when it comes to foreign exchange trading. The platform offers a free trading course designed to teach you the basics as well as the advanced concepts. It has a “Trade Idea” module featuring regular updates on the potential trade setups.
The focus of BabyPips is to teach how to perform market analysis and explain the outcomes in a way you can easily understand. Choose this provider if you are not searching for a way to determine the precise entry and exit points without spending some energy and scratching your head.
Hopefully, you now know what free trading signal providers are. The question is whether you think they can help you in your forex trading. Honestly, I believe there are only a few providers that are willing to offer reliable and trustworthy trading signals for free. Perhaps, the best choice is one that has both free and paid plans. If you use the free bit and obtain good results, you can move on to a paid version for even more profitability.