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Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
How To Follow The Signals To Trade Like A Pro
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Seriously consider forex signals if you are not yet trading profitably, have limited experience, or
just don't have much time to devote to your forex trading.
From the simple one email a day variety to the forex mentor who sits with you all day holding your
hand as you trade, a portfolio of forex trade alerts can be virtually free and can transform you into
a profitable trader instantly.
If like us you've ever analysed a chart and placed your own trades, you will almost certainly have
also sat in front of your screen wondering if you were doing the right thing.
Questions like "have I entered this trade too late ?" and "am I trading in the right direction (long
when I should be short)" will certainly have entered your mind.
How many times have you wished you had an expert trader with decades of experience guiding
your trades, keeping you out of dangerous trades, and pointing you towards trades with a higher
probability of success ?
We were certainly in that position many times in the early days, but always imagined the cost of
having an expert on hand would far outweigh any extra profits we might make. It turns out we were
quite wrong.
There are numerous services available, known variously as forex signals, forex alerts, or forex
tips.
Trading signals come in a variety of formats, suited to how much of your day you can devote to
trading. And yes beware, there are loads of scams out there too, but we'll show you how to avoid
them, and we'll direct you towards the better ones.
Forex Trading Signals - many varieties
The main characteristics of forex trading signals to be aware of are as follows;
Cost: Free OR monthly subscription
Complexity: Simple "one email a day" OR Full-Service
Control: You keep full control OR the signal provider trades your a/c for you
Trading style: e.g. frequent scalper OR low volume swing trader
A free forex signal may at first seem like a fabulous idea, but as we will reveal here, you may very
well prefer to pay for a free subscription service (yes, we know that doesn't make sense - but read
2. on)
Most forex trade signals charge a very modest subscription fee, usually in the region of USD $80 -
$400 per month (although happily most are at the lower end of this range), while there are also
websites which provide forex signals for no charge.
In their simplest form a forex trading signal will send you a forex alert email once a day listing
trade set ups for the next 24 hours.
Some of these are purely computer generated, some are computer generated and then audited by
a human expert, and some are completely researched and generated exclusively by a human
expert trader who may add some market commentary to their forex forecast.
Some forex trading signals are high volume scalpers, calling many trades in a day aiming to profit
a handful of pips on each. Others only call a few trades a day, aiming to profit 20 - 80 pips on each
single trade.
At the more full-service end of the market is the type of forex signal service which provides you
with an almost 24 hour a day live online broadcast calling forex trading tips as they occur,
explaining the logic of the proposed trade and backing it up with an email or even a video clip.
Some forex trading signals will even trade their signals in your own account for you, leaving you to
just sit back and watch.
This is similar to what a robot does by using forex signal software, but with the added reassurance
that it's being done by an experienced intelligent human trader rather than a dumb machine
following an algorithm.
Think of full-service forex trading signals like a forex TV station, which you have running in the
background on your pc or internet connected laptop throughout your day. The broadcast remains
quiet when there is nothing to do, freeing your time for the other priorities in your day, then calls for
your attention when there is a trade to place or manage.
You may be surprised, as we were, to discover that the prices charged by full-service providers
are usually very similar to those charged by the one email a day providers.
This type of service usually also includes an interactive facility, enabling you to send a message to
your forex mentor if you have a question.
Many forex signal services have very loyal memberships, and some even limit the number of
members they will accept.
Free forex signals (virtually)
On the basis that time is money, in our opinion the amount of time we can now devote to other
activities by not slaving over our charts for hours searching for the perfect trade set up, not to
mention the improvement in our trading results, has more than paid for the very modest cost of the
forex signal subscriptions.
3. Indeed if you apply this logic, subscription based services can effectively be free when you take
into account the improvement in your trading profits, and the freeing of your time for other
profitable activities.
If you think about it, a subscription based forex signal service has a built-in incentive to call
profitable forex trading tips, as its subscriber base would soon evaporate if it failed to provide
profitable currency trading tips. "Free" non subscription signals do not have this incentive.
