Forex signals can be an effective tool in your trading toolbox. You can use them to supplement your own existing forex trading strategy. Or you can use them to test other trading strategies you may not have in your own repertoire.
You may already be aware that premium forex signals are increasingly being used by traders and investors alike as part of their investment and trading strategy.
As the term suggests, premium forex signals are trade alerts on specific currency pairs sent out on a regular basis to subscribers of the service.
So, you may ask why use a premium forex signal provider when you can easily get forex signals for free online?
The fact is not all forex signals are created equal. Some are better than others. And when it comes to trading forex, it is much better if you have access to high quality tools and services like premium forex signals that may help improve your forex results.
Basics of a forex trading signal
Before we dive into what you need to be looking for in a premium forex signal provider, let’s have a look at the basics of a forex signal. Usually, a forex signal will give you the following information:
Whether you’re still honing your forex trading skills or have been trading the forex market for several years, here are some things you need to look out for if you’re considering premium forex signals.
Track record – Go for a premium provider that has a good track record for several years. A track record over a few years will give you an indication the provider has experience in different market conditions. Though previous performance may not be used as an indication of future results, it will give you a certain level of comfort if the provider has been in the markets for a few years. Some premium forex signal providers openly declare their success rates, which you should verify first.
Frequency of trade alerts – Some premium providers specify the average number of forex signals per day, per week or per month. Depending on your trading strategy – whether you’re a day trader, a trend trader or a breakout trader – you may want to go for a provider that will suit your trading style in terms of frequency.
Details and analysis of signals – You want to use a premium forex signal provider who can explain and back up their alerts with time proven and tested trading systems. As a forex trader, you want to be using signals that can identify high-probability trades.
Many premium forex signal providers use a combination of technical analysis, fundamental analysis and robust risk management strategies as part of their forex market analysis.
Signal sensitivity and timeframe – While the global forex market operates 24-hours a day 5 days a week, there are short-term and long-term trends that forex traders can take advantage of. If you are an active day trader, you may want to consider signal providers that can generate time sensitive alerts or live forex signals. If you are a trend following trader with a long-term view of the markets, you may want to pick a premium signal provider that captures those long-term trends in the foreign exchange markets.
For the full breakdown on why Australians should invest in Forex Signal Service, check out our article: What are Forex Signal and how they work?
We welcome you to give our team a call to discuss your investment goals and objectives.
You can call Walker Capital Australia on +61 2 8076 2210, and we’ll see how we can help you achieve your investment goals.