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Are Free Forex Signals Really Reliable?

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A trading signal is a short message that you might receive via email, text message, alert notification, tweet, or other communication methods. The message contains information about making a trade and is meant to aid traders and might mention a specific time and price to enter a trade on a currency pair. 

“Free forex signals” is one of the most Googled questions by forex traders. The main reason for the signal’s popularity is that it can save you time, which is especially useful for traders with full-time jobs or other responsibilities that take away from the time they can dedicate to trading. Beginners can benefit as well, as finding a good signal provider can be a lifesaver if one is having a hard time making profitable trading decisions. 

You’re probably wondering how much it costs to use these forex signals or if they even work at all. The truth is that there are some paid signals out there, but many providers will allow you to use their signals for free. This might seem a little off – after all, we’ve all heard the saying that “nothing is ever free”. Fortunately, there are other forex traders out there that want to help you. Many traders that have achieved success like to help other traders by passing on advice, creating trading signals, writing books that contain knowledge they’ve learned, sharing secrets they’ve uncovered, and so on. In some cases, you’ll be able to use the services indefinitely for free. In other cases, you might be able to use the service for free through a free trial before being asked to pay. 

When it comes to reliability, you do want to choose your signal provider wisely. Know that free signal providers usually offer some of these features:

  • The entry/exit/stop loss figures for one or more currency pairs.
  • Graphs or other evidence that supports the provided signals.
  • Trading history that might include profits and losses per month, risk/reward ratios, and so on.
  • The ability to speak to or be coached by the provider upon request.

Once a signal has been generated, it is the trader’s decision to choose whether to take the advice or to avoid it. If you receive a signal that doesn’t seem like a good idea, simply ignoring it is the safer option. Online reviews of free forex signals are mixed, but this isn’t surprising. Some traders have had good luck using these services, while others have lost a lot of money. 

If you want to receive reliable signals, you can’t go with the first service provider you find, especially if those services are entirely free. Fortunately, it’s easy to research a potential signal provider online. Check out social media and online reviews for a more realistic look at what you should expect. Never rely solely on reviews or testimony that is listed on the provider’s website, as the very best comments are usually displayed, or you might even be reading something that was written by the provider themselves. This is why second-party review sites and social media reviews give the most honest results. 

Free forex signals can be reliable, as long as you do your research before choosing a signal provider. If you receive an alert with information about a trade that you don’t think you should take, you can simply ignore that signal and wait for the next one. If you choose a provider that provides a few bad signals in a row, it’s best to move on to a different provider with better reviews online to try for better results. Choosing a signal provider is very much like choosing a broker – there are scammers out there, but careful consideration and research can help ensure that you make a trustworthy choice.

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