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5 TIPS OF CHOOSING PROFITABLE FOREX TRADING SIGNALS (ANALYSIS)

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Trading signals and analytics on Forex have long become a part of modern trading and are gaining popularity every year. They serve as an excellent assistant to beginning traders, at the same time help to find more profitable entrances for experienced speculators.

There are many resources that provide both p

aid and free trading signals and analytics in the Forex market, automatic copying, social trading, etc.

But:

Is it real to make money using the trading signals of other traders?

Will the analytics help to improve your results?

And, finally, how to find really high-quality signals and analytics?

In this article we will answer all these questions and help you start earning with the help of trading signals on Forex.

HOW TO EARN MONEY USING FX TRADING SIGNALS AND ANALYSIS?

Can you earn using Forex signals online? – Maybe.

Is it hard to find a good signal provider? – Very.

How can I determine the quality of signals or not – read about it below.

Considering the variety of resources providing signals and copy trading, it is not an easy task to choose really high-quality services:

 

  1. Virtually all brokers offer trading signals/social trading/copy trading/analytics of the forex market. Considering that 95% + of brokers are “bucket shops”, it’s easy to understand that all these “super” signals will help you to lose your deposit as soon as possible. Then you will receive another call from your manager with the words: “Unfortunately the market went wrong, now it will definitely go in our direction. Please merge with your account. We will take care of everything now!”. If you are topping up, I congratulate you. You are an IDIOT! Brokers with serious regulation by law do not have the right to give you any trade tips or signals, respectively, if you are offered to use the help of the manager/analyst of the company, and know – you are in danger!

 

In addition, even if the broker does not attempt to merge your deposit and provides the analyst with general information, its usefulness is very doubtful, since it does not come live, but 1 or 2 times a day + considering that it is intended for a mass user, will not bother at the expense of its quality.

My advice to you – never use such signals, no matter how sweetly you think they are!

  1. Live Forex signals/copy trading. I negatively treat such services, since they are designed for the masses, so there is no need to speak about reliability and high quality. You can say: “The author, why are you chasing him?” Look at MQL5/Zulutrade/any other service the trader has a yield of 100500% and hundreds of subscribers. I’ll connect to him and earn a lot of money !!! ” Well, well … In such cases, I always say to sell an apartment, a car, take a loan and begin to cut the loot with the help of such signals! (sarcasm).

 

The first thing that comes to mind: if he has such a super system, then he sells signals for 30/50/100 bucks? And the reality of such statistics raises questions that you will not receive an answer, since no one will provide you with any evidence! If so, how many of the subscribers use it to earn money? In addition, given the profitability, such an account at any time can go down (especially if you consider that 98% of traders merge in the end).

Of course, you can sign for more conservative signals, but again, you just play blindly, because all these statistics are not so difficult to forge, and test periods often are not offered. Take into account the fact that using automatic trading signals, you, roughly speaking, give your money to the management of another person. Is it only one monitoring (which, again, it is easy to forge) is enough that you would give your money to the management of someone who is unknown?

The only option is to diversify small amounts between different signal providers, but again, this is a cat in a poke, albeit with reduced risks.

  1. Closed groups or chats with FX signals and analysis live. In my opinion, it is this type of signal provider that deserves your attention. Usually, the number of subscribers is limited, a more individual approach is given and it is much more likely to receive quality, not quantity. But remember that 98% of traders are poured, so even if you are in this group and pay for signals, it does not mean that you will earn. So, we come to the next question.

HOW TO CHOOSE REALLY QUALITY FOREX SIGNALS AND ANALYTICS PROVIDER?

From the previous paragraph, you realized that it is not difficult to find trading signals, but to earn them a completely different conversation. And yet, we were able to identify 5 main criteria that will help you to avoid scammers:

  1. Statistics, at least six months. It can be monitoring, it can be a statement. Of course, both can be faked, but this indicates at least some seriousness of the provider + half a year is quite a long period, not everyone will spend so much time on fake;
  2. Test period, at least 2 weeks! This is a very important condition. So you can actually see and test how trading signals and analytics work and, of course, check the results. Accordingly, you can more objectively judge the quality of the product;
  3. All signals and analytics should be live. The market is changing every minute, so everything should happen online, this is a critical condition. The signals should always be current and fresh;
  4. Forget about the signals, which show a 600-800-1000% yield. Such signals will lead you to only one – the plum! The normal yield is approximately at the level of 70-80% per annum.
  5. Also the advantage will be not only the provision of “dry” signals, but their brief justification (only if this is not automatic copying). This will not only allow you to better understand the logic of the inputs, but also learn from real pro traders.

Unfortunately, providers of trade signals that provide such a level of service are very few or their services are very expensive.

Remember, you must be strict and critical about evaluating all information and any commercial proposal for signals or analytics, as this is your money!

 

The Bottom Line

 

To be honest, I’m extremely negative about the signal, copy trading, analytics and so on. Yes, I did not try and tested any providers, as I trade exclusively by myself and the result suits me. Nevertheless, from the experience of communication with more than 20 traders who had experience using this tool, I can say that nobody succeeded! While they used different services and resources.

My advice: instead of trading signals, it’s better to pay attention to asset management or go through professional training courses and learn how to trade!

 

In the comments, share your experience of using signals. Did this help you to earn?

In the next article, we will discuss one of the most urgent topics – the PAMM and MAM accounts. What is it and should they be trusted ?!

 

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All profits!

 

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