By Ben McArthur
The thought of being able to generate profits from trading Forex online has resulted in more people than ever trying their hand at Forex trading. Unfortunately for many of us, without the years of experience and the vast wealth of expertise that seasoned traders have amassed over time, these efforts are rarely profitable. Although there is no real substitute for knowledge and experience with any profession, Forex trading signals are popular simply because they allow a beginner to the game an opportunity to profit in a relatively short time.
Because of the sheer time frame it would take somebody to fully master the art of Forex currency trading, services that offer Forex signals are gaining in popularity over the last few years. These expert services will, usually for a new monthly subscription fee, alert the subscriber after they feel a potentially lucrative trade has arisen already in the market. The subscriber will then have a window of opportunity during which to follow the signal they need received, and place the trade they need been alerted to using their own broker.
The good thing about using a Forex signals service, is that a novice trader can gain from knowledge of a much more experienced trader and put a profitable trade which they themselves would probably not have identified. In theory, this set-up works quite well. The person(s) providing the signals can leverage their knowledge of the Forex markets beyond merely trading themselves, but also by selling the service to subscribers in their system. Note that these traders selling signals don’t actually teach subscribers their trading system, as it is much more profitable to simply tell them when their system identifies an attractive trade.
Forex trading signals services are popular with new traders because when executed correctly they work and are mutually beneficial to both the subscribers and the firms selling their signals. Sorry to say, as is often the case, there are those who sometimes are more interested in exploiting the popularity of these services and those seeking to benefit from them. Services that claim to be operated by Forex trading ‘professionals’ will often be nothing of the sort, and the signals they supply are simple auto-generated by a computer program. These systems are no longer beneficial to someone wanting to profit from Forex trading versus the numerous trading robots, or expert advisors, that are currently in the marketplace.
A good Forex signals service should provide two things. First, it should provide the subscribers with signals that are fitted with a high probability of being profitable, and these signals must be generated by real human traders with a sound knowledge of the currency markets. Secondly, a great service should allow a subscriber to really gain a deeper understanding of the Forex markets, and in time be capable to trade independently of the service using their unique Forex strategies.
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