Good, FOREX Signals provider

Hello all, I have been trading part time now for about 6 months so am definitely just a newbie to all of this. I am still on a demo account and am doing alright but I'm not the most consistent trader around. I was wondering if anyway could recommend a FOREX signal provider (preferably a free one) that they use as I would like to get a heads up as I can't be on the computer all the time as I am quite busy with my full time job. All of the ones I can find on google you have to pay about $50 a month and that is just for a trial. Thanks.

Marc

ollie232 said:

Hello all, I have been trading part time now for about 6 months so am definitely just a newbie to all of this. I am still on a demo account and am doing alright but I'm not the most consistent trader around. I was wondering if anyway could recommend a FOREX signal provider (preferably a free one) that they use as I would like to get a heads up as I can't be on the computer all the time as I am quite busy with my full time job. All of the ones I can find on google you have to pay about $50 a month and that is just for a trial. Thanks.

Marc

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They are all a complete waste of time.

That is why I don't want to pay for them. I just thought they might help in some way. I have used one before mind you and it was a complete waste of time like you were saying. If there is somebody out there though that is in a financial career position to have a general idea of market condition and what might come of a particular economic event et etc.

ollie232 said:

That is why I don't want to pay for them. I just thought they might help in some way. I have used one before mind you and it was a complete waste of time like you were saying. If there is somebody out there though that is in a financial career position to have a general idea of market condition and what might come of a particular economic event et etc.

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It doesn't matter if it's free you'll still lose money trading their recommendations. What's the point? If they can't call winning trades what do they have that will benefit you? You have to realise that these guys sell signals because they can't make money trading.

Good point you make. If they are that lousy I think I will give it a miss. You have any tips/suggestions of what would make my trading better?

ollie232 said:

Good point you make. If they are that lousy I think I will give it a miss. You have any tips/suggestions of what would make my trading better?

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Study and practice for several years. There's no shortcuts.

These guys reviewed a few signal services - might be helpful

Systems for Traders

Personally I am not a fan of signal services, because I prefer to trade my own strategy, where I understand the logic/reason for entering a trade. It' better than having to put your faith in others.

you are right about sell the highs buy the lows,
what you need is an indicator of some sort to spot them.

stephen2003 said:

you are right about sell the highs buy the lows,
what you need is an indicator of some sort to spot them.

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Umm, price is the best indicator, and 123's can be a great pattern to get you into a move at a top or bottom.

Hello , i'm also looking for good signal providers , any platform that you'll recomend with providers that will actually gain you profit and not loose all your money?

lets put it this way, the possibility of having a good signal provider is there. but to actually find a real good signal provider? now that's hard, first of all most of the player/traders that find a good strategy and good reading on the market will keep it to them selves coz thats your typical human nature, and most of the paid signal providers today are just trying to rip you off since they can't actually trade (not all of them though). another point is, never trade your OWN money based on what OTHER PEOPLE say, man its your money so you better exert enough time to learn, and trust me in the end its gonna be a win/success worth bragging about. all the best

ph_trader said:

lets put it this way, the possibility of having a good signal provider is there. but to actually find a real good signal provider? now that's hard, first of all most of the player/traders that find a good strategy and good reading on the market will keep it to them selves coz thats your typical human nature, and most of the paid signal providers today are just trying to rip you off since they can't actually trade (not all of them though). another point is, never trade your OWN money based on what OTHER PEOPLE say, man its your money so you better exert enough time to learn, and trust me in the end its gonna be a win/success worth bragging about. all the best

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I do agree with your point there. Trading your money requires knowledge of the makret and be dependant on your personal trading skills , trusting other providers is a risk for your investment. But for starters i think the idea of 'following' other providers and copying their signals is a great one. You will start learning from people who do this job better than you and if choosed the right ones you will gain profit too. I'm not going to invest big here , and will keep my risk at minimal , i just want to see how the market works and who knows maybe some day i'll be a provider too :smart:

As far as I know there are two main signal providing hubs.

ZuluTrade - Forex Online Trading Systems. Autotrade Forex Signals by specialists, Forex Expert Advisors, Forex Robots plus Forex Rebate Introducing Broker Program.
and
Collective2 - Find the best trading strategy

There are literally thousands of different signals on there / reviews and full PnL breakdowns. Some have months and months of track records and millions of $ in management.

