ask any seasoned forex trader and they will tell you the
same thing: timing is everything.
getting into - or out of the market - at the right time
is the surest way to maximize profits and minimize losses. knowing ahead of
time when the market is about to move is the holy grail of the forex trader.
indeed, knowing when to buy and sell is the very essence of what makes the
successful forex trader. and any tool that can provide that extra edge is
therefore to be welcomed.
it may well be a cliché now, but knowledge is power. and
for the forex trader this knowledge, in part at least, comes in the form of
forex signals, alerts of market movements with prompts to buy and sell. in the
rapidly changing landscape that is the forex, it’s vital that these signals
are, quite literally, on the money.
but which to choose when there are literally hundreds of
forex signals services around offering real time data on trades and trends
within the market?
many companies offering forex signals are subscription
based. however, it is possible to get free forex signals as they are often
bundled in when you open a trading account. the caveat here is that you are
likely to find free forex signals are only included with full or pro trading
accounts that are more costly to set up and manage than the more limited
‘mini’ trading accounts.
also, most of the free forex signals on offer track only
the four major trading pairs (eur/usd, usd/jpy, gbp/usd and usd/chf), anything
more exotic and you’ll have to look elsewhere.
costs vary for subscription based services. a basic
service will offer email notifications of entry and exit opportunities while
more comprehensive offerings will incorporate the option to be informed by a
variety of means including sms, cell phone or pager. more advanced features
will normally include live data charts.
bear in mind, though, forex signals are not surefire
copper bottomed routes to profits. at best, their goal in providing entry and
exit points is to help the forex trader emerge with more profits than losses
over the long term. measuring the success of a forex signals service should
therefore not been carried out in isolation or over a relatively short period
of time. acting on the information supplied is, of course, entirely at the
trader’s own discretion subject to their personal stop or risk/reward
strategies.
but regardless of the number of whistles and bells
attached to your forex signals, the chances of making a winning trade will be
greatly enhanced by possessing a good grounding in the market drivers and a
thoroughly thought out game plan that you adhere to.