Anyone who wants to participate in the forex signals websites, but who does not know much about the Forex trade or does not have the time for their market analyzes, can receive free or paid signals for buying or selling foreign exchange at many providers of forex signals or stock market letters. Obtain shares or commodities such as gold or oil.
Here, the Forex Signals Providers letter usually pursues the goal of achieving the highest possible hit rate in its trading signals. Some Forex brokers also offer their clients free daily or weekly market assessments with entry and exit signals. Also, there are countless other forex and trading signal providers.
What should I look for when comparing forex signal providers or stock market letters?
With the profit / loss information of the offerers is urgently to make sure that the alleged profit is not accumulated.
For example, if a provider makes 10 trades in January of which he has realized 500 pips loss on 5 trades and 5 trades on which he has made a total of 100 pips profit, this logically results in a loss of -400 pips.
Cumulatively, this results in a profit of 100 pips. Therefore, traders should make sure that the information provided by the forex signal provider is the actual profit and, at best, request live statements of the performance achieved or ask for a free trial period and trade the signals on a demo account first.
There are also forex signal providers who do not even incorporate a poor performance into their performance to operate earnings cosmetics and thus dazzle the subscribers.
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Does the signal provider have a detailed and verified performance history?
For most interested traders, this is the most important factor in choosing the right trading signals. Of course, a profitable performance is crucial. But how trustworthy is this?
What information is provided?
First of all, the statistics should include all information about each trade. This includes the financial instrument, the entry price with date and time, the exit price with date and time, and the price level for the loss limit when opening the trade (stop loss).
Only with this information, it is possible for you to understand every single trade on the chart.
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