Various Kinds of Free Trading Signal Providers
1. Professional Trader
Many professional traders share free trading signals on forex forums like Forex Factory and so on. That was done in order to get a good reputation, just self-actualization, or to promote the paid signals they made. Usually, they give free trading signals according to their own trading execution and are willing to explain the analysis behind them.
Compared to other free trading signal providers, these professional traders can be trusted. In fact, the explanations they provide and the discussions in their threads can be valuable learning material for us. However, because the discussion at the forum is anonymous, there is no guarantee that they will supply routine free trading signals forever.
2. Forex Brokers
Many forex brokers offer free trading signals or regular market reviews to attract novice traders. Not a few affiliates (IBs) inviting traders to join the lure will be given free trading instructions.
Some traders respond cynically to promotions like that, even assuming that they will definitely give misleading info. They assume the info is used to gain profit from traders’ losses. However, this is a wrong view. In order to survive in the forex business, bona fide brokers need a good reputation rather than small profits from deceiving traders. For the sake of building this reputation, many brokers build their own analyst departments, which then develop into reliable sources of information for traders. For example, DailyFX.
Even so, we cannot say that all free trading signals from brokers can be trusted. The reliability of free trading signals from brokers and affiliates depends on the bonafide of the broker or affiliate itself. In addition, keep in mind that the reliability of free trading signals may change from time to time.
Needless to say, the free trading signals provided by fraudsters are clearly unreliable. One of the modes, they provide free trading signals as long as we trade at certain brokers through their affiliate channels. After that, they will send as many trading signals as possible every day until we often trade. They will benefit from a portion of the spread or commission we pay to brokers per transaction, so the more we trade, the more their income; no matter whether we gain or lose.
There are also scammers under the guise of free trading signals that initially provide quality info but then ask for the details of our trading account logins which should not be shared with anyone. When complacent, we can voluntarily submit details such as account numbers and passwords. Only then will we realize that we have become victims because bona fide signal providers will not ask for such details.
Unfortunately, fraudsters under the guise of free trading signal providers actually occupy the most prominent lines of search results on Google and aggressively promote on social media. As a result, novice traders or laypeople often eat their bait.
So, Can Free Trading Signals Be Trusted?
There are free trading signals that can be trusted, but also many that cannot be trusted. However, it is clear that forex trading signals are not a shortcut to success without difficulty. The best success in trading is obtained from the forex learning process gradually. The proof, choosing free trading signals also requires knowledge, right !?
If you still want to look for free trading signals, then you should browse trusted forex forums or websites. Choose a trading signal provider that can show a good trading history for at least 1 year. Regarding trading history, don’t just trust when given jpg or Excel documents (remember! Documents like that are very easily engineered). Reliable trading history must be live (real trading), recorded by trade publication websites such as MyFXBook or FXBlue.
Choosing a Forex Trading System
There is no discussion about evaluating a trading system that would be complete without discussion of withdrawals. We must always see the maximum withdrawal from any trading system because it is very, very important.
The maximum withdrawal from the trading system is defined as the peak withdrawal to the largest valley in the equity trading system. For example, we have a trading system that reaches a certain equity peak of $ 200,000. Let’s say two weeks later, the equity trading system is $ 180,000. In this example, let’s say $ 180,000 equity is a valley of equity. In that case, the peak-to-valley withdrawal is $ 200,000 – $ 180,000 equal to $ 20,000. This means that the maximum withdrawal is $ 20,000.
So why is the maximum drawdown an important measurement in our evaluation of the trading system ?. That’s because the maximum withdrawal gives us a measure of the survival of the trading system. Simple size, but the fixed size. Basically, when we see the maximum drawdown, we can say that this maximum drawdown can happen again at any time during the life of the trading system. This is very important when evaluating the size of the initial account.
Maximum withdrawals are important measures that give us a better idea of what to expect when trading certain systems. Comparison of risks with rewards is very important in successful trading.
Forex signals free and paid
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