Forex Signal Trading Explained
There are many different types of forex signal
trading services. Very often, this is a last resort for a
struggling trader. It's very important to understand what
you are getting into. If you find a bad signal service, it
may end up being the last straw.
How do you find a good service?
It's important to realize that being
sent trades by email (or any other way), without any contact
with the trader, will mostly lead to disaster. If you join
a service like that, you will find it very hard to follow
the recommendations. Especially if your trading woes are due
to a lack of confidence.This is why I make my self fully accessible
to my members. I'm right there in the chat room when I send
the trades. They know I'm trading what I send, and I'm trading
my own money too. In short, it creates confidence.
Another overlooked factor to signal services,
is the delivery medium, and the style of trading. A signal
service who delivers short day trades, usually make last minute
decisions. They have to get that signal out to you in time
for you to react, and place your own trade. The lag time often
causes their members to get in later than they do. The same
happens on the exit. On a trade of 30 pips, getting in 1 minute
later and getting out 1 minute later can cost half the gains.
Of course the signal service still reports 30 pips, even though
most of the traders could not actually duplicate it.
At Forex signal trading live, we trade higher
timeframe's and nearly always use limit orders. These orders
are set above or below price so that the market movement takes
the trader into the trade. This also means that when the signal
is sent, there is usually not a major rush, it also means
that the members can duplicate my results easily.
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Required Disclaimer (our lawyers make us put it here)
Risk Disclosure: Trading Futures, Options on Futures, and
Foreign Exchange involves substantial risk of loss and may
not be suitable for all investors. You should carefully consider
whether trading is suitable for you in light of your circumstances,
knowledge, and financial resources. Opinions, market data,
and recommendations are subject to change at any time. The
information contained on this web site does not constitute
a solicitation to buy or sell by ForexSignalLive.com, and/or
its affiliates, and is not to be available to individuals
in a jurisdiction where such availability would be contrary
to local regulation or law.