Novice currency trader or even experienced one, at some point might need the help of currency signals. Currency signals are provided by some analysts who spend their time times carefully studying the shifts and flows in the market to predict where the currencies would likely to shift from any given time. Usually, these analysts don’t trade by choice and opt for the help of a forex signal provider.
Currency signals are products or services that are usually available for a fee. Also, they are usually offered either free or for a fee. free signals, for the brokers, are nothing but trading opinions. They are not facts. They are the opinions of a variety of different people and neither all of them, nor ever place a trade on their own. The free signals, for the brokers, are the best ones.
Every analyst or signal provider has his/her own preferences. Every signal is dependent on the analyst. Analysts produce currency signals by analyzing the trends of the market and, they apply a variety of indicators to measure the trends. The indicators used are mostly fundamental analysis. This means that some currency signals are generated because of where the currency actually is, as a result the geographical dispersion, the nuances of monetary flows and what not. There are also technological factors that contribute to the currency signal cycle. The computer is a big influencing factor because it is easy to automate trading and there are a lot of currency signals providers who use the technical analysis software.
You have seen the number of advertisements. They used to say things like “I have a signal service” or “I am a signal provider”. It sounds great but, when you try to use it, it turns out to be a pile of garbage. Anything even close to 80% of signals are fudged or even fake.
What happens is, the analyst produces a report. It would be like: I am up guru you are down guru, I made x amount of dollars this month and this month I lost y amount of dollars. In reality it is: I lost z amount of dollars this month and this month I am making a ton of money.
These are the same people that post on the forums giving out personal trade secrets and often times they aren’t even Gurus. They are just a mover and shaker in the industry. Marketers try to come up with good trade ideas and fail.
Everything in this industry is about trying to push the envelope. Be wary of anyone who claims to have a secret recipe. They don’t have one. They are just selling something that looks like it could be great. Avoid those.
I have a website that reviews various currency trading systems. At the bottom of the page is a link to a site that has reviewed an untold number of systems. Click on that and check out the site. There are some good ones there and some bad ones. Most of them are not far-fetched. They are so far out. But if you can find them, you can make a ton of money.
My advice is to look for a system that does something different. Something that allows you to make some good money without selling their software. Also, look for a site that has been around for years. You can find old competitors and see how they are doing now. You can learn a lot from examining others mistakes.
Check out also the comment section of the sites. There are tons of good arenas to be found here and you will learn a lot from those that have been there. Learn a lot of tricks and techniques from these people. Become friends and fellow traders. Keep studying and testing your skills so that you won’t be surprised when you start making money.
I have struggled and lost a lot of money in the past. I hope that I can help someone avoid some of my pitfalls. Don’t be afraid to go in the deep end. Act conservative and get your head examined.
