The desire to achieve impressive results and make money without having to put in too much effort is quite an understandable impulse to have as a human. It’s instinctual to want to avoid making your own mistakes. Especially in the fields where you don’t feel especially competent. Forex trading is no exception in that regard. Many beginner traders grow impatient very soon and try to see double-digit profits on their positions with as little effort from their side of the table as possible.
This is caused by mismatched expectations about trading. People seem to rationally realize that trading is a complicated task that requires years of specialized education and self-improvement. As well as countless hours spent in front of the computer screen performing technical and fundamental analysis using a wide array of tools and mechanisms modern-day traders have access to. However, paradoxically, they often seem to feel exempt from these rules themselves. It’s an interesting psychological phenomenon to witness for sure. Beginner traders seem to often want too much money too soon.
That’s where the free Forex trading signals pushers come in. The freshman trader will resort to Google in order to find such a service. He’ll search a number of sites, maybe read a couple of reviews and home in on the provider he thinks will serve him best. He will often be unwilling or hesitant to pay for quality signals from his wallet. Hoping instead to make cash without having to spend any. As counterintuitive as that sounds. He’ll forget the number one truth of pretty much any business venture in today’s World: If you’re not paying for a product, most likely you are the product. Everybody wants something. If it’s not to take money from you, it’s to make money from you. People aren’t going to help you potentially earn millions of dollars trading Forex out of the goodness of their hearts.
Another important thing to remember is that a free service might end up costing you much more than a paid one would. This stems from the likelihood that you can potentially lose a lot of money on the trade decisions that were given to you free of charge. This comes of no surprise to anyone who’s had experience trading Forex. But a lot of newcomers are faced with the harsh reality of the cutthroat business World of investment and investment managing.
Do free reliable Forex signals exist?
Forex signals are short notifications containing supposedly important or even crucial information regarding trades, designed to help you make more profitable decisions. These signals are distributed via a large number of mediums. These include but are not limited to Email, text messages, forums, apps like telegram and many others. The free daily Forex trading signals telegram platform is booming. Telegram attracts a lot of traders and cryptocurrency investors due to its secure reputation, nice functions and easy-to-use interface.
A typical Forex signal is expected to look something like this: Buy GBP/USD at 1.3220; Sell at 1.4100; TP at 1,3300.
The signal will begin with the buy order. Different lingo can be used. The trading asset will follow. It might be expressed an official code word for the currency pair or it might be a nickname. The suggested price is next. It will mostly contain 4 or 5 digits after the incremental stop.
At times, the free live Forex trading signals will include the specification for the type of the order. Some of the examples include market order (MO), pending order (PO) or perhaps limit order (LO). There might be other specifications, this varies from broker to broker. The order might indicate a stop-loss limit, a profit-taking point and other relatively short info based on the broker in question.
Sometimes, you might see a TS at the end of your signal. This translates to a trailing stop. It’s a trading mechanism that allows investors to buy/sell a security if it starts to run in a direction that it’s not supposed to go in. The mechanism will then automatically recalibrate the market price of the asset. This enables the investor to have a greater level of flexibility in their day-to-day trading. Many brokers do not support this function, however.
Providers of free live Forex buy sell signals
The internet is the greatest database of information our civilization has ever created. Nothing comes even close. Therefore, it’s of no surprise it has a lot of websites, forums and message boards that are focused on providing this service as well. The web contains a large number of educational courses on best Forex signals free of charge. You can log on to the internet and receive college-level education completely free of charge. You just have to be willing and determined enough to dedicate your time and resources to accomplish this task. There are also a bunch of people who share these signals on a massive scale for free or for a fee.
The rise of social media and communication apps made this service more widely accessible than ever before. There are a few groups of people that are usually behind the Forex signal services: Professional traders capitalizing on their expertise and loyal fan following, affiliates of certain companies and people with agendas and finally, scammers.
It’s pretty obvious which one of these groups of people are to be trusted with making decisions about allocating your money. There’s no shortage of good, professional traders that are willing to share their knowledge and research with the World at large. This builds their reputation within the trader community while also earning them an extra stream of income during the more uneventful trading periods. Some of them are even willing to share their opinions for free.
