If you a rookie Forex trader, it is highly probable that your goal is to reap massive profits in a short time with a little effort. To achieve this, you might be considering turning to the plethora of resources available on the internet to guide you in making your trading decisions.
Of course, you should not depend on others’ opinions and analyses. Why? First, because you cannot be sure of their reliability. Second, they can get in the way of your learning and mess up your analyses. And finally, they can even yield more losses than wins for you.
However, if you want to boost your chances of profitability, you might want to consider using expert opinions in the form of signals. Hence, here is a guide on free Forex signals and how you can apply them in your trading.
What are Forex Signals?
Forex signals are recommendations to enter and exit trades at specific prices and at specific times. They are directions to Forex traders to buy, sell, or hold specific currency pairs at specific prices in ways that would ensure maximum profitability and risk management. Forex signals come in the following form:
- BUY EUR/USD @ 1.2260
- SL @ 1.2250, TP @ 1.2290
The first feature of Forex signals is the type of order the trader is to execute. This can be Buy (Long) or Sell (Short). This information is then followed with the specific instrument to be traded such as the EURUSD as displayed in the above example.
Then the price comes next. This is the bunch of five (or four, depending on the currency pair being traded) digits indicating the price at which the recommended order type should be executed.
Also, as you can see, a Forex signal includes vital details such as the Stop Loss (SL) and the Take Profit (TP). In the particular example given here, the stop-loss (SL) price is set at 10 pips below the recommended buy price while the take-profit (TP) price is 30 pips from it. Also, the risk-reward ratio of this signal is 1:3, which is not bad.
Furthermore, sometimes, the Trailing Stop (TS) feature is incorporated in Forex signals. This is a wonderful feature that allows you to move your stop-loss up as your position moves further in your anticipated direction, gaining more pips. Evidently, Forex signals are indeed a great tool for enhanced profitability.
So, who are the authors of those Forex signals? Forex signals are provided by both human analysts and automated arrangements, giving rise to the two types: manual and automated Forex signals. Human analysts, who are usually expert traders, provide manual signals while automated Forex signals are generated by computers using algorithms.
Forex signals are communicated to their users via different means. However, they are usually sent to their users via emails, SMS, and social media. Thus, as powerful a tool as Forex signals is, they are still readily made available to individuals who are interested in using them.
Nevertheless, it is important those users get them from reliable sources. In fact, if you want to achieve profitability with little efforts and costs, subscribing to a reliable Forex signal service might be the best way to go. A sound Forex signal service will enable you to learn and earn, while also protecting you from costly mistakes.
As a beginner trader especially, you will most likely prefer a free Forex signal service to a premium one. We understand. The aim of this guide is to demonstrate to you if those free Forex signal services are reliable or not.
Free Forex Signal Services
Free Forex signals are Forex signal services that do not require paid subscriptions. Hence, they are free, without any price attached to them. Their major criticism is the debate of whether they can be trusted or not and if they indeed improve their users’ trading results.
The opposite of free Forex signal services is the premium signal service. As you would expect, premium Forex signal services come at a price and are believed to be more reliable, with a monitored performance record, than their free counterparts.
Trade with 1000pip Builder Premium Forex Signal Service
1000pip Builder provides reliable, premium Forex signals that can easily be executed on a wide range of trading platforms such as MetaTrader 4 and 5. On any of those platforms, you will also be able to access real-time analyses as well as insights from market experts.
With 1000pip Builder premium Forex signal service, you will become a profitable Forex trader while expending only a little effort, costs and time. Hence, feel free to subscribe right away and start achieving your trading goals.
Should You Use a Free Forex Signal Service?
To start with, if you are a newbie Forex trader, using a signal service can help enhance the results of your trades. However, you will not be really learning to trade. Instead, it will be equivalent to you relying on someone else’s analyses and opinions about the market.
This situation can even get trickier if you are using a free one. Free Forex signals are not usually reliable and often yield erratic returns. Because they are not paid for, their providers may not have any incentive to ensure their accuracy, resulting in their performance is subpar.
However, 1000pip Builder expertly handles this by ensuring that as you are benefiting from their quality premium Forex signals, your trading skills are also being honed via the insights, analyses, and research of profitable expert traders that they provide.
Not every Forex signal service provider will be genuinely interested in your success. For free ones especially, since they are not paid, there might not be any incentive for them to ensure the accuracy of the signals they provide. This is the major reason why you should be wary of free Forex signal services around.
If you find it necessary to use a Forex signal service, however, make sure to choose a premium one. And also, endeavor that the one you pick will be one that does not only give you signals but also seek to teach you to trade and ensure you succeed. 1000pip Builder is that.