While thousands of Forex trading signal providers are there available online to select from, you have to play the job role very trickily. Utmost attention must be paid to the nuances to figure out which one is the best provider. This blog entails all the necessary tips to find out the best Forex trading service provider along with the services they offer. So, read on to know them.
Table of Contents
What do you mean by Forex signal service?
Before delving into the tips to search for an effective Forex provider, you should know about Forex trading. It is a trading service which runs on the subscription basis. In this trading type, daily trading signals will be sent to the subscriber or trader by the provider.
This means a reliable signal provider will analysis the market to look for suitable trading setups and then send it in the signal form to the traders. The signals comprise of traded instrument along with the level of take profit, stop loss and entry price. Additional as well as vital pieces of information can be also found there such as different market commentaries and signalling charts.
Signals can be received on varied models of subscription such as yearly and month packages. But the former one features with a high discount rate than that of the monthly rate. Though the subscription model types and starting price are entire depended on the service provider, average starting price is around $50.
Check out verified track record and profitability
Profitability is the most significant characteristic of the Forex signal service. Naturally, while every provider claims to be most profitable what you have to do is to check the verified track record. It will let you ensure that the sending out signals is done and receive by the provider itself which make a sign loyalty amongst the subscribers.
Pip is the unit by which profitability of the Forex trading signals is measured. Most of the time monthly profitability is listed on the site of the trading signal provider along with the traded instruments and trade history. No matter what happens, never choose a signal provider with the lack of verified track record.
Even you can use the third-party verification services to check the verified track record of the certain Forex trading signal providers. Also, provider will display the link of the third-party verification site on their own websites. If it there isn’t any then the reality of verified track record of the particular trading service provider is a mystery.
Always look for a trial period initially
The best Forex signal service provider always facilitates the free trial periods so that potential traders can check the quality of their signals. Therefore, you should always choose the trading provider with trial period so that you can get familiar with their trading style before paying the subscription charge.
Certain reasons are there for which trial period is better. Not only they allow you to test a particular signal provider but also you can get familiarise with their trading style as well. Other essential nuances can be also checked to determine whether it is suitable for you or not!
Generally, free trial period is offered for a week or two by the Forex signal provider. Though it may come just for a short period of time yet it is highly efficient in strengthening the confidence within the signals and the provider.
Inspect for the time zone of the provider
Trade can’t be opened if the signals are sent out during your sleeping time. You are going to miss a number of trading opportunity to make profits. Even a delay of a couple of hours can affect your trading by not making any difference at all.
This is why inquiring of the time zone of the provider at which signals will be sent out it crucial to know prior to sign up for a Forex signal service. By signing to the trail period will incorporate you to determine the average time of sending out the signals by the provider.
If you observe that the majority of the sending out of the signals is done at midnight then, you should better look for someone else. For instance, if the provider offers intraday and short-term signals then the volatile day part gets overlapped. Thus trading hours must be accounted while you are about to choose an online trading signals provider.
Does the specific signal match your style of trading?
Signal style offers by the specific Forex trading provider is also another important point to consider. Whether it is long-term or short term and based on technicals, fundamentals or a blend of both. Do they offer medium-term price swings trading or intraday breakouts trading? All these essential components possess a great impact on the profitability and success rate of the trading signals.
Foremost, a reliable Forex trading signal provider must be profitable. However if it is about long-term trading then, comfortable is the key thing which you need for matching your unique trading style. Moreover, you will get the scope to learn throughout the day too.
Thus you are advised not to subscribe such a provider who sends several short-term trading signals all over the day to choose from and start trading. It is always better to choose the long-term trading signals instead if you survive in this trading platform in the long haul. Averagely, long-term trading signals also offer high success rate at the same time in contrary to that of the short-term ones.
But when it is about earning actual profit you must choose the one at which you are utmost comfortable despite it’s your unique trading style or the trading style of the provider.
Analysis of the signal chart
When most of the signals are sold out with the take profit, stop loss and entry price the best Forex signal provider offers much more. It accompanies with market analysis and signal chart for the sake of the subscribers. May be traders want to open trades depending on the signals but it is not opened yet by the provider.
Traders come to know about the exact reason from this chart and market analysis. It will help them to gain much more experience in this trading too. Sending out charts will display the technical trading setup along with resistance zones and major support which will show the clear determination of take profit and stop loss simultaneously.
Setup description will be also there along with fundamental aspects which show that the trading provider is not entirely depended on the technical analysis. Market commentary and chart is reliable for acquiring much more information about the Forex market.
It will assist you to be a successful, profitable and independent Forex trader in the future. It is highly recommended not to choose any signal provider in terms of exit and entry points as additional specifications are the sole nature of the best Forex signal provider.
Additional support is a way to show the care of the provider about its subscribers. The support kinds they offer are listed on their website and hence make sure that you have cross-examined it twice before selecting the provider as your final trading provider.
It can be performed by keeping an eye on the daily or weekly market outlook, webinars and trading videos. Even having a glimpse of the watch list that comprises of currency pairs that are going to trade by the provider is also helpful for you.
Furthermore, customer support is not neglectable when it comes to selecting a Forex signal provider. If you have any query about trading signals and setup the best provider will always there to make your doubts clear. Also, you are advised to look for the direct contacting options either by Telegram, WhatsApp or Email.
Shortlist to compare amongst top signal service providers
Once you are done with all other necessary steps and have to look for a signal provider then making a shortlist of the reputed ones is a good idea! Make a concrete shortlist of the top trading signals providers so that you can easily compare from there the best one on the basis of your requirements.
Simple Google search and Forex signal provider ranking site can help you to get a number of provider names along with their details. When you are going through a ranking website of the Forex signal providers, make sure to select from the top 10 names which is offering all the above-mentioned points. Initially, you have to choose a couple of them to trade on their trial periods.
It will help you to decide whether they can meet your trading style and provider any other important trading component or not! As such lists are also loaded with the free provider which also sell and buy the products to the subscribers you should be smart enough to select the right one.
You can seek assistance from an expert who can help you to choose the most appropriate one for your business.
From this post, you can receive top tips to follow during choosing a reliable as well as efficient Forex signal service provider. It is obvious that the most famous and best Forex signal provider should possess a good verified track record along with huge profitability.
Some of the considerable tips are there for allowing you to think before subscribing whether it is a good option for you or not! Furthermore, the best as well as trustworthy one will always come with the market commentary and additional signal chart analysis for making you understand in a much better way.
Support for the subscribers is the key quality of the best Forex trading signal provider as it is offered by Technical Trading Signals too. Although they may not answer your every question but they will be always there by your side during trading. So, start hunting for a quality Forex trading signal provider today.