Forex market offers many opportunities to earn profit and achieve your trading as well as financial goals. At the same time, they can also be very brutal because of the uncertainty they bring. It requires both experience and knowledge to become a successful forex trader. But you can still make great and effective decisions to take advantage of the opportunities even if you’re not experienced. All you need is a well-established, verified, trustworthy, and reliable forex signal provider.
In its essence, a forex signal provider helps all types of traders to identify the available trading opportunities at a specific price and at the right time. Such platforms do all the heavy lifting for you, and you only need to enter a position to earn profit. With that said, the market is filled with countless forex signal providers, which makes it a daunting task to choose the best option. That's why we have come up with this article that contains 9 best providers for forex trading signals in 2021 with a high win rate. So, without any further ado, let's jump into it.
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What are Forex Signals?
Before we unveil the best forex signal providers, it’s important to understand what forex signals actually are. It’s safe to say the forex trading signals are the trade recommendations that help you with the following questions:
Which forex pair should you trade?
Whether to buy a forex trade pair or to sell it?
When to enter the market?
How much profit can be aimed?
It’s important to bear in mind that you can follow these signals as it is or you can also use them as a part of your in-depth and comprehensive analysis to improve your overall trading strategy. Either way, the forex signals allow you to build a better understanding of the forex market for a better trading experience.
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Forex Signals Providers: What to Consider?
There are some important factors that you must keep in mind before choosing a forex signals provider. Not only will it help you to make the best decisions, but you'll also be able to achieve your trading and financial goals in the least possible time. Here are some of the most important factors that'll allow you to choose the best forex signals provider.
Experience of the Provider
If you're a seasonal trader, then you might already know that keeping your forex trading profit consistent is not an easy task. Not only your personal experience count, but the experience of the provider also matters. Therefore, the first and the most important thing while choosing a forex signal provider is to look for age and experience. It will allow you to understand the consistency of the provider over time.
Quality Over Quantity
One of the most common questions among forex traders who are looking for forex signals providers is “How many signals will the provider offer daily/weekly?”. It’s undoubtedly the right question to ask, and you can choose the one that offers the signals with the frequency that meets your needs. But it's also important to keep in mind that trading more doesn't always mean earning more. The number of trading signals can vary, and their quality can also differ. Consider picking up the right spot instead of jumping and staying in the market all the time.
Depending upon your forex signal provider, you can receive trades through SMS or email. But there are also some signal providers that automate the whole process entirely. Some forex trading signal providers also allow you to copy the deals automatically in real-time that other traders performed.
All you need to do is to set your trading parameters, and the signals will do all the work accordingly. It certainly doesn’t mean that automating the trade is a better option. In fact, it's just a matter of your personal preference, but we recommend you to explore all the available options.
Trading by Forex Signals: Pros and Cons
Along with its advantages, trading forex signals also have some downsides that you need to keep in mind. It will allow you to make sure that your trading experience by forex signals remains effective.
- Save Time: Forex signals help you to save a significant amount of time. This feature comes in handy, especially for people managing a full-time professional career and also want to get involved in trading. You don't need to keep an eye on all the potential opportunities carefully because a trading signal provider does it for you.
- Minimize Risk: The forex trading signals help you to alleviate the market risk if you are using a reliable forex signal provider. That’s because these platforms provide you with opportunities with a relatively high success chance.
- Improve Learning: You’ll also have many opportunities to learn about the forex markets. You can explore why certain trading forex signals have been generated by learning about multiple market factors.
- Available in Abundance: You can find multiple forex trading signal providers that offer trading signals in abundance.
- Scams: Because of the usefulness of forex trading signals, there are tons of forex signals providers available in the market. This sheer number also means that out there, you can also find some scammers who aren't genuine.
- Unreliable: Not all the forex trading signal providers available in the market are reliable. It’s important to make sure that the provider that you choose must offer valuable signals that can actually help you to earn profit.
- Cost: As mentioned, you can undoubtedly find free forex signal providers, but most of them fail to present value. On the other hand, the paid subscriptions do work, but it can be difficult, especially for novice traders, to easily afford them.
Main Types of Forex Signals
Not so long ago, the trader only had a couple of choices. Either trade by themselves or put their money in the money manager's hands. But the forex signals have changed the game, and now traders have several choices as there are multiple types of forex signals. Generally, the forex signals are based on the price movement or some kind of indicator. Continue reading to find out more.
Indicators Bases Signals
There are a couple of main types of indicators-based signals, which are mentioned as following:
RSI (Relative Strength Index) is considered as one of the leading indicators, and it typically comes before price events on the chart. It's a momentum oscillator that calculates the speed as well as the change in price movements. It oscillates between 0-100. Generally, the RSI is considered oversold when it's below 30 and overbought when it's more than 70. The RSI signal is generated by looking for failure swings and divergence to identify the general trend.
MA (Moving Averages) Signals
The fluctuation that takes place on a chart on a daily basis can appear noisy or random. But there are different ways to filter that out, and one of the most effective and commonly used ones is moving averages. MA is also considered as an effective signal and technical analysis mode in a toolbox of a trader. MA is usually used to figure out the trend or momentum taking place in volatile markets. The most common type of MA is SMA (Simple Moving Average).
Copy Trading Signals
While copy trading a signal, the provider shares his/her trade in real-time with other traders such as you. If you’re using a copy trading platform, then you can automatically trade in real-time that the signal provider has shared. Different platforms for copy trading offer different optional controls that you can use for protection. For example, you can customize the capital amount that you’re willing to risk and the signals you want to copy.
Free Forex Trading Signals
You can easily find both paid and free forex trading signals providers. The free providers usually ask their users to sign up for their partner forex broker in order to compensate for their services. On the other hand, the paid providers offer more sophisticated tools and features. They also allow you to test their functionality with the demo account.
