10 Golden Guidelines on Trading With Forex Signals

Forex Trading For BeginnersLooking for Free Forex Signals? Forex signals are basically “suggested” buy and sell points with price targets and stop-loss levels delivered by fx signal providers to traders. They may be delivered by email, instant messenger, cellphone, live currency trading systems or direct to your forex signal metatrader on your desktop.

Forex trading is a risky business and it takes some time to master the art of forex trading signals. There are a number of fx signal providers but before you choose, you need to make sure you have done your homework. Yes, you need to know a few things before you start trading with real money.

Here are some golden rules to remember when using forex signals for live trading:

#1: PROVEN AND TESTED – Work with fx signal provider that has a proven track record, and a good reputation. If you are new at this, then stick with the forex professionals who will not only guide you about learning more on forex signals, the forex trading software but will also provide you with support and assistance that you may need from time to time.

#2: RESEARCH – You need to dig a little into the background of the forex trading system before you make your selection. Ask for their complaint history as well as the success stories. It is always better to know more about the company. Remember the significance of reliable and accurate forex trading tool in trading foreign currency.

#3: DEMAND PROOF – A novice forex trader can easily get cheated by fraudulent forex service providers and this has been on a rise lately. How to protect oneself? Demand proof of their claims. Many forex service providers might be singing their laurels, but you must demand proof before you choose your forex service provider. Demands to see account proof – if they suddenly go silent, then you know that they don’t have one, and can then be ignored.

#4: FREE TRIAL – Some forex signal providers offer a free trial service, thus allowing currency traders to sample the signals to assess their worth. This is a helpful step, as it allows the trader to consider the quality and reliability of the signals before paying money. This is a crucial element in the research process, and weeds out the providers who want money upfront as they are not confident in their ability to call profitable trades. ExeliaFx.com is a good service that you can try for free.

#5: SERVICES – Various fx signal providers offer a few complimentary services along with the featured ones. Look for a fx signal company that provides email and chat support, phone assistance and even mentoring to their clients. This is of great value, especially to new traders. Are they providing signals that are compatible with Multiple Brokerage Companies? Are they providing signals suited for Standard & Micro FX Managed Accounts? Are their signals compatible with different quote symbols? Are they providing free vps hosting for your forex signals metatrader?

#6: PROFESSIONALISM– Most Forex Advisor (FA) have an introductory session with you at no cost. Such meetings or sessions provide you with the opportunity to decide how comfortable you will be with the forex software, both personally and professionally. Ask what you don’t understand and is unclear. If you are looking for a long term forex signal provider, request for a meeting on phone or on IM. Learn from them first and then make your decision.

#7: DEMO ACCOUNT TRAIL – This gives the subscriber the ability to verify how good the signals are in a practice situation. Eliminating every risk is vital to succeed at trading. As a result, you have to be sure that the signals work on a long term. Only when you are satisfied that the product is a good one, can you open a live account, with real money, and use those signals to increase your profits. For example: ExeliaFx.com has a demo account that is free for life and a great way to test your forex signals.

#8: FINANCIAL POSITION – Establish whether the software is financially stable. Most signal software’s have in-built Money Management Tool that controls the level of spending while trading online. Find out from the existing traders whether they have experienced any major problems or delays especially when it comes to payments after making profitable trades.

#9: REFERENCES – Check the reputation of the forex signals trading system. Is the trading tool well known? Ask for specific investments advice and cross-check it with other automated trading software or reliable traders. Often fx signal providers will give you contacts of some of their old customers who you can find helpful information from and some insights about the software and their services too.

#10: PERFORMANCE – The performance of the signal software should comply with various performance standards which are based on ethic codes that were created to level the playing field for traders and investors. In forex trading, if you are not getting accurate and real time forex signals, it is of no good to you because every trade you make is dependent on accuracy of the signal. Make sure that you go for a reliable and accurate forex signal provider.

Last but not the least, while most forex services are paid ones, there are some providers like ExeliaFx.com who offer accurate, reliable and free signals for life. Whenever possible, go for a free demo account and then try your forex signals for a few days before becoming a paid member. Forex trading does involve some planning and strategy building so be prepared for a steep learning curve before trading with real money!