Forex signals are an increasingly popular method for forex traders to gain access to the forex market. For those forex traders who do not trade full time, and still hold down jobs, or who don’t have the expertise to trade forex profitable themselves, using high quality trading signals can enable them to keep in touch with the markets, place trades, and profit from the currency markets.
Choosing a Forex Signal Provider
Care should be taken when signing up to a forex signal provider, especially when you are being asked to pay a significant upfront or monthly fee for the privilege. Also, it is important to determine beforehand when and how the provider will deliver the forex signals. Quite often, you will receive the forex signals only after the trade has made the majority of the move – so these delays can render the signals redundant, costing you time and money. It goes without saying that you should request to see audited performance statements to verify that the forex signals are, in fact profitable – after all, if the forex signal provider ends up being a fraud, you will lose much more than the cost of the forex signals, in the form of a blown up trading account.
More and more forex traders are using automated forex systems instead of more traditional forex signal providers. Many of these forex systems, such as MetaTrader Expert Advisers, are fully automated, meaning that they plug in directly to your forex broker’s trading platform, and takes trades directly from the trading platform, without any input from yourself. This can be particularly helpful if you have a full time job, and don’t have the time to implement the trade yourself after you have received the forex signals by email or SMS.
Mirror Trading – the Future of Forex Signal Providers?
The most popular form of automated forex signals today is conducted through mirror trading. There are a host of mirror trading platforms on the market today, which offer traders to choose from a wide variety of forex signal providers – they can choose forex signals which offer high returns, but high risk, or they can opt for signals which offer a steady rate of return for investors. The most popular, and proven forex signal/mirror trading platforms are Currensee and Mirror Trader.