My OperaForex cash siphon How To Choose Between Forex Signals Services Or Software
Tuesday, September 21, 2010 8:25:18 AM
Forex signals is one of the fastest ways to start profiting trading currency. In the most basic form, you are told when to buy and sell, where to put your stop loss and when to take profit. But how you get the signals can be different... either delivered by a Forex signals service or created by Forex signal software.
In the rest of this article I'm going to go over some considerations you should think about when deciding between getting your signals from a service or software. My intention is to help you decide which method is right for you. I'll even go over a more advanced option you might not have thought of.
Regardless of whether you are using Forex signals service or Forex signal software, the success of the signals are going to be determined by the strategy the signals come from (and possibly the traders creating the signals) and you execution of the signals. Keep in mind as well... no system is 100% accurate.
Two things to look at when deciding on a service or software is the system generating the signals and the time frame used to place the trades. For example, if a service comes out with signals on a daily chart and only creates signals 1-3 times every two weeks, you need to know this going in. This type of signal might not fit your trading style.
Forex signal software is more flexible overall. Many have recommeded time frames and currency pairs... but can be used on any time frame or currency pair. Therefore, this gives the trader the option to use the signal software on the currency and time frames they feel most comfortable trading.
You should also decide based on the amount of previous trading experience you have... even though you are using a Forex signal service or software. While it is not necessary to have a great deal of experience to use FX signals... it can be the difference between success and failure. Like I said above, there will be losses with any trading method, and inexperienced traders often don't give the service or software the necessary usage before abandoning it.
Taking everything into consideration, I think combining either a signal service or software with mentoring is the best way to go. I know we would like it to be as easy as buy and sell every time the signal comes out... but successful trading is often a little more difficult than that. Therefore, look at the signals as a way of being alerted to a high probability trading opportunity... and then use your experience and training to make sure you execute the trade properly when real money is on the line.
To find the best Forex signal service or software right for you, go to: The Best Forex Signals. And if you want to combine Forex signals with mentoring from a professional trader, you need to see this: Strignano Forex Tradingforex cash siphon: forexcashsiphon
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