The effectiveness of these automated signal systems remains to be proven and no trading platform guarantees the performance of this information. Like all expectations, these results, whether hypothetical or simulated, are not based on an actual trade and therefore cannot be certified as accurate. This would have required the signals to be based on real performance recording.
You will find to support this idea, and this, in all the general conditions of sale of the platforms or private services offering these signals, the mention stipulating that the signals sold may cause losses and that they are not investment advice.
On the other hand, if we think about the interest that a trader or a platform would have in revealing to you the secret of perfect and risk-free trading, we quickly come to the conclusion that if such a method really existed, it would be used by its instigator to directly make profits on Forex.
How to best use Forex signals?
However, it is possible to make profits from these types of signals, but there are a few important things you need to check.
You must indeed have confidence in your platform to apply the signals that will be transmitted to you. But that’s not all. Indeed, you will also have to show discipline by using your experiences and your know-how. By matching the information you have, your signals, and your intuition, you will have a better chance of getting a convincing result.
For example, remember that Forex signals are generally based on simple technical price analysis. To obtain good indications of sale or purchase on an asset, it is, therefore, preferable to carry out in parallel, a fundamental analysis using an economic calendar.
Find your Forex signals yourself:
Another solution is to find Forex signals on your own, including learning to study charts and their indicators. Thanks to some information that you can find on these, such as support or resistance levels or pivot points, you can easily know if the price of the currency pair you are following will rise or fall, and this, at short and medium-term.
As a first step, why not start by carrying out your own analysis and comparing its results with those of the signals offered by your trading platform? This will allow you to quickly develop effective strategies and improve yourself.
Signals of social trading:
Another way to get free trading signals is to use a social trading module. This type of tool is offered by some trading platforms and is based, as its name suggests, on information exchanges between traders. More concretely, it is possible to access the position papers of the best traders on the platform and even automatically copy their strategies.
These modules, therefore, offer you to obtain free signals directly extracted from the strategies of the most profitable investors. They, therefore, have certain advantages, including that of taking economic news into account, something that signals from an algorithm do not do since they only use technical analysis.
To use the signals from social trading, you can choose to simply view the purchases and sales of securities of the most successful traders or use the function to automatically copy the positions of the latter.