Trading with Forex Signals is an easy method that can save a lot of your time. When you trade with forex signals, you are not wasting your time sitting in front of the computer screen staring at the charts for hours and waiting for the right trade setup to appear. Let’s be clear! Forex trading is not easy. It requires a lot of determination and effort first to learn and master the art and science of forex trading. It will take time and months of effort to develop the right intuitive feeling that will tell you when you should take the trade and when you should avoid taking the trade.
Once you have mastered the art and science of forex trading, everyday you will sit in front of your computer screen doing technical analysis for hours. This is what most pro traders do. Why they do it? Because they love trading. That’s why they don’t mind sitting infront of the monitor and analyzing the charts. But if you don’t have time or if you don’t want to sit infront of the computer screen for hours trying to trade the forex market, can you still make money with FX? Yes, you can. In this post, we are going to discuss a very simple method that can save a lot of your time and does not require you to learn or master FX trading but still will be able to make money for you.
You see when you trade with forex signals, the pro trader does all the technical and fundamental analysis and decides which currency pair to trade and when to enter and exit the trade. You will get an sms alert or an email alert when the pro trader issues the trading signal. You just need to know the times when the trade alert is issued. Open your email, read the trading signal and then copy that on your trading account. That’s it!
Sounds simple but the truth is that many traders still don’t do it correctly and end up making losing trades and blame the pro trader for that. If you want to succeed with forex signals, first try entering them on the demo account for a period of at least one month. In the beginning you will make mistakes. But don’t worry, you will with practice start entering them correctly. There are many variables that you have to take into account when you get the forex signals. First the time. If you delay entering them, the market might have moved on. If you are trading with a different broker as compared to the broker, the quotes maybe different. In addition to that there might be some slippage when the order is executed. Whatever, when you practice entering the forex signals on a demo account, you will soon figure out how to deal with these issues and after one month of practice, you will be able to do that correctly and start seeing your trades ending up in profit.
So, this is how you are going to find a good forex signals service. Make a list of top 3 forex signals providers. Make sure that each one has got 60 days of no questions asked money back guarantee. Now, try each one of them one by one on the demo account for a period of one month. At the end of the month, do an audit of the performance of that forex signals service and if you don’t like it, get a refund and try the next forex signals service. After a few tries, you will find a good forex signals service that is going to work for you! Once you find a forex signals service working on the demo account, open a live account with a deposit of $250. Why? Because if something works on the demo account, there is no guarantee that it will work on the live account. There are no requotes or slippage on the demo account. But on the live account you will find that an order that might have got executed on the demo account maynot get executed on the live account.
The only way to know whether a forex signals service will work for you is to trade live with its forex signals. Choose the lot size setting of 0.01 Lot. With this lot size setting, you will not make much but you will also not lose much. This lot size setting is ideal for further testing a forex signals service on a live account. If you lost 100 pips, with this lot size setting you will only lose $10. Not much, huh! So further test the forex signals on the live account with this lot size setting for one more month. Once you have done that, you are all set for trading live with the forex signals!