Forex signals are the alerts a trader receives to make an informed decision on whether to buy or sell a currency pair. A forex trader depends on various signals to diversify his trading by following the trades of other traders who have exceptional track record. Choosing a reliable forex signal service provider is very important. If you rely on an unreliable provider, they can manipulate the results and make false statements that will increase the risk of your trades.
You can obtain forex signals from specialist forex signals providers. Many brokers also provide signals to their premium or V.I.P accounts. Some of them provide this service for free (mostly brokers do so) while others charge an average of $5-10 or higher every day. Providers offer you forex signals through SMS, emails, performance trackers and online alerts when you visit their website.
There are thousands of forex signals providers. But what distinguishes these five from others is reliability, quality and affordability.
1- Bull’s Eye Trading Signals
Bull’s Eye provides real time forex signals. It speed and accuracy helps you identify winning trades before a big move. Bull’s Eye helps you deciding when to go short, when to buy and when to exit your profitable trades, and do all these while minimizing your risk. Bull’s Eye uses technical trading methodology in combination with an order-entry execution strategy.
Run by ITM Financial, ForexSocialSignals.com assures a 70% chance of making profitable trades. It has an automated system that ensures that traders receive reliable forex signals immediately after they are available. ForexSocialSignals is said to offer the best level of service and there is no cost if you subscribe to receive signals through email alerts.
ZuluTrade is one of the biggest forex signals provider with monthly trading turnover of nearly $3 billion. It doesn’t hold money or execute trades. You can link ZuluTrade to your existing brokerage account, then it will provide signals on currency pair that you can trade automatically. This Athens, Greece-based forex signals provider is registered with CFTC as well as NFA.
4- Trading Signals and Social Trading for MetaTrader
It offers set and forget kind of trading signals. You just have to place entry, stop loss and take profit orders. Forex Profits Club claims to make at least 33 pips per month for its traders. There is no guesswork involved, and you won’t have to conduct your own research and analysis because Forex Profits Club is there to tell you exactly what to do and when to do.
4xSignals offers free trial period to its new customers. It gives signals with a stop loss, and guarantees that the stop loss won’t exceed 200 pips per currency pair. Since it uses neither Scalping nor Martingale, there are greater chances of making profits using 4xSignals.