Forex Trading Signals - 2 Points to Consider for Bigger profits

By: Kelly Price
There are lots of forex signal services to choose from and the idea is appealing, no real work, just follow the signals generated by the forex trading system software or vendor and get big profits longer term. To choose the right forex trading signal service however you need to consider two key points.

1. Track Records

Ok let's get the junk ones out the way first and that's 95% of all services and its easy to do - look for the disclaimer below that proves the system track record has been made up - read it carefully: "CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.

Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

Never trust a vendor if they show you a track record with the above written on it.

The trading signal service hasn't been traded. Think about it - if the vendor was confident in his product why hasn't he traded it? If he hasn't why should you.

OK that gets rid of 95% of the trading signals services but what about the good ones with real track records? Well even if they are good, you need to do one thing that won't take very long:

2. Understand the Logic and Have confidence in It

A forex trading signal service may make money but you have to apply it.

If you don't have confidence in it (when it hits a few losses) then your discipline can go out the window. If you don't have discipline to apply your trading signals, then you are going to lose.

Discipline comes from confidence and understanding of how and why the system there based on works, so take time to learn it.

If the system does not reveal the logic to you pass it by.

Forex trading signals can make you money and lead you to currency trading success - but you must keep the above points in mind when choosing, to get one of the small minority of good services.

The above tips are straightforward and will help you get the forex trading signal service that's right for you.

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