What is Forex Signal Alert Service?
Forex signal alert service is used by all levels of traders for different purposes. For the beginner, forex signal advises them on when to take a profitable trade and shows the exact entry and exit position. For more advanced traders, they use forex signal alert service as a way to either confirm or cross-checked to see that their trading decisions are in line with what others are doing. Whatever the case, forex signal definitely aid traders to make more sound trading decisions and if used properly can increase a traders flexibility of their trading schedules.
There are generally 4 things that you should look for to find the most reliable forex signal alert service:
1) High Number of Active Users
Before you subscribe or sign up with a forex signal alert service, the first thing you have to be aware of is how many active current users are using the service. If the number is not at least over a 1,000 users than you should look somewhere else. High number of active users are one important ways to gauge whether the service is legit or not. If not many people are using the service, chances are either they are scam or not very reliable in the long term.
2) Style of Trading and Frequency of Trading Signals
The forex signal alert service providers should clearly state their trading principles and how they generate those signals for their client in a concise manner. This is important because there are many different style of trading the same chart in FX and depending on the style of the trader, they will provide trading signals in different frequency. For example, a scalping style utilizes the 1 min, 5 min, and 15 mins and will generally provide trading signals at least 3-4 times within the hour whereas a daytrader who takes advantage of open and closing market hour may only provide 1-3 quality trading signals during a market session.
3) Risk Management
When determining the most proper signal services, make sure the signal provides not only the precise entry/exit point, it should provide the client with the exact profit taking level and stop loss. Stop loss is particularly important because in an event when the trade goes the opposite direction, you need to have a system in place to cut early loss before the loss becomes unmanageable. It doesnt matter if you win 9 trades out of 10 when your one losing trade eats up the profit of your 9 other trades.
4) Customer Service in a Timely Manner
People who are using forex signal alert service will be trading in real time, it is important that the providers provide 24/7 quality customer service in real time either by telephone or instant messenging services. This is very important because in the forex world, time is money. Losing just 1 minute or 30 seconds could mean a missed opportunity to enter a trade in a favorable price that you want. If you have any particular questions on a trading signal suggestion, it is imperative that your problems are address immediately before you miss any trading opportunity.
Forex Signal Alert service is readily available online. The following 4 requirements will help you find the right signal provider that suits your trading needs.