When looking at forex trading alerts or signals there are basically two different types that you get;
A Forex Trading Alerts provided by companies
You get forex trading alerts that you can subscribe to from lots of different companies. How it normally works is that they will send you an alert when there is a trade according to their forex systems. This forex trading alerts can be provided in the form of a text message to your mobile phone, an e-mail, or it can be posted on the company’s website.
The problem with this is that most of the time when the forex alert reaches you, you have missed the trade. You cannot chase the trade if you missed it – it is a sure way to lose money.
The monthly subscription to such a forex alert service is also normally a fairly substantial amount which you can apply much better by investing it in a proper forex trading education. By using such a service you also do not learn anything about trading. You are just a robot that blindly enter and exit trades.
The only way you can evaluate a forex signal provider is to actually test their system, and the good services out there will provide a 30 day free trial or something similar. Then you can try the system for at least 4 weeks and if it makes money then you can continue using their service.
If a forex signal service does not provide a free trial then you must be very careful and rather stay away. If the service was confident in the accuracy of their forex alerts they would have had no problem in providing a free trial because they will know that if you try the services you will keep using it because it makes money.
8 days free trial – The Best Forex Signals in the World
Some of the best trading services out there use a live trade room where you can see the instructor’s charts and live trades will be called where you will see the entry price, stop loss and limit live on the charts. This is actually the best kind of forex signals there is, because you can see exactly how the trade should be made.
A while back I subscribed to a forex alert service provided by two very influential and supposed knowledgeable people in the forex trading world – I will not name names!
The results that I got by using their service were terrible. Over a period of four weeks I would have lost a lot of money, and would have been much better off trading a simple but profitable system myself.
There might be good forex alert providers out there, and I apologize to them if I do generalize a bit, but my advice is to stay well clear of such forex trading alert providers.
Forex Trading Alerts provided by your trading software.
The second type of forex alerts that you might find is those that are provide by your trading platform or charting software. You might have a certain forex trading system that will provide you with alerts when certain conditions in the forex market are met, or when the market reaches certain key levels of support and resistance, and there are a trading opportunity.
If you use a automated forex trading system it will provide you with a forex trading alert or signal when you can enter the market. This is a good way to trade, because it takes away any emotional decision-making if and when there is a trade present.
To summarize – the only forex trading alerts that I would recommend is those that are provide by a quality mechanical trading system on your own computer.