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Low value websites. A lot of the content on the forex signals providers websites was repetitive computer generated content, outdated facebook pages, “trade ideas”, forex robots advertisements like “set it and forget it”, etc. We did see one prominent top 5 broker with a paid signal service, this service gave alerts for price breakouts and advised selling a pair after it had risen and buying it after it went down on the small time frames, which is an irresponsible way to scalp. Taking signals from a broker would appear to be a conflict of interest as most of these signals encourage frequent trading. Trade signals for swing or position trading was nearly non existent. We can say the bar has been set really low for forex signals providers and you could argue that almost no real signal services even exist. The paid forex signals providers we found in the google searches ranges from $40 – $200 per month, some provide signals for as few as 3 pairs. None of these paid signal services provided enough information on their website to figure out how the signals were actually generated. So determining if they are good quality, profitable signals was nearly impossible, and there is no way to verify if the signals are effective. Traders should ask a lot of questions and testing these signals providers with a demo account would be imperative. Some the paid services require that you open a trading account with them, implying that brokers or introducing brokers are behind the signals, and giving away poor quality signals is a front to get you to open a trading account to churn frequent trades.
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Besides the question ‘What Should I Trade?’, there is a similar one that is often asked by newbies: ‘Which is the Easiest Market to Trade?’ The idea that one market is easier to trade than another is largely a myth.
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Some traders would not include money management and would go for a free strategy.
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