Forex signals are a paid or free service offered by certain parties on the internet. Forex signals are essentially cues on when to sell or by a currency pair. As such, it provides an easy avenue into forex trading to individuals that have no interest in learning the forex trade themselves.
This isn't necessarily a bad thing. After all, thousands upon thousands of people here in Malaysia entrust their hard earned money to mutual fund traders. These people haven't a clue about what mutual fund managers do either.
Are Forex Signals for you? Depends. If you are the type that doesn't quite want a managed forex account but still wants cues on the market then forex signals may fit the bill. If however you are truly interested in learning forex trading from the ground up then don't waste your money. Forex signal providers do not teach, they merely tell you when to buy or sell. Furthermore, the basic strategy of their signal is not revealed to the user. While most experienced forex traders can make pretty accurate guesses just by looking at the signal, beginners don't have a snowballs chance in a microwave of unraveling the basis of any given forex signal system. Beyond the reasoning behind subscribing to forex signals, there is the issue of trust. Does the provider have a good track record? Have been consistently turning in profits for their customers? Who are they exactly? Trust, is significant as there are many forex scams on the internet today. Too many in fact. The earlier analogy about people entrusting their wealth to mutual fund managers isn't exactly an accurate as far as trust is concerned.
Most larger banks generally have a good track record with regards to performance, some better than others. And since the forex signal providers background isn't available to us, finding one that is trustworthy can be difficult. We at Forextrading.my will not give a recommendation on which forex signal provider to use. Rather, we urge caution.
Forex Traders in Malaysia do not use forex signals all that often, we prefer to learn the trade from the ground up. If you are interested in Forex signals, do your homework on the forex signal provider thoroughly. Always go for those that have been in the business at least for a few years.
Forex scammers have a habit of repackaging their scam and opening another website after their previous one has been found out. This happens over and over again and they don't get caught. Because the onus in the end is upon you, the subscriber. For a full, free review on existing forex signal providers, visit www.fx-review.com. Some forex signal services worth mentioning are FX Master Signals, Fx-Axis and Forex-MHV. Expect some decent, consistent returns from them. Most decent forex signal services also charge a hefty fee which is usually charged on a monthly basis. If you aren't interested in learning the trade then forex signals may just be for you. But tread carefully and don't dump in large amounts from the get go.
