forex signals How to check the Forex signals provider’s professionalism?

[RusefSandi]

In the world of forex trading, there are no guarantees on profit, and risk exposure is inevitable. A professional forex signals service provider will never try to trick its users by advertising guaranteed profits and returns. On the other hand, the trusted names in this sector will be transparent about their performance, offering you insight into their past performance by publishing reports on how effective their signals were.

Frequency and diversity in forex signals

The ideal forex signals’ service provider for you should publish an adequate number of forex signals and trade ideas through the day and offer a good mix of trading instruments, including the ones that you like to trade the most as well as other options so that you can diversify your trading portfolio and experiment with new instruments to spread out your exposure. In addition to trade ideas offering a variety of instruments, an ideal provider should also offer a good mix of long-term and short term signals so you can try different kinds of trading strategies, such as swing trading and intraday trading.

Clarity into past performance

Their performance reports should offer the following information – how many signals they published over a specific period of time, e.g. one year, the percentage of wins vs. losses, drawdowns, the number of pips generated or earned by their forex signals, as well as details about gains in percentage terms over the past few years.

Of course, keep in mind that past performance is never an assurance for future profits. However, a forex signals’ service provider that is honest about its wins and losses, and gives you the numbers so you can assess its performance is far more reliable than those that make empty, lofty promises of doubling your money.

When tracking the performance of the signals provider, there are a few important things that you need to assess. Of course, the overall profit raked in by their trading signals is a great way to know how useful their service will be for you, but you also need to dig a little deeper to assess their performance. The total number of pips earned by the forex signals is an important measure of how exactly the profits were generated, for instance, did they come from a few pips on high risk/high margin signals or in the form of a higher number of pips from signals with different levels of risk/exposure.

In addition, you should also check to see if the signals provider offers details on their win rate – the number of winning signals from the total number of signals published.

Quantity vs. quality of signals

It would also be helpful if the provider offered a breakdown of the number of signals published and the profit to loss ratio for each kind of instrument they cover. In addition, a deeper insight detailing the breakdown of the trading signals based on buying vs. sell, long term vs. short term, and different types of instruments, e.g. forex, commodities, cryptocurrencies, and indices, can also go a long way in helping you make an informative decision on selecting the right forex signals service provider.

Timing matters

The best forex signals provider for you should be one that publishes enough trade ideas through the hours when you are most active. For instance, if you like to trade the US session markets, there is no need to go with a provider that pushes more signals during the Asian session, which are too many missed opportunities as far as you are concerned.

In addition, ensure that the provider has a reliable way to alert you whenever a new forex signal is published so you can choose to act on it immediately. The more time you lose in making a trading decision, the lower the possible returns become as other traders may beat you to it.

I will recommend Hot Forex Signal as a professional Forex signals provider.

[Ross Edwards]

Every trader comes to the market to earn money and for financial independence. Most of the traders fail to do that. Especially new traders lose money in the market. There are a lot of reasons behind that. Traders often trade with emotion like over trading or revenge trading. They don’t follow the proper trading plan. First learn to trade well and then think about investment. That’s why I am learning to trade from TP Global FX educational courses.
 

[Resolve]

On 8/15/2021 at 12:42 PM, Ross Edwards said:

Every trader comes to the market to earn money and for financial independence. Most of the traders fail to do that. Especially new traders lose money in the market. There are a lot of reasons behind that. Traders often trade with emotion like over trading or revenge trading. They don’t follow the proper trading plan. First learn to trade well and then think about investment. That’s why I am learning to trade from TP Global FX educational courses.
 

I have been doing my trading with the International Broker FXOpen Markets 🙂