These traders can sometimes be found on different forums and group chats. They try their best and provide reliable trade signals with more or less consistency. They do their analysis, conduct research and usually cite the info they used to help them arrive at their decisions. Trader community can be amazingly supportive sometimes. You will be hard pressed to find these people for regular signal sending, however. The truth of the matter is, nobody’s going to do your job for you unless they’re getting paid for it. Even if certain professional traders do find it in their hearts to share some valuable opinions or even send some buy or sell signals your way, chances are, these instances not occur often. Plus, it’s really hard to gauge just how much of a successful professional someone is without having access to their trade history and statistics over a certain time frame.
The affiliates, on the other hand, are an entirely different animal. You can receive relatively reliable Forex signals free of charge from them after you sign up for a certain broker via the affiliate link that will be provided to you. Once you do this, the affiliate will receive a commission based on the volume and size of the trades you make. This way, they still get to make money off of you, but you won’t be the one who’s paying them.
There’s a catch though. Usually, that commission will only be paid to the signal provider if you perform a minimum required amount of trades through the broker. Funneling in a certain amount of money over a certain amount of time. What’s more important, those trades often need to be losing trades in order for the commission to go through. Therefore, you’ll often end up in a situation, where your provider is directly motivated to give you bad trading signals to ensure that happening.
This can be a viable option to choose if you can manage to find the affiliate and broker you can trust like that. You will likely find that to be challenging as there are a lot of people seeking to take advantage of others on the internet. It’s quite a hard task to juggle an affiliate base and your own trading and research. The quality of the signals given will often suffer as a result. Therefore, extreme caution needs to be used when dealing with these people.
Some questions about these providers
Some of the concerns that sometimes arise about good affiliates and signal-providing traders can be described as follows:
Nothing is free, why would this be an exception?
If they’re so amazing, why would they need to start a signal providing service?
The answers to these are:
They’re almost never free. They either get commissions from your trades or require a direct contribution from you
These businesses often serve as safety nets for diversification purposes or for when the trader is having a dry spell
Con-artists and scammers
Read this part very carefully. We won’t be mincing words here. These people will straight up rob you. You need to learn to identify them so you can stay as far away from them as possible. The only thing they want from you is an affiliate commission or your money directly. They’ll try to lure you in with a few free Forex buy and sell signals and then try to charge you money.
They use another pretty simple trick: As soon as you register for the free signal delivery, you will start to receive them. However, so will everybody else who’s signed up for the service together with you. The scammer will send some of you a buy order, while the others will receive instructions to sell. This ensures that half of the scammer’s clientele succeeds. This is pure gambling and you can never know whether you’ll end up on the winning side of the scammer’s client database or the losing one. You might as well just flip a coin and make your trade decisions based on that.
This branch of free signal providers is, as you would expect, the most heavily populated. The majority of free signals you’ll encounter online will be from these guys.
Should you get free Forex signals online?
You can. You’re certainly free to do so. In certain cases, this might even turn out profitable for you. However, we recommend that you don’t do it. Forex trading is a complicated, multi-dimensional craft that takes years to master. Even if you somehow manage to find a provider of free accurate Forex trading signals online, you will still not progress as a trader. And if at some point you lose access to your provider, you will be left entirely defenseless and might end up in major financial jeopardy. And even if the trading advice proves beneficial at the beginning, remember that you have no guarantee that this isn’t a part of the scammer’s strategy to get you to lower your guard and start investing more money. You do not know these people and you can’t know when they will turn on you.
It’s hard to give definitive advice though. There’s a couple of reasons for this. For one, most of the supposed best free Forex trading signals providers don’t publicize their entire history of results. Those that do publish them, might publish it selectively. In other words, they might show more winning trades that the reality suggests. Another reason is that there’s an inherent conflict of interests you have with you free signal provider. They have little to no incentives to consistently provide you with reliable signals. Like any business before them, they want to maximize their profits. For these purposes, they might require you to register an account with a specific broker. A broker who might be financially profitable for them but be a bad fit for you. Or even a straight up scammer.
