Using Forex Signals, do they work?

Forex Signals are basically someone giving you instructions to trade the foreign exchange market, they can come in the form of a text, email or chat.

There are masses of advertisements offering these signals, but do they really work?

Forex Signals for sale

Although these signals appear free, oftentimes there is a paid option.

• The signal provider requires you to sign up through their broker – they will get a kickback from your trades whether you win or lose – so they don’t care if their trades are any good – in fact, if they give you a few bad trades and you quit them, they don’t care, you still made money.
• The signal provider charges you for their signals upfront. Even if they are free for a short time they will become paid at some point.,

So you are paying for someone else’s knowledge and experience – or maybe not. Some signal providers simply resell the signals from another person.

How to spot a fake forex signal provider?

On the right is a REAL advert for forex signal provision, but it rings my alarm bells and here’s why.

1. Promises of a certain number of pips per week.

You can’t guarantee pips profit per week – the markets are simply not that easy. Sometimes they go very flat and even the best trader loses money.

2. “FREE” is never FREE when I advertise my forex trading robot and indicator strobotultimate, I am clear about the introducing broker relationship that I have. These others are not clear and there should be clarity.

3. Trades don’t add up, I saw one advertisement where the trades had been placed on a SATURDAY WHICH is pretty unlikely because the markets are shut.

4. Trades are all on the same pair. There are methods where you do trade on the same pair but it’s highly risky – this is normally done by adding trades as the pair moves in a particular direction.

What are the problems with Forex Signals?

1. You may take the trade too late. Having missed the entry.
2. It may just be wrong.
3. You are risking your money with someone that you don’t know who may simply be a scammer.

Be careful out there, learn to trade yourself before using tools like Forex Signals or Robots.