Right Forex Signals Provider

There are some Forex traders who are able to develop their own trading system (manual or automated). Others prefer to use and take advantage of Forex trading signals provided by outsiders (Forex experts). Usually a Forex signaling service requires a monthly subscription fee. Subscriptions usually cost between 50 USD and 150 USD per month. These paid trading signals can be delivered to subscribers either via manual methods or via automated methods. Automated trading signals are usually delivered via MT4-copiers. Manual trading signals are delivered via email, twitter, SMS or Facebook. Here are some important issues when seeking a Forex signal provider.

(1) Review the historical performance of the signaling service

(2) Ensure the creditability of the developer of the system

(3) Make sure that the available delivery methods fit 100% your trading needs and style

In the partner site FxPros.net you will be able to find many reviews and comparisons regarding Forex Trading Signal Providers.

Here is a table with some popular Forex Trading Signal Providers: 

SIGNAL SERVICE
SIGNAL DELIVERY
SUBSCRIPTION PRICE
MBFX System
 
Via SMS
> $97 / One Time Purchase
» Review
Forex Trendy
 
Manual SIgnals & Learning
> $37 / 3-Month Subscription
» Review » Visit
Traders Elite
 
Email & Automated Signals
> $49 / Per Month
» Review
 
Mentoring Club
 
Email & Automated Signals
> $77 / Per Month
» Review

 

Money Management / Profit to Loss Ratio

Either you are generating your own trading alerts or you are using a paid signaling service there is a common rule that you should follow. Accept only trading signals that have High Profit / Loss ratio. That means Profit / Loss must exceed 2:1. This ratio is also called as the Risk / Reward ratio.

Here is how we may calculate a ratio of 2:1:
■ (Target Price - Current-Price) > {2*(Current Price – Stop Loss Price)}

Let’s see an example at the following EUR/USD chart:

■ Current Price: 1.3013 | Target Price: 1.3019 | Stop-Loss: 1.2999

This is a Trade that you shouldn't take. The profit potential is very narrow while the Profit / Loss ratio is far less than it should be. In other words it doesn't worth the risk executing that trade.

 

More Forex Tips: » Forex Broker Selection | » Forex Trading Strategy | » Forex Trading and Time

 

Choose the Right Forex Trading Signals

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