How to Use Forex Trading Signals?
At first, you might feel that understanding and using forex trading signals is a little challenging. But with practice, the whole process becomes easier. So, before your jump into using the signals for forex trading, consider reading the following example.
If you see something like this, then you can break this signal down, and you will find that the call to action in it is to "sell" and the is USD/EUR. The “CMP” is listed at 0.8409 with 0.8434 as the dictated “stop-loss” and 0.8378 as the level of "take profit." As you can see that at first, it seemed a little daunting to understand the abbreviation of the signal, but after the breakdown, it doesn’t look that difficult.
Top 9 Best Forex Signals Providers
eToro is one of the best online brokerages out there, and it's the best option when it comes to forex trading signals. What makes eToro different from the rest of the providers is its method of sending signals. The platform employs a copy trading system that the users can use to copy the forex exchanges of professional traders with the help of a few clicks instead of sending the forex signals directly to each user. This way, not only can the user select the people s/he wants to follow for copy trading, but it also saves a lot of time and effort that you must spend otherwise on forex signals manually.
MetaTrader 4 is considered the gold standard when it comes to online trading platforms. It’s a free platform where you can trade forex and other financial instruments as well. It’s available through more than 750 banks and brokers and offers its services to tens of millions of users across the globe.
MetaTrader 4 is also a great option for copy trading of successful and your favorite traders by using its trading signals. You can access MT4 signals either for free or by paying a reasonable fee, and you won't need to leave the platform to start copying trades by selecting a signal provider.
FXTM is one of the oldest, most successful, and leading online brokerages that was established back in 2011. It's regulated by multiple regulatory authorities and offers so many useful and valuable tools such as trading signals that you can utilize to improve your trading experience. You can use the trading signals for copy trading, and all you need to do is to subscribe to this service. Once done, the system will allow you to copy each and every trade automatically made by the providers you’re interested in.
AvaTrade is yet another big name in the online trading platforms industry. It’s also considered as one of the leading only brokers that offers some unique and amazing features. It offers both manual and automated signal providers, and you can choose both of the options at the same time as well. AvaTrade works with a range of third-party forex trading signal providers, and you can start getting it today without even paying any fee.
Learn 2 Trade
Learn 2 Trade is a dedicated and premium online platform especially built for providing forex signals. It offers forex trading signals to its users via an exclusive telegram channel. It not only offers real-time signals but also covers all the reputable and major financial markets of the world. You mostly get about three to five verified and valuable signals each day.
ForexSignals.com is one of the most popular forex trading signal providers. It can be a great option for you if you’re looking for a platform that not only offers trading signals but also offers a full-fledged trader community. It also frequently offers engaging live streams and video tutorials that you can also use to improve your overall trading experience.
1000pip Builder is another platform that offers trading signals, and it also has one of the strongest communities. The best thing about this platform is that it promises you that you will achieve growth of 600 to 1000 pips. Moreover, it offers verified and valuable signals that you can use to improve your forex trading experience.
MQL5 is one of the most popular forex MetaTrader 4 resources out there available in the market. The marketplace that this platform offers specializes in forex signals, indicators, expert advisors, etcetera. It can be a great choice, especially if you're a beginner, because of its most competitive fee structure. It also allows you to filter through different signal providers depending upon their results.
ForexGDP aims to provide its users with 300 to 1500 pips every month. It’s also a decent platform with so many great online reviews. According to the company, the quality of the forex signals is the most important factor. That’s one of the reasons why you get a lower number of signals on this platform as compared to others, and you will get two to 25 signals every month. The platform also has a strong community where you can learn a great deal about trading.
Now that you know the benefits of using forex trading signal providers and what are the most appropriate options available in the market, it’s time to improve your overall forex profits. We hope that this guide will help you to find the best forex signal provider based on your unique needs and trading as well as financial goals.
Taking advantage of the signal providers can undoubtedly improve your overall forex trading experience. But you need to make sure that you choose a reliable and trustworthy forex signal provider that also features a good win rate. This way, even if you don't have enough time to spend in front of your computer, you'll still be able to make informed and profitable decisions. Moreover, if you're currently doing a full-time or part-time job and are interested in forex trading, then using forex trading signals can be your best choice.
Best Forex Signals Reviews
Author of this Article
- ● In 2008, he graduated from the London Institute of Banking and Finance, Department of Finance, Investments, and Risk;
- ● In 2009, he became the youngest trader-analyst at Global Invest;
- ● In 2010, he became an independent analyst at TD Ameritrade;
- ● In 2011, he defended his Ph.D. thesis on Economics at the University of California-Berkeley;
- ● From 2012 to 2018, he worked in various American and International brokerage firms;
- ● Since 2018, he has worked with the Traders Union as an independent expert and trader as well as with other trader associations as a freelancer;
- ● He has 12-years of experience in continuous trading in the Forex currency market.
Are Forex Signals worth it?
The simple and one-word answer to this question is yes. It still depends on several factors such as the providers, its experience, etcetera, but it's worth taking a chance as many people take advantage of forex signals.
How do forex signals work?
The forex signal system or the forex signal provider sends real-time alerts through SMS, email, etcetera. These alerts contain a trade idea with important information that you can utilize to make a profitable decision.
Can I create my own signal?
Yes, definitely, you can create your own signal, but you'll need significant experience and knowledge before that. Once you're confident, then you can find indicators that help you identify and confirm the trend. You'll also need to define risk along with defining enter and exit points, and you can share it with others by writing your system rules.
Is forex trading difficult?
There is no one-word answer to this question because it can be difficult if you want to earn profit quickly. On the other hand, it can be easy if you can dedicatedly spend time as well as put effort into becoming a successful trader.