Want exposure to the forex market, but don’t have the confidence or experience to trade for yourself? Forex trading signals might be the perfect solution. Forex signals allow you to replicate the trades of professional traders and some great forex signals are even free!
In this quick piece we will discuss the various types of forex signal services available to you and help you decide which type is right for you and your forex trading goals.
Forex Signals on the MT4 Platform
The latest builds of MT4 all come with inbuilt forex signals, this is probably the easiest way of familiarizing yourself with forex signals. There are a range of free signals for you to try out and also some really good subscription signals which cost about $20 USD a month. The inbuilt signals in MT4 are great because they are completely automated and integrated within your MT4 platform.
Autotrade Forex Trading Signals
Myfxbook is a great website for analyzing your trading performance that every serious trade should use, but they also offer a wide range of amazing free forex signals if you trade with a supported broker. Once again, these signals are completely automated and some of them exhibit some truly impressive performance metrics. The great thing about Myfxbook Autotrade signal is that, even though they are completely free, the signals are of exceptional quality and will net you solid market beating returns. You also have the benefit of using Myfxbook’s impressive analytical suite to help you choose a signal.
Manual Forex Signal Subscriptions
As well as the automated signals we’ve already discussed, there are also a bunch of manual forex signal subscription services out there. These are great if you are interested in learning to trade yourself and would like a more hands on approach. There is a lot of competition out there and some services are a lot better than others, so it’s important you shop around and do some due diligence before signing up to anything.
The best forex signal subscription services are confident in their product and more than happy to offer a free trial to potential clients. They should also have verified real account data available showing their track record. Avoid any signal services that can’t prove their signals work.
Past Performance Doesn’t Guarantee Future Profitability
No matter what type of forex signal service you settle on, whether automated or manual, remember that even though a track record proves a strategy worked in the past, this doesn’t necessarily mean the strategy will work in the future. Markets are in a constant state of flux and the future is uncertain. Having said that, the longer a strategy’s proven track record, the more reliable the results are. A strategy that made money last year, might not make money next year, but a strategy that has made money consistently over the past 10 years is likely a very solid strategy.
We hope you have enjoyed this quick piece on forex trading signals, all these signal services work on our Vantage FX RAW ECN accounts and it’s always a good idea to trade with a low spread broker when trading with forex signals. Low spreads mean the trades you copy are filled at the best possible price, ensuring your results remain in line with the results of your chosen signal service.