Okay, so you’re looking for accurate forex signals, but do you actually know how to identify accurate signals? You can find a few great signal providers at the internet currently, but almost all of them got negative reviews since the users are just a bunch of newbies who still live in the dreamland.
What I imply by "live in the dreamland"? Below are a few blunders that they made:
- They think that the signals are completely precise
When these novices get their first notification, they will immediately execute the trade, then expect profits to come out. When the trade winds up as a losing trade, they get upset and stop the services immediately.
You may pretty much guess the next thing they do: sign in into several forums, acting like a victim, and submit bad reviews everywhere. That is why you will come across several extremely inaccurate reviews in the forums.
Here’s the truth that I really think that everybody in currency trading world must have realized already: not a soul can predict where the market will move next. You can merely predict to a certain degree of precision based on analysis, experience, and (perhaps) hunch. However, it will NEVER 100% accurate.
Think it over; if a signal service can give you 15 profitable trades from 20 trades, would you consider it as a good signal service? Certainly you would! Still, is it possible that the very same signal gives you 3 consecutive loss trades in the beginning? YES, it’s possible too; especially if you start trading in a bad time.
If you get 3-4 loss trades at the beginning, that is no reason to start panicking and acting like a scam victims. Keep a cool head and watch if the next signal can make up for the loss. This is possible if the signal uses good risk reward ratio. But wait, how to check this out without lose your money? Look at next point.
- They will not even take the time to evaluate the signal efficiency
Okay, so you got recommendation and suggestion. You read every words on the provider’s webpage twice or three times to make sure that you didn’t overlook anything. You ask around in forums and read 30 different reviews of the product. All of that don’t justify the recklessness of putting your money on the line right away.
Opening a demo account is never difficult and you can open literally as many as you want to. Give yourself a favor. Open a practice account and test the accuracy of the signals by utilizing their guarantee period. You should spend some time and effort into this, but it can save you from greater troubles in the future.
- They have no basic principles in trading forex
The signals are just tools. Using the existing technology, it is easy to make them auto-execute. Still, you decide to use a signal service simply because it allows you to decide what to do with the notification right?
If you have a little understanding in trading forex, at the very least you can do the following:
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Distinguishing bad market condition and choose not to get into any trade for the moment
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If the market is trending, there is bigger profit potential that you may get. If you can identify it, you’ll be able to adjust the take profit order for more profits.
Of course, your choice will not always correct, but if you have strong basics in trading forex, at the very least you can:
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Save yourself from several loss trades.
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Have more realistic expectation from the signals, thus you are able to act and evaluate the circumstance calmly whenever things do not work out as you planned.
Looking and recognizing accurate forex signals shouldn’t be a really hard thing to do. Just make sure to spare some time to open a demo account and learn the basics of forex trading. Doing these two will give you more benefits in the long run.
