For a newbie trader, it would better to learn the forex market first. There are numbers of things a trader should learn, to make huge profits. Learning helps the trader in decision making in the forex trading, hence, it is very important to get knowledge required for trading and also understand some advanced concepts of forex markets. Here, one question arises, How a new trader could have basic concepts of forex clear? The answer to this question is the forex demo account.
The Forex demo account helps you in getting a basic knowledge of this market, concepts like long positions, short positions, pips etc. If your basic concepts are not clear, don’t start trading with live forex account. First, you need to be clear with basic concepts and get some practical idea through the help of demo accounts. For a beginner trader, it is important to analyze the market conditions before going with any forex signal. What are forex signals? Forex signal is usually a short message which contains information that can help you in trading decisions.
So, Are forex signals legit? Most of the forex signals are not legit, forex signals are submitted by brokers or any website only to fill their pockets. Forex signals are reliable only when they are from the right forex signal services or from the right website or a broker.
A single forex signal can change your trading structure. Hence, you need to very conscious when you follow the forex signal of any broker or any forex signal service provider. So, what you should do to get reliable/legit forex signals? You are required to do proper research and analyze those forex signal service provider before choosing any of them.
It should not be like following the signals blindly, even if you have chosen a reliable website or broker for forex signals, you should not follow their signals blindly. You need to do again proper research of the signal you have received and when you find the provided forex signal reliable or legit then only you should follow that forex signal.
Many times, it is asked that, should we use free forex signal services? Using free forex signal service is not recommended because mostly they are not legit. Most of the free signal service providers copy the forex signal from the third party website or provides you signal without doing proper research and analysis to the current market conditions.
So, we cannot say that each and every forex signals we receive are not reliable. But, having research done on our part is also of utmost importance. Before following any forex signal, you need to analyze that signal. So, here are some points you should consider before following any forex signal.
Some steps you should follow to get accurate forex signals
Forex signal contains the message or information useful in forex trading. It is very important for you to keep in mind that, a single forex signal can make or break your earnings through trading. So, you should follow forex signals carefully. Here are some stages a trader should follow before following forex signals provided by the broker or any website:
1. Choose the right forex signal service provider:
Most of the forex signals are not legit, it doesn’t mean you should not use forex signal services at all, you should do it, but in a proper way. Choosing the right forex signal service provider or the broker who can provide the right forex signal service is utmost important.
Choosing the right broker who can provide you legit forex signal is a bit difficult task. Because, in this market, scammers are increasing day by day. Some scammers charge huge amounts just for copying from any other party website. They do not send you forex signal by doing proper research, they simply copy from other website and send you.
Choosing a right and honest forex service provider is important. The trader should also be aware of the capabilities and knowledge of the forex signal service provider. Therefore, choosing the right forex signal service provider is of utmost importance, to get legit or reliable forex signals.
2. Analyzing the selected forex signal provider:
You have chosen a right forex signal service providers from different websites and brokers and finally, you have filtered one broker or website which is ideal according to you. Now, in this step, you need to analyze your selected forex signal provider. You should analyze whether he has the proper knowledge of this market or not.
Forex market scams are increasing day by day, scammers try to rob you using different methods. So, you need to check, the broker you’ve selected has how much knowledge of this market. As a forex signal service provider, he should be active and has a good knowledge of currency (forex) market.
If you find out certain things wrong with your selected broker or website, instantly look for another one. Because choosing the right service is an important thing.
3. Receiving and analyzing the signal you’ve received:
After you analyze your selected broker for forex signals, the next step comes in; when you receive any forex signal you need to analyze it carefully. Many traders here, in this step makes a mistake.
They receive the forex signal and blindly follow it. They believe that their duty is limited to choosing the right service provider and following instructions provided by him. Blindly following the signal, may lead you to a huge loss. You are required to analyze the signal received properly then only move to another step.
If you experience that signals provided are not legit, you can stop following their signals. All you should do is be aware of the market conditions and not to follow instructions of the third-party website or a broker blindly, without researching about it.
4. Use of Forex Signal:
As we have seen, most of the forex signals are not legit, hence you should not blindly use the forex signal without doing proper research to it. Some website also provides signals at a very low rate, most out of them, copy the signals from other website and send you.
It is not always important for you to choose a signals provider if you have sufficient knowledge about the market and you also carry the knowledge of researching, you can analyze and trade yourself without taking advice from any service provider or broker, which can also save your cost.
Therefore, before using forex signals you must analyze market conditions and check out whether the forex signal is legit or not. When you use the forex signal by your selected service provider and find out something wrong with provided signals, you can change your signal service provider.
Hence, forex signal is the short message which contains important information, which can help a trader in improving his trading performance. Forex signals are designed to be sent to traders via different mediums, SMS, email or any other type of communication method.
So, most of the forex signal is not legit. Choosing the right forex signal service is very crucial, but it is a bit difficult nowadays due to unscrupulous services. So, it is very important to find a reliable forex signal service provider.