Might be worth a looksie.

Thx Club , from the two sites you've mentioned zulutrade is a free service and collective 2 is based on monthly subscriptions? What more do you get by paying monthly fees?

I came across this new forex signal provider today (here) which claims to harness the power of its Internet Time Machine technology to predict market trends. I was quite involved with the ITM project at one point (I do a lot of online marketing because I run 2 small internet-based businesses) and I do have faith in their system when it comes to marketing (they basically use what people are searching for, blogging about, tweeting about etc. to see the trend before anyone's had a chance to meet it, thus giving its subscribers an edge over the competition), but the markets are a whole different story.

They claim that in this current climate, everything is very much operating on the herd mentality concept. Get an insight into the herd mentality and you can get into trends before they're in full swing.

However, I can't help but feel like there's something in pboyle's statement that if their signals were so accurate, why would they not just be making their money trading? Then again, I recently read Way Of The Turtle and he was a proven success but still decided to share some tips with people... though not quite the same thing I suppose some people are motivated maybe by ego as well as money? So not really sure what to think!

If anyone's tried it yet I'd love to hear your thoughts?

Caster said:

Thx Club , from the two sites you've mentioned zulutrade is a free service and collective 2 is based on monthly subscriptions? What more do you get by paying monthly fees?

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I'm not too sure about how they charge / you pay. But from my understanding...

Generally for both of the companies:

The signal provider pays the company a fee. The subscribers pay a monthly subscription of which the signal provider and company share a split of. For 24/7 automation on the subscriber account the subscriber also pays an extra trading commission (I think it was $1 for every 10,000 contracts on C2).

I've never traded through the companies or with a signal, just from memory so you will need to re-check.

My other food for thought is what I read in an article some where...

There is no way of seeing a signal providers 'in-trade' drawdown. As an example:

The signal provider tells everyone to buy EUR/USD. That trade then goes all the way to -500 pips over the next 2 weeks. Gradually it comes back into profit and the signal provider closes that trade for +1 pip. The trading records say it was a profitable trade and it keeps his immaculate win rate nice and high and the stats on his profile look perfect. But,

All of the subscribers who were in for £1 / pip on a £500 pound account are blown up.

Obviously I have exaggerated the numbers to provide the example, but it is certainly something to be aware of.

Club said:

My other food for thought is what I read in an article some where...

There is no way of seeing a signal providers 'in-trade' drawdown. As an example:

The signal provider tells everyone to buy EUR/USD. That trade then goes all the way to -500 pips over the next 2 weeks. Gradually it comes back into profit and the signal provider closes that trade for +1 pip. The trading records say it was a profitable trade and it keeps his immaculate win rate nice and high and the stats on his profile look perfect. But,

All of the subscribers who were in for £1 / pip on a £500 pound account are blown up.

Obviously I have exaggerated the numbers to provide the example, but it is certainly something to be aware of.

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Thanks for very interesting info Club. I do prefer zulutrade from the collective 2 service , i do not believe that they provide something so greater that it needs monthly subscriptions. Zulutrade is free , seems more attractive and it does provide this Draw Down information you were discussing above.

ollie232 said:

Hello all, I have been trading part time now for about 6 months so am definitely just a newbie to all of this. I am still on a demo account and am doing alright but I'm not the most consistent trader around. I was wondering if anyway could recommend a FOREX signal provider (preferably a free one) that they use as I would like to get a heads up as I can't be on the computer all the time as I am quite busy with my full time job. All of the ones I can find on google you have to pay about $50 a month and that is just for a trial. Thanks.

Marc

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I had the same problem you had. I worked in full time job and understood quite fast that it was impossible for me to track good trades and monitor the screens along the day. Therefore, I joined trading room that were very helpful and just like you looked for signal providers. I found some interesting signal provider, which on the beginning looked OK but could not stay profitable in the long term. These days I am using the signal services of my broker (sunbirdfx) and so far good results- worth to try it. GOODLUCK!

There are plenty of services that now offer signals as part of a broker package. I always think the best way is to learn the markets yourself, as a great deal of small time signal vendors are scam artists.