What if full-time trading is not an option? What if you are a beginner with another full-time job in, let’s say, computer programming, or real estate, or marketing? What if you are a student during the day and a waiter during the night? What if you cannot possibly afford trading all day long?
Do all traders sit in front of the computer and monitor forex market 24/7? Can you be successful trading part-time? Is there an option for those who want to trade forex, just not take it for a career?
There is an option – automated stop/loss orders. This feature gives you an opportunity to leave the computer and deal with other things in your life. Stop/loss order is a way to keep the risk to minimum and a chance to make profits. The disadvantage is obvious – it is possible not to get a full potential of a profitable opportunity. The limit order gets you out of the trade according to your expectations and predictions. It is possible that without you being there to observe the actual market, your trade gets closed too soon.
So, are there any other ideas? Yes, and it is called forex signals. There are lots of signal providers who monitor and analyze the market and send the data to your email or phone. While stop/loss orders are provided for free by most brokers, forex signal services are not for free. You can either find a signal provider (can be a professional trader or an actual company that deals with signals), or find out whether your broker gives this option as extra to the trading platform.
Keep in mind that the internet is filled with forex signal providers, however not all of them are competent to supply decent, profitable signal alerts. Search for reviews, talk to other traders, try out several providers (not simultaneously, though - it will only confuse you).
5 Traps Used by Unreliable Forex Signal Providers:
1. Performance Page
When searching for the right signal provider, do not fall for performance page screenshots. These are not reliable in any way. Fake performance page usually shows extraordinary profits – no losses at all! Sounds amazing, doesn’t it? You can make millions within less than a year, buy a new house, couple of land cruisers, retire and move to Caribbean!
Now, back to reality!! This is only a marketing strategy to trap newbies. Stay away from providers who promise unrealistic profits, no losses EVER and cash 24/7!
2. Webpage Layout
Can you judge the reliability of signal providers by their website design? Not really. Not all successful traders have a good design or have a degree in creative writing. Similarly, not all well designed business-looking websites provide reliable information.
3. Free Trial
Almost al forex signal services offer a free trial period. It is sure free, but limited to couple of weeks. It takes up to 2 months to figure out whether the signal is reliable, therefore a trial is not enough to figure out the winning provider.
4. Ambiguous Signals
It is important to realize that ambiguous signals with multiple targets/stops and unclear entries/exits will only lead to a wrong decision. The instructions from the alert provider need to be precise and understandable, generating stable results.
5. Uneven Performance
The performance of the signal provider has to be the same as the trader’s performance. If you lost money while the signal provider made profits - it is not only disappointing, but something is very fishy!
Don’t be put off by fakers. It takes time to find a reliable provider, just like it takes time to choose the right broker and discover the best trading platform that most fits your needs. Overall, forex signal alerts can give you a chance to profit from forex market without investing your time to it. For those who are not ready to give up their current profession yet, not sure about forex, financially unable to give up the current life style – signal providers are the right solution.