Choosing a daily FOREX signal provider you can rely on is not easy.
Some are simply a result of some amateur trader running a bunch of back-tests trying out various technical strategies until he or she can show a reasonable profit. Then they pitch it using the back-test as proof.
There is no “magic” trick to succeed in trading FOREX. There are, however many different strategies and combination of them that will improve your success ratio. It all depends on your interest, understanding and risk tolerance. If you enjoy studying charts and indicators, great. But if you are like most of us, you might be looking for an easier way to trade FOREX. Aside from using robots, this is one very popular way to help you trade. Subscribing to a forex signal provider.
A Forex Signal is a recommendation for entering a trade on a currency pair – usually at a specific price and time.
The signal is created either by a human analyst or an automated Forex robot. These robots analyze the market and thru some math and algorithms come up with a possible trade. Then that signal is passed on to subscribers of the a Forex Trading signal service.
Both robot and person created day trading forex signals are available for purchase on the web. However – it is very important to note that there is no such thing as the “holy grail” of trading signals. If the system was a 100% money maker, do you think the seller would want to share it? This is why big institutional traders keep their “black box” trading algorithms under lock and key.
Sample forex signal: EUR/USD
valid: From 12:46 GMT-04:00 Till 16:46 GMT-04:00
Sell at 1.1432
Take profit * at 1.1392
Stop loss at * 1.1482