Manage your risk
In any aspect of forex trading your primary goal is to manage your risk. Choosing, and trading a
forex trade alert should be no different.
Even the best most experienced provider of forex signals will regularly have losing trades.
However taken with all of their winning currency trade signals the overall result should still be
profitable, but not all systems work all of the time. Some forex alerts may even have a completely
losing week or month.
However, we have found through our own experience that the best way of making consistent
profits with forex signals is to subscribe to several different currency trading signals and trade all of
their signals. If one of them is having a particularly bad week, the others should compensate and
still net you a profitable week, or break even at worst.
Always do your due diligence before trading a provider's forex alerts. Good forex signal services
will publish their last 6 - 12 months results on their website. Some will even show you details of the
actual trades they took. Expect to see losses as well as winners - that's just the nature of trading.
Indeed, if the results show only winners, or the provider is unwilling to show you any results, or to
provide contact details of some of their clients willing to give a reference be on your guard.
Most will offer you some sort of free trial or discounted special offer. Make sure that you clearly
understand the terms of this offer and know the deadline by which you need to give notice to
terminate if you're not happy with the service provided.
If you compare the last 6 month's results of all the forex signal service providers you intend to use,
you should find that taken as a whole they delivered a profit.
Past performance is no guarantee of future results, but we have found that if you have a good
combination of trading styles in your trading signals portfolio you are in with a fighting chance of
consistent profits whatever the market conditions.
Again, think about the cashflow logic of what you will be doing here - the subscription costs of
each forex signals service are already very modest, and by combining them you are increasing
your probability of consistent profits. They can't all get it wrong all of the time, and remember they
are all incentivised by their membership to get it right as often as possible.
Even with experienced traders calling your trades, it's prudent risk management to never ever risk
more than 3% of your initial capital on any one trade, preferably only 1%. So, if for example your
initial capital, (or to put it another way, the maximum you can afford to lose) is let's say 5,000, the
4. position size you take on each trade should be such that if the trade hit your stop loss, your
maximum loss would be no more than 1% x 5,000 = 50.
Using forex signals as trade ideas
Even if you prefer not to follow forex tips to the letter, you can still profit from their trade idea.
For example, if you receive a forex tip trading the GBP/USD long with a 40 pip stop loss, but on
analysing the charts (following your attendance on a forex training course) you feel more
comfortable placing the stop loss let's say 63 pips below entry, giving the stop protection below a
visible area of recent and prior support, which happens also to be below the weekly pivot point,
and in doing so are happy to have a longer range target - then go right ahead and do so.
We were surprised to find that when we did exactly this with one of our forex signals' tips our
trades actually performed better than theirs did. Two heads better than one maybe.
The point is though, that without the forex market forecast drawing our attention to that particular
chart at that particular time we would never have seen that trade idea.
This also makes the point that while it may at first seem temping to let a signal provider trade your
account for you, if you have the time you may actually prefer to control it yourself.
If you have been through a good forex training course and understand the concepts of support,
resistance, pivot points, trends etc you should always use this knowledge to perform your own due
diligence on forex alerts. You may well find as we did that you can enhance the overall
performance of your portfolio of forex trade recommendations.
Free forex signals
This section would not be complete without mention of forex signals providers who don't charge
any subscription fee.
As we mentioned above even subscription charging services should be effectively free to you by
virtue of calling enough profitable trades to more than cover the subscription cost.
In addition we prefer to use subscription based forex signals as they have an incentive to
consistently call profitable trades, in that their subscribers won't stay with them for very long if they
don't.
Free signals by comparison have no such incentive, so be warned and trade them at your own
risk.
The [http://www.profitable-fx-trading.com] website provides access to free signals providers as
well as details of some of the better subscription services, along with free training videos and
many other free tools, strategies and useful contacts to make your forex trading as profitable as
possible.
