With the popularity of the Forex market, many traders are looking for forex signal review to find the most suitable forex signal providers that will give them an edge in their trading. There are so many forex signal providers out there and sometimes it is very difficult to sort out the reliable ones from the scam.
Below is a list of things to consider when choosing a winning forex signal providers:
Forex Signal Review #1: Is it an active trader or a forex robot?
When you look for forex signal review, often times on their sales page, they will go on and on about how they developed the latest forex robot which has the capability of generating close to 100% accurate signal. This is simply never the case. As most traders in the market know, having a 60-70% winning probability in forex is considered very high because there is no such thing as winning 100% of your trade in forex.
Technically, you can win over 90% of the time but if the remaining 10% of those losing trade eats up all your profit and over, then you are still considered a losing trader. Because market condition is constantly changing, it is almost impossible, at the present development of computer programing, to have a forex robot that is capable of adjusting to the volatility of the market.
As a result, the first thing you really should look for in a forex signal review is an active trader who is actually trading the forex market at the same time and providing their signal in real time. The only thing that can adjust to the volatility of the market condition is an actual trader with many years of experience who is knowledgeable enough to react to all kinds of market conditions.
Forex Signal Review # 2: Frequency and timeliness of the signal given
Once you selected an active trader who can provide forex signal , the next thing you need to note for is how frequent is the trader providing these signals in real time? It wouldnt make much sense if an opportune trade is spoted but the trader who spotted it cannot provide the signal to their client in real time. In the Forex market, sometimes a delay of just 5 minutes could mean you cannot enter the trade at the most favorable price that you want. If this is the case, then theres no point of using a forex signal providers as you will certainly miss a trade.
Forex Signal Review # 3: What technology is used to transfer the signals?
You want to look for active traders who are capable of sending their signals in a convenient format so that you can readily act upon the received information. With todays technology, often time you will receive your signal through mobile phone, email, SMS, or even the smartphone. Some tech-savvy providers may even be able to give you a software to download which allows you to integrate your trading platform with their signal delivery service so you can act upon the signal right on your computer.
With these 3 points in mind, you can now be sure of what forex signal providers to look for when doing your forex signal review .