Following someone else's trades can obviously save you a lot of time and energy but it can also teach you new methods and strategies. The hardest part is finding a trustworthy signal provider. Knowing this, we decided to put together this post introducing the best forex signal providers we could find.
If you're looking or forex signal service with a reliable and profitable track record you can't go past Joel Kruger and the team at JKonFX. See the how the pros trade - live. Watch their team of experienced coaches execute trades and discuss the market action as it unfolds in real time.
Everything looks above board so it was an easy choice to include Forex Signals. There process is simple: It's important to note that DDMarkets do not tolerate floating in an open drawdown in an effort to profit at any cost - a common technique used by less reputable providers to 'fudge' performance statistics. They offer standard forex signals, sent to you via email and a special skype group, but at it's core Traders Academy Club is online forex education center.
While there seems to be no independently verified statistics, the site does show all the past trades and signals sent out which allows you to compare with actual results. They also offer a unique live trading experience and 's of educational forex training videos. Tune into daily videos from the Forex Mentor Pro team to hear their market insights for days and weeks ahead. Operating since , the FMP team provide access to three forex trading systems no performance statistics provided and a bunch of step-by-step training videos to get you up to speed.
They do however, have many good reviews across the web and it would seem that other traders have found their service helpful. They talk you through the ideas behind the trades and what they are looking for in order to enter the market. You can receive the signals via the blog on their site, through twitter and on facebook.
They have a forum style set up and make a post each trading day with instructions on how to act on a specific piece of news depending on its immediate effects. We do not make recommendations with affiliate relationships in mind. Transparency is the key to trust.
Read below to see our criteria for choosing these signal providers. Remember, trading foreign exchange carries a high level of risk and may not be suitable for all investors. Leverage can work against you as well as for you. Seek independent financial advice if necessary. These signals can be obtained from companies that offer subscription services or simply present the information on their sites.
These will either be free or available for a monthly premium which varies between providers. And there are a lot of providers.
This makes it difficult to know who is actually trustworthy, who provides good signals and ultimately, who you should use. Forex Signals help traders like yourself by providing you with the exact details of recommended trades being taken by the signal providers, in real time.
By mirroring the trades of those you follow - who should be traders with a good track record - you increase your chance of making winning trades with minimal time effort on your behalf. Different providers will tell you about the trades they are recommending in a few different ways. These can include performance trackers, email, sms messages and online alerts.
Some providers will offer a couple of methods free and have you subscribe for additional alert methods so you need to read the fine print when looking at specific offerings.
There can also be varying levels of reasoning behind the trade recommendations. Some provide details so you can understand the thought process while most simply deliver a recommended trade for you to enter.
There is a lot of trust involved in just following the signal you are receiving which is why it's important to select a trader who can justify their trades with valid reasoning - you want to receive signals from someone who you believe has a sound strategy and logical reasoning behind their trades. You need to be able to act quickly and trade at the recommended positions suggested in the signal. There are three main ways of putting the signals to best use and what you use will depend on your own goals, time available, how active you want to be and your personal risk profile.
What you use could also depend on what is actually offered by the signal provider you choose as some will only offer the signals on one of the formats below:. You run your own account and simply follow the advice provided by the signals when you receive them. For example, you receive a trade alert signal that you want to follow so you sign into your account and enter the trade according to the conditions given.
Slightly different from a signal, the managed forex account allows a professional manager to trade your funds on your behalf for either a salary or a fixed share of the profits.
Choosing the best signal provider for yourself can be a daunting task. And for good reason. So how do you even compare the almost infinite number of services out there? As with all things, you have to start somewhere. For us, that was deciding to differentiate between Paid subscriptions and Free signals. This was a great first step as they really are two different products which would have been tricky to compare directly.
Our next step was to set forth a few key data points that we needed in order to get a good comparison. We wanted to see verified statistics to show past performance. This is one of the most important things to look for in a provider.
Results need to be verified by an independent third party and available to the public. We also read through hundreds of reviews, on as many different sites as we could find, to get the best overall idea of what real users thought of the services they were subscribing to. After compiling all this information we could begin to understand which providers offered the best total service. We also found a few not so good providers. These were the ones that seemed too good to be true which as you know, means they usually are.
They often used similar baits and offers to attract attention and we have compiled a list of these which could help you to recognise potential scams in your own research. This should be a warning right from the get-go. With a record like that why would they even need to sell subscription services to Forex Signals.
You should be wary of any grandiose claims of super high winning rates. These recommendations are based on our own time spent trawling through Forex Signal provider reviews and sites. We would just like to advise you to be a little cautious when you see offers or statistics like these being thrown around. The forex signal offers that appear on the website may be from forex trading companies from which MyForexChart.
This compensation may impact how and where products appear on this site. This site does not include all forex and trading signal companies.
Sounds great so far right? The best forex signal providers for Updated: Most Trusted Signals ForexSignals. Trading Education Baby Pips: Forex Signals See the how the pros trade - live. How do they work? What you use could also depend on what is actually offered by the signal provider you choose as some will only offer the signals on one of the formats below: Through a managed forex account Slightly different from a signal, the managed forex account allows a professional manager to trade your funds on your behalf for either a salary or a fixed share of the profits.
How to choose a good provider Choosing the best signal provider for yourself can be a daunting task. Raining money Pictures of extreme wealth and opulence with no work required. Lots of statistics but nothing with proof. You want verified statistics and not simply pictures of bank accounts that can easily be faked. Your submission has been received! Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.
Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. All information provided by Myforexchart is for educational purposes only. Myforexchart may be compensated by IG and other brokers listed as a result of any promotional activity.More...