There is no shortage of Forex Signal Services on the internet these days. The confusing part is that some of them are legitimate and good services, while others are simply rip offs. fxtop So how do you tell the good ones form the bad and how can you get the most out of the good ones you find. Below are three things you must be able accomplish to take full advantage of the Forex Signal Service you have found.
A. The signal must be clear. By this I mean that the signal itself should be clear enough that you can easily see what direction to trade, what bar the signal is located on and how to trade it. I have seen service that provides a signal and when you look at the chart there are 5 to 8 indicators attached to the charts. Once the system signaled a trade, the user then had to do some calculations in order to trade. This is just a recipe for mistakes and mistakes.
B. Easily see past results. Back testing is unarguably the single most important factor in forex trading success. You may not think so but the reality is much different. Fortune, luck or whatever you want to call it, favors the prepared. Bruce Lee said that he does not fear the man that had practiced 10000 kicks once but one kick 10000 times. The same should apply to you Forex Signal service. You should be able to easily back test the services results and come up with the same numbers.
C.Recording keeping seals the deal. Once you have a clear signal and you begin back testing and live trading the service you need to keep a record of all your demo trading results and live trade results. Keep in mind that the reason for this is so that you have a record of what you did and more importantly WHY you did it. It also creates a little bit of accountability. Compare your notes with the strategy rules just to make sure you following the rules as they are intended to be followed.
These three things so simple that they must not work. The truth is though that they work because so few people actually do it. 95 % of Forex traders lose their entire account within 1 year of opening it. Take a clue form them and do what they aren’t and you just may find success. Here is a Forex Signal service that can help you accomplish all three of these things