Use common sense
Investment advice is like any other form of advice. Usually, you receive exactly what you pay for. You would be extremely hard-pressed to find a Forex trader worth his salt who will provide you with consistently best free Forex signals for no money. Almost all of the great traders out there who provide the community with solid signals require a monthly fee to be paid.
You can certainly receive some short-term profits if you clock a reliable provider. But it will also leave your portfolio entirely unprotected. If you do decide to use the free signals, try to use them as a secondary source for your decisions. Maybe for doublechecking yourself or something similar. If you manage to acquire the foundation of an educated trader, you’ll automatically filter the signals you receive. This might save you some serious losses.
Demand proof. Under no circumstances should you entrust your financial decisionmaking to a provider that will not present their history and proven results. It’s a good idea to verify your free Forex signals performance legitimacy by checking out the MT4 account data of the provider that services you. The account will often be linked to a tracking service you can use to check the validity of the claims you’ve been fed by your provider.
Learn the trade of being a trader
Always do your due diligence and thoroughly research any Forex signal provider before you commit to their services. Remember that the free signal providers are usually there to serve the broker, not you.
Try to gain the maximum amount of education you can before using a Forex signal provider. Become proficient in the basics of the trading craft. Learn how to manage risks, how to navigate charts and what the key drivers are in the markets you are about to take head-on.
You will need to analyze yourself as well. What type of trader are you? What style of trading suits you best? How much do your emotions play into your decisions? Are you a day trader? Maybe swing trading is more up your alley? Not all signal providers will be suitable for your style of trading. You must consider all of these variables before you undertake any significant risks with your finances. You owe it to yourself not to be irresponsible with your money.
Information means profit
The more information you have yourself, the better you will be able to judge the signals you receive. By understanding the factors and the full picture behind the signals that you receive, you will increase your chances of successful trading. You will also decrease the chance of being taken advantage of since you will no longer be trading essentially blindfolded. The more educated you are in the area of finances and Forex trading, the harder you will be to scam.
Consider as many variables as you can. Were the support or resistance prices met? Did the price get confirmed? What state is the market in? Is it even trending? Maybe the price fluctuation can be attributed to a news release? Is it likely to settle back down? Was this maybe a pullback before a big run?
Find a decent mentor and learn even more
Every signal you receive has its own backstory. Find a solid mentor to learn from while practicing trading on your own. The mentor and the experience will teach you the entire process of thoroughly evaluating a trade. This way, you will be less susceptible to being scammed by signal providers and will decide for yourself whether or not to take the deals you’re offered.
To summarize it, either test the signal provider you’re considering taking financial advice from, or at the very least, don’t invest any sort of significant amount of money based on their advice before they’ve proven their accuracy to you. It’s not a game. Your financial stability might be at stake here.
Overall, Forex signals are still nothing more than signals. If you treat them as gospel without doing your homework on every trade you’re about to make, it’s not surprising if you lose your money.
Some other ways to get free profitable Forex signals
A good way to receive great trading advice as a beginner is to join chat rooms dedicated to the craft. These can be a valuable source of information for you. This is a good way to follow our previous advice and find a mentor to develop your skills as a professional. The main guy, the guy trying to sell the chat room will usually be quite helpful at the beginning of your journey. They will often actually delve into their trade tactics and ideas. They will provide you with valuable information about the current state of the markets. It will also help you expand your understanding of the fundamental principles of the game. The trader community in these chat rooms is usually also very supportive and eager to exchange information they might possess.
On top of allowing you to profit from some of the most reliable free Forex signals and trade ideas, a good chatroom will allow you to start making independent decisions. The community-based learning experience will see you grow as a trader and help you in achieving new heights in your quest for financial security and prosperity. You colleagues will advise you on the literature to read, tools to learn and subtle details to consider when choosing your trades and opening your positions. Working on your profit and your education simultaneously is definitely one of the better ways you can go about trading Forex.