If you are tired of struggling to work out your own signals for a successful trade in the forex market, you may be thinking of signing up for a forex signals or alerts service. These are messages sent out by a company that will analyze the market for you and advise you when you should open or close a trade based on their system.

Forex alerts may include other information, such as guidance on where to set your stop loss. This can be very useful, especially if you are new to currency trading. However, do not place too much importance on this. The stop loss regulates your risk so it is probably better to calculate it yourself according to your own fund size and how much risk you can personally accept.

As with all forex systems, it is best to test the forex alerts on a demo account before you go live. This will give you a good idea of how the system works and whether it is likely to take you out of your comfort zone, particularly in relation to losses. There will be some losses and it is important that you get used to the idea of that and do not lose confidence whenever the alerts are not 100% correct.

Many people have a problem with testing out something that they are paying for. They want it to cover its costs right away. This is understandable but if you think about it, you can see that you will have more chance of making money in the long term if you become familiar with using the forex alerts in a risk free way at first.

Some companies will send their forex trade signals free for a certain time on a trial basis. This gives you the chance to test without feeling that you are wasting your money on the fees.

When it comes to paying for forex signals, providers may either require a monthly membership fee or charge on a per signal basis, or possibly a combination of the two.

Forex trade signals are usually sent by email or by SMS. Often you will pay for SMS alerts through your phone company. It can be cheaper to receive them by email only and some people do this if they have good access to email. It does mean of course that you are tied to your computer to a much greater extent.

You would probably want to shop around and get a few recommendations before you join a forex alerts service. Forex trading forums are a good place to pick up information about other traders’ experiences with these companies. You may also be able to compare the results. Keep in mind, however, that results published on the company’s own website may be chosen carefully to cover their more successful periods. An independent site which proofs the results by receiving the forex signals at the same time as customers would be more reliable.

Filed under: Forex Signals

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