A Forex signal provider is a company that provides real-time foreign exchange signals on market trends. Some of these signals are offered free of charge while others are provided on a payable basis. A firm that offers this service uses various tools to help their clients' strategies on their moves in the market.
The indicators required by traders differ for different levels of expertise. A beginner needs detailed instructions on the exchange rates and mode of trade along with an extensive knowledge base to support the instruction guidelines. The experts, on the other hand, rely on a professional helpdesk for support and build up short-term and long-term strategies. These dealers have a wide range of currency pairs and need indicators for stop loss and take profit levels. Thus, it is important to choose a signal provider that can scale up with time and maintains a high level of consistency. The simplest three step procedure to select the right Forex signal provider is discussed below.
• Check Online: For a beginner, it is difficult to decide on which Forex signal provider is reliable. To know which signalling provider serves well, one can rely on a yearly ranking scheme that rates the best signal provider over the year. This includes customer experience, interface, usability and how reliable the indicators are. Once you decide on the service provider, you can check their company's profile, understand their modules and shortlist a few of them.
• Ask For Recommendations: Once you have enlisted the signal providers choosing the best one becomes a challenging task. It is a wise decision to ask for recommendations from successful traders who have dealt with the Forex market. The experienced traders stick to one indicating consultancy or website and tally their statistic before investment. This is known as “Signal Confirmation” which is done to ensure a fruitful deal. A person exploring the market so deeply has an elaborate knowledge and can guide you through the thick and thin of the market as well the indicator tools and other relevant details. This will help you select the right company for trading signals.
• Look for Trial Services: Forex signal provider services have indicators that signal you about the market fluctuations and forecast. One can customise his / her mode of signalling as per the price slab of the different signalling options. It is advisable to opt for a trial plan first to understand the functional market and then trace the viable options for a monthly or annual plan. Different consultancies offer varied services that are available to full members during the trial period. These may include:
o Access to members' area
o Email or SMS alerts
o Risk management tool
o Flexibility to copy traders manually
o Filter for currency trade pairs
o Different modes of transaction of funds
o Account management facilities
o Live trade centres and expert guidance
After checking for these details, one can talk to a provider that offers these services, take care of the documentation and start trading.