How To Find Forex Trading Signals That Work For Your Success
Many people get confused with what Forex trading signals are and how they differ from Forex trading robots. In this blog post we will discuss the difference and how to find Forex trading signals that work. First of all we will lay some foundations that are required from the signal provider and understanding from the receiver then look at some basic checks that you can do to ensure the signal provider is holding up their side of the agreement.
The first thing that we need to establish is the difference between the signal and the trading robot. A signal service does not depict the source of the trades so they could be a real human trader opening and closing trades or it could be an expert adviser (trading robot) that is opening and closing trades automatically. It is important that you establish which is sending the signals.
A signal service is merely a link between your trading account and Forex Trading Signals providers. This is normally done via an MT4 platform and some software provided by the Forex trading signals provider. Although it may be a Forex trading robot on the other side of the service you might not be informed of which it is unless you request that detail.
Forex trading robots can provide some success and they do have the advantage of not involving human emotion which can be a cause of failure in the markets there consistent success has involved some scrutiny. This scrutiny has recently provided a deep analysis of some of the to trading robots and unfortunately they do involve a heavy flaw which usually results in eventual total loss of the account.
Once you have establish which method of trading the services is providing it is important that you request to see some third party verified results. These consist of results that are formulated by using an investor password to access the traders account and stops any tampering with the information as it comes direct from the broker. Once you have access to these results make sure you note the risk the trader is taking and the amount of trades that are being performed. If an account grows very quickly it normally means the trader is taking adverse risk and should be avoided. A good quality Forex signal service should return between 5% and 10% a month on the account balance with no more drawdown than 30%.Check out more on my website @ boafx.co.uk