Should you try it? Reliable? Better than trading on your own? I will say depends…
Disclaimer: I am not a financial advisor. The content for this weekly outlook is purely for educational/research purposes only and is merely based on my personal opinions.
Well, depending on what’s your short and long-term goals are. If you are a complete newbie and don’t have the time to learn the fundamental, technical analysis and strategy of forex trading. Then I will suggest you consider Forex Signal. But if you wish to do forex for the long term, as part of your main income stream, you would probably want to get your own strategy instead of depending on Forex Signal.
I will be honest, I’ve tried numerous Forex Signals companies. And I am not a fan of it, but that does not mean that their service sucks, I personally like to have control over my trades. Well, let me break it down for you.
What is it?
Forex Signal is essential a forex trading company that will do all the hard work for you like providing fundamental and technical analysis and using their “Profitable Strategy” to generate signals that they think is the most profitable. All you got to do is to follow the signal completely, from start to finish, copy the Entry, Take Profit and Stop Loss level. But of course, all these at a fee!
Pros
1. There is no need to find your own strategy.
Basically, you are just following their strategy, which has already proven to be “Profitable” for them. You just have to follow the signals they provide, and perhaps you can try to decipher their strategy system and use it on your own after the subscription ended. There’s no need to spend the extra time to learn and research a new strategy.
2. Having more time to focus on other stuff.
Well, since you don’t have to keep analysing the chart and news. You effectively have more time in your hand to focus on more important matters. Especially, if you are a working adult/have a Family to take care of. You can continue working until the signals pop up, and maybe spend 3–5 minutes to place the trades.
Cons
1. Signals comes randomly
This depends on the signal companies themselves. These companies are located all over the world, from the United States to Europe to Asia and they will generate their own signals during their daytime. But they all have 1 thing in common, that is their signal comes at random times, there is no fixed timing. The signals might come randomly in the morning and at night, sometimes even at midnight when you are sleeping. Therefore, you always gotta be ready to place trades when the signals come.
2. Short buffer time ( Must execute trades immediately )
Okay, most of the signals I joined uses the day trading strategy (Trades have to open and close at end of the day). This means the signals or the trades will last from 5mins to 2–4 hours depending on the market condition. Therefore, once the signals have been generated, the user has only a few seconds/minutes to follow and execute the trade immediately, else you either miss the trade entirely or you reduce your profit ratio.
3. The market is flooded with bad/scam signals.
Those who have tried signals themselves will understand this, it is extremely difficult to find a good and decent forex signal company. In general, out of 10 signals companies, 7–8 of them will be bad or scam companies. They will either provide fake signals that don’t work or signals that expire really fast and still claim that their signal works.
Where to find
Now, although finding a good and reliable signals company is not easy, but it is possible. Here are some ways to research and find the best forex signals companies out there.
1. trustpilot.com
There have been some trust issues with Trustpilot whereby companies can “Buy reviews” for their Trustpilot site, making their companies look more trustworthy. Always cross-check with other review sites before deciding.
2. TradeStocksandForex.com
This is my favourite site to find the best forex signals companies out there. They are a standalone review site that provides a live result for each and every company they joined. Although their review duration is kinda short (2 weeks to a month) they always provide very in-depth reviews for each company. On the plus side, they do stocks as well.
3. forexpeacearmy.com
This is more popular than Trustpilot when comes to forex signals review. Because it is run by the community, actual users who have joined signals companies and give their best and worst reviews. But please be cautious, do not trust completely, there might have “bought” review as well.
4. Test it out yourself.
Sometimes the only way is to try it out yourself, join the company for a month or two, follow their signals to the best of your ability and finally decide for yourself if this company really good for you. If this signal does not fit other users, that does not mean it will not fit you. That’s why the best way is to test and try for yourself.
Final Note
I’ve tested multiple forex signals, although most of them are good in their own ways. But I still think traders should be independent and move away from signals, especially if you are looking to do trading long term. Even though it might take a longer time to become profitable, at least you are able to control it.