Free forex signal.
Such services usually employ very obvious, albeit subtle, methods of attracting customers, like giving out a few free Forex signal alerts online and then asking you for the sale of other premium signals. One common, but seldom-mentioned Forex signal scam is for the service provider to send half of its subscribers 'BUY' signals, while the others are given with 'Sell' signals. However, there are ways to avoid such scams completely, so that you can enjoy 100% profits from your investments in the Forex markets.
First of all, you should realize that not all fully-automated and semi-automated service providers are scams. There are a lot of honest, hardworking people in the foreign exchange industry. As such, you should check their credentials and track record before deciding to subscribe to them. Usually, these brokers will offer completely free trades on a trial basis, or even completely free services if you just ask for it. This is one of the easiest ways to test if a service provider is truly reliable.
Once you find a good service provider, you can then start experimenting with their real-time or delayed signaling options. This is where you'll be able to tell the difference between a fake service and a real one. Most of the fake services out there will simply show you a series of text messages on your mobile phone. You won't be able to tell if they're actually sending a real-time message or not. A scammer, on the other hand, will actually send you an email, instant message or even a text message. It's much more difficult to spot a fake signal than it is to spot a real-time one.
Now that you have found a service provider, you have to make sure that you're getting exactly what you pay for. Some sites may offer a series of signals for free, but all you're going to get in exchange is a generic automated account. The same goes for premium plans. Most providers will only let you trade with them if you sign up for an automated account. In effect, you're paying for nothing more than a useless platform, which you'll rarely use.
The best forex signal providers, however, offer a series of quality services for a low price. They don't need you to get an account, you don't need to give them your login information or even give them your credit card details. If you're looking for a place to learn the ropes, or if you want to start trading right away, you might want to stick to these free providers instead of signing up with a multitude of providers.
Another thing to consider is what kind of signal provider offers custom orders. Chances are, if you're interested in learning how to trade the forex market, you already have enough information on where to go to get the best information. You probably already have a profitable trading strategy that you execute every time you open your online brokerage. So why would you want to spend additional money on an automated trading system when you could just instruct it to follow a proven pips strategy? If you're still stuck after this point, then you're better off subscribing to one of the many premium services and getting a real-time copy trading signal provider instead.
The third thing to look out for is whether or not the provider has an automated algorithm. Even though forex signals offer you real-time information, there's no reason to trust the results generated by an automated algorithm. These programs generate random data and are programmed to work on a particular market. Unless they're programmed to trade specific pairs, you're basically taking a gamble with your money. It's far better to invest a little bit more and hire a reputable and established service. They'll be more likely to give you profitable signals based on their past experience.
Lastly, look for the best providers who offer live demos. If they don't, they're either not using their servers at all, or they're using outdated versions of their software. The best providers always have demos available for testing out their strategies. You need to test out any new program on a demo account before placing your actual funds on it.