If you are new to the world of trading, you may have thought about using free forex signals to help you speculate in the Forex market. In fact, following someone else's forex signals can obviously save you a lot of time and energy, but it can also teach you new trading techniques and strategies.
This is all great, right? But what's the catch?
The hardest part is finding a reliable forex signal provider. Knowing this, we decided to create this article, in which we will consider the following points:
- What are free forex signals
- Types of Forex market signals
- Where to find free forex signals
What are free forex signals?
Free forex signals are a great way to make money from fluctuating prices in the foreign exchange markets.
Free forex signals online with real time serve as a warning, notifying traders when they should enter or exit a trade. Trading signals are provided by experienced traders or specialist companies free of charge or for a fee through emails, Whatsapp, Telegram or some other means of communication. Free forex trading signals daily help novice traders pinpoint the transactions recommended by forex signal providers in real time. But beware, these signs are not infallible.
It should be clear from the signal:
- Which direction of the deal - buy or sell?
- What currency pair is the transaction for. For example, EURUSD;
- At what price does the transaction take place?
- Does the deal take place immediately? If you need to send a pending order, what is its validity period?
- Are there stop loss and take profit levels for a trade ? If so, what levels are they at?
The choice of the amount of capital that will be involved in a transaction often depends on the host. And this should be taken into account, otherwise, in the worst case, your trade will be closed not by stop loss, but by margin call.
What are the advantages of free Forex signals?
Forex signals have a number of undeniable advantages:
- You don't have to waste time creating your own strategy. Developing your own Forex trading strategy can take a long time, so you may decide to follow a trader with the same portfolio risk level as yours.
- You will save a huge amount of time on opening trades and monitoring various markets.
- You are diversifying your risk at the most objective level. You can choose several providers of Forex strategies so that your result does not depend on the profitability of only one strategy.
- And even more! If you have a current strategy or EA (expert advisor), you can quickly add additional strategies to your trading suite by adding automated Forex signals.
- Save on cost. Social trading is a low-cost alternative to the well-known traditional money management.
- Low barriers to entry. You do not need to have a minimum account balance to start and continue social trading. In fact, any trader with access to MT4 can do this.
- No paperwork. There is no complicated and boring paperwork - you can easily and simply start working with signal copying.
- Monitor your account. The account you use for social trading is in your name, so you do not need to issue a power of attorney for someone.
- You are well protected. When you decide to follow a trader, you decide how much to invest in his strategy and you can place a stop loss point in your MT4 account in case things don't go as you expected.
- You can even share your successful strategies.
However, trading on forex signals is inextricably linked with risks. To keep you safe from them and help you choose the best forex signals, we have written this article in a rating format that evaluates several well-known (and not so) free forex signal providers.
Types of free forex signals
We will highlight 5 categories of free forex signals.
Free forex signals are provided as a demo promoting paid signals or other products (opening an account, buying a training course). Or the signals themselves may be free, and you will be charged for using them as a percentage of the profit received.
Reliable. Signals provided by brokers licensed by reputable regulators . They contain a maximum of confirmed statistical information.
Unreliable. Signals provided by anonymous traders via telegram channels. Statistics not verified.
- From 100% robots signals to fully manual trading by experienced traders.
- From intraday signals to investment style.
- From low risk to aggressive (using martingale).
- Only one pair is traded;
- Transactions are opened on different currency pairs , as well as on metals, stock indices and other available instruments.
- Highly profitable forex signals.
- Low profitable.
The desire to subscribe to signals with high profitability can turn into a deal with a scammer. Any professional trader will confirm to you that in reality there are no trading systems that give 100% results.
Also, keep in mind that periods of loss in strategies alternate with periods of profitability. Be aware that if you are inspired by a profitable period from some free forex signal provider, you can sign up at the very beginning of a losing period.
Forex trading signal providers
Of course, everyone wants to subscribe to the best free forex trading signals that meet all the desired criteria:
- according to a proven strategy;
- highly profitable.
How to identify the best Forex signals
What are the best free Forex signals to trade?
A trader who does not use the best Forex trading signals spends his time and energy looking for opportunities to buy or sell currencies. Nowadays, almost everything is automated, and the foreign exchange market is no exception.
