Should I use stock signals?
Stock signals have been used for many years as trading signals to make decisions regarding buying and selling stocks. There are platforms through which you can get insights regarding trading signals. For your convenience, the Traders Union has gathered a lot of information about stock signals and the best places to get them.
Start trading stocks now with eToro!What are stock signals?
Stock signals are a way for investors to benefit from the research that traders have conducted over the years and gain returns from multiple financial instruments, including stocks, cryptocurrencies, Forex, commodities, and ETFs.
Through stock signals, investors are informed about the orders they should place on trades. The information mentioned above is derived from a detailed analysis, and this prevents the investors from going through the tenuous task of conducting their own technical analysis that’s required to fully comprehend the market.
Stock signals aim to inform investors about the buying and selling points. It also monitors or modifies the portfolio of investors for their convenience.
Are stock signals worth it?
Stock signals have a multitude of benefits that investors can reap. As a beginner, these signals help you enter the stock market and guide you through. The purpose of such signals is not just to save you from losses but also to direct you toward opportunities you may not have known about otherwise. However, stock signals do not guarantee 100% success. There are some downsides of stock signals as well that you should look at before following a signal.
👍 Pros of stock signals
•Trusted stock signal providers automatically reduce stress and risk.
•Stock signals allow you to carry out more trades for maximum profits.
•It prevents wasting time and money on technical analysis.
•Provides periodic signals for efficient trading.
•It can help you learn new strategies.
👎 Cons of stock signals
•You don't know if the person sending the signal is legitimate, so there's a chance of being scammed.
•There's a cost associated with premium stock signals.
•Stock signals will slow down your learning because you won't know what makes stocks move.
When you are looking for stock signals, you should keep in mind that no signal is 100% guaranteed to be successful. However, if the signal provider has a success rate above 60%, then the chances of success are significantly higher. Additionally, you should look for providers who also give you information about the stock market, as this will help you learn more about what drives stock prices.
Best Stock Market Telegram Channels - Trading Groups ReviewBest stock signals
There are many stock signal providers; however, we have compiled a list of the five best stock signal providers for your reference:
1. eToro
Through eToro, professional traders can send their signals, whereas beginners can copy those signals and earn revenue. In 2020, they claimed their profit rate to be 83.7%. Before you copy a professional trader's strategy on eToro, you can also see how many followers they have, how long they've been trading, and how much money they make. This makes it less likely that you'll be scammed.
You can also look at professional traders' equity curves to see how they did during the recession and equity drawdowns. You can also judge professional traders by how often they win, how often they lose, how often they break even, etc. You can also get stock signals and signals for other instruments like ETFs, commodities, indices, Forex, and cryptocurrencies through eToro's platform.
2. Learn2Trade
Through the Learn2Trade platform, you can access trade ideas, stock signals, market analysis, market news, and stock recommendations. It makes smart decisions for you, so you can make smart decisions without taking too many risks. You can get 3 to 5 signals per week, along with the trend, news, charts, and other information that can influence your decision-making process. The win rate of Learn2Trade is 82%, and it has a money-back policy within 30 days of purchasing the plan in case you do not find its signals helpful.
3. FXTM
FXTM has a highly talented and experienced team that analyzes prices, the stock market, and other technical indicators to develop the best stock signals for investors. Through FXTM, you can copy the trades of professional traders; however, you will be required to pay them a fee if you generate profits. These plans have been evaluated and ranked so that you can decide which one to use. You can filter the strategies based on the professional trader's experience, the trader's style, risk profile, and returns.
4. The Robust Trader
The Robust Trader's primary focus is the USA stock market. It has been working since 2013 and has been providing very good stock signal services. The services are transparent, and the results are quite evident on their website. Their win rate is 74%, which is pretty good, keeping their history in mind.
If you are just starting out, it is easy to understand and follow the signals. You will get stock signals daily, and before the market opens. At first, you have to pay $1 per month to test the signal's quality, accuracy, and openness. If you like it, then you can go for a proper plan. Also, if you are just starting out, you can take advantage of their training courses, which can help you learn what you need to know about stocks.
5. WeTalkTrade
WeTalkTrade provides signals for multiple assets, such as currencies, metals, cryptocurrencies, and indices, and provides an accuracy rate of 80%. They have two types of accounts: basic and premium.
The basic account is free but provides less value because the accuracy of the signals is relatively low. On the other hand, the premium account costs $79 per month, but the accuracy rate is relatively high. They derive signals through technical indicators. Through their application, you can also access economic news that can affect trades.
FAQ
What are the key things to evaluate when selecting a signal provider?
Use websites to do your research on the best stock signal providers. Then evaluate those providers based on customer reviews, experience, satisfaction rates, costs, etcetera. Find a provider that resonates with your needs. If you are a long-term investor, find a signal provider who gives information about the overall economy, and if you are a day trader, you might want to look at the entry, exit, and stop-loss points of the trade relevant to you. Then, use a demo account to test the signal, and then test them in a real environment with small amounts and increase the amount gradually.
What is copy trading?
Copy trading is a type of signal that allows you to copy the strategies of professional traders. If you choose the right trader, you can earn substantial profits.
Is a free stock signal service worth it?
Most free stock signals aren't worth much, but they could be helpful if the stockbroker is well-known and trustworthy. If you are doubtful, you can use the free stock signal on a demo account, and if it is successful, you can use it in real-time.
Is there any law involved in stock signals?
There are no rules or laws that govern stock signals, so you might want to be careful when choosing a provider.
Related Articles
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.