Are you looking for a forex advisor to assist you in your trades? You can find several great choices, but make sure you take the one that suits you. Of course, some of them are only scam advisors, so be very cautious for these guys.
So, what sort of advisor do you search for? Before you answer that question, see the list below for better picture of the types of forex advisor that available for you.
- Currency trading Course
This can be a program or class in which you are going to get materials and resources about forex trading. Different course provides different scope. A few of them educate you on currency trading from basic level, others believe that the student already know about the fundamental knowledge and go straight to more advanced subjects.
Nevertheless, I recommend that you do not take trading course that too comprehensive. In other words, a course that tries to stuff all the complicated concepts into your brain at once. You only need practical knowledge that you can employ and see the result right away, not 350 pages of trading theories.
- "Live" Course
Live course is where you observe your mentor while he’s utilizing the real live market as your "classroom". You will still get lessons, explanation, and resources. But this time, you observe it being utilized in real market condition and the way it produces real result.
This sort of course is great as you can simply copy your mentor trades and gain profits while studying his methods while doing so. Nonetheless, I would recommend that you strengthen your fundamental knowledge first before take this type of course.
- Trading Signal
A trading signal service is a service that will send you notifications whenever a potential chance to make profits occurs in the forex market. The notification consists of currency pair to buy/sell, time to execute, take profit order info, and stop loss order info. It is just a suggestion tough. Whether you’re going to execute it or not is depend on your own decision.
A trading signal provider will never tell you their reasons, analysis, or any other basis behind the recommendation. They simply send the notification, and that’s it. Not a very good choice if you want to evolve as a trader, but some people may find it really convenience.
- Managed Trading
I’d not call this one as purely "advisor", but I think it also worth to cover. Managed trading is where you have someone else to trade for you. To put it differently, you just supply the fund and let them handle the rest.
You have 2 choices: have a trader handle your trades or have a forex robot (EA) to do it. There are pros and cons for both choices, but basically you just have to choose one that will generate continuous profits for you.
Having a credible forex advisor surely can enhance your trading, but you must be very cautious when choosing them. The easiest way to recognize the one that works is test it on a practice account against real market movement. That way, you’ll know whether it’s a winning system or not.