Now you don't need to be in constant tension, you just need to learn how to work with signals correctly. Such signals can be generated not only by companies, but also by individuals.
Unfortunately, not all of them are worth trusting. Low-quality signals come across to naive traders and traders who want to save money on buying.
Such free Forex market signals will not bring real results, so you should be careful when choosing a dealer for trading signals.
We will tell you how to avoid falling into the trap of scammers and learn how to understand and use the best forex day trading signals. Make a decision whether it is a reliable signal in Forex or not, only after learning the basics of day trading in Forex.
- Check risks using free trading signals
As we have already said, scammers work in the foreign exchange market who give promises to increase your capital. Such offers cannot be realistic, because this is just a marketing ploy to make money. Choose a reliable signal provider that does not make loud statements.
- Don't invest all your funds in one Forex trade
Many traders, especially beginners, invest a large amount in the hope of multiplying it several times. This is a good aspiration, but you shouldn't rush to spend everything at once. At the very beginning of your trading path, you simply may not be aware of the huge number of obstacles and pitfalls.
You will always lose, even as you gain experience. Over time, you will learn to minimize losses, but you simply will not have time to become a professional if you do not start with a small investment.
- Check all available information about Forex trading signals before buying
Never hesitate to ask your Forex signal provider for anything that interests you. Using this advice will do you a good service, and you will not fall for the tricks of the scammers.
It is also always worth checking any reviews related to them, as they will provide you with valuable information on the quality of the Forex signal. By doing this, you are giving yourself the best chance of finding the best forex day trading signals much faster.
Now that we’ve examined how to identify free forex signals online with real time - let's find out who delivers them.
Where to find free trading signals
There are three main groups of people behind Forex signals:
- AtoZ Markets
- Forex brokers
For those looking for the best free forex signals we recommend the AtoZ Markets forex signals service.
AtoZ Markets is a forex and cryptocurrency education platform that provides a variety of guides on all trading topics and one of the best providers that offers an excellent signal service to all subscribers.
We use some of the brightest traders in the forex scene and leverage the power of artificial intelligence and machine learning to scan currency markets around the clock.
These signals are processed by leading financial experts and are distributed free of charge to members. Our financial experts make their analysis using the best technical indicators (such as moving averages, Ichimoku, trend lines etc.).
In this case the past results are not only excellent but also certified, so you can follow the free forex signals online with real time with confidence.
A number of Forex brokers who provide their traders with standard or VIP accounts provide Forex signals.
The cost of the service depends on who you receive it from. Some brokers provide free Forex signals, while others may charge between $5 and $10 per day, and maybe even higher.
Scammers are people you better avoid, as they are only interested in getting commissions from you, or simply selling their "free" signals.
These providers tend to use fairly obvious ways to attract customers - they provide several free Forex signals online and later ask you to buy their premium signals.
After you sign up for free, they send you some signals that other people who subscribe to them receive in the same way. Some of these people will receive BUY orders and others will be given SELL orders.
Thus, a fraudster can divide his audience into two halves - of which 50% will profit, and the other 50% will suffer losses. Therefore, you better not fall for the bait of scammers, as they cannot provide the best free Forex signals for you.
Free forex signals tips
Free forex signals are a popular topic. Google gives out almost 15 million results, and 4 ads at the top of the search results indicate high competition in the niche.
To get ahead of the competition, signal providers can promise incredible percentages. So be vigilant and cool when choosing and comparing Forex signals.
A few tips:
- Before putting the copying of signals on a real account, experiment on a demo.
- Pay attention not only to profitability, but also to drawdowns. It is good if the drawdown does not exceed 10%. If the drawdown goes above 20%, it is unprofessional.
- Try to reduce risks through diversification. Collect several strategies into one portfolio to smooth the growth curve of your deposit.
- Don't risk money that you are not prepared to lose.
Free forex signals are a great way to make money even for those who have zero experience in currency trading. They can be received on email, Whatsapp or via telegram to be manually reproduced on your account. Or you can use cool social trading platforms with automatic copying of signals from trusted traders to your account in a reliable broker.
Whichever option you choose, you should accept that 100% profitable systems do not exist, and the rapid growth of the deposit in the past does not guarantee similar results in the future.