Are Forex Trading Signals Accurate and Reliable?
If you plan on investing into the foreign exchange market but don’t have the time or capital to invest in a personal trading education, then forex trading signals might be for you.
Forex Trading and Accuracy
Unfortunately you will never find a forex signal system that is 100% accurate year to year. But what you can find, is a forex signal service provider who has the experience and knowledge to deliver a higher number of accurate signals over inaccurate ones.
A forex signal service isn’t there to give the perfect trade every single time, their job is to make sure your profit exceeds your losses. In short, you want a signal service provider who is generally accurate on a month to month basis.
It’s also important to take into account the timeliness in which the signals are delivered and the technology behind their delivery. If a method of trade delivery is causing you to receive your signals a few hours late to a few minutes late, it can drastically impact your overall performance using those signals.
How to Find Accurate and Reliable Forex Signals
There’s hundreds, maybe even thousands of forex signal services out there, and with every single one of them clawing for your business, how can you know who to trust?
Even joining the most ‘popular’ signal providers won’t always work. A signal service can claim to have thousands of happy customers, but is there really any way to verify those individuals and their positive results?
Create a list made up of a few signal services you like, and then investigate. Read reviews and look for testimonials. You can find reviews not just in blog posts, but in forums and even in the comment section of a review post.
But even with this, know that just as easily as a positive review can be fake, a negative review can also be from someone who just lost money and was upset. Be critical in reading reviews, look for the good and the bad.
Here are a few characteristics of a forex signal provider who may not be as accurate and reliable as they claim.
- No verified record – A reliable forex signal provider should be able to give you a track record of their trading performance, either through their own spreadsheet or a third party platform like Myfxbook. A verified trading record is a good indication of how effective the provider’s strategy actually is.
- Large upfront deposits – Accurate signal service trust their signals so much that they typically offer a free or low-cost trial period. Through this they justify their worth to you. If you profit through the trial period, they know you’ll be back to pay the full price tag.
- Free signals – Free signal services aren’t known to be extremely accurate. If a signal service is giving away signals for free, then that indicates the trader behind the signals isn’t efficient enough at trading to be worth being paid.