Forex Signal Service Providers

Forex trading market is the largest market in the world, with trades amounting to more than USD 1.5 trillion every day. One of the disadvantages of forex trading is the time you need to monitor the markets for advantageous entry and exit points.

You can use an automated trading platform to place orders such as restrictions and stops. And as an alternative you can depend on a forex signal service provider which will allow you to march away from your computer for a while.

Forex signal service provider present information on buy and sell orders or entry and exit signals sent by forex brokers or forex analysts to their subscribers either for a fee or for free.

These forex signal service providers monitor and investigate the market for you and send their answer directly to your computer desktop, email, or SMS on your cell phone. Forex signal service providers observe and scrutinize the market for you, giving you with their figures on basis of which you can formulate your strategy.

The forex signal service providers offer daily newsletters, which they either post on their sites or e-mail you directly. As the forex signal service providers prepare these newsletters with helps and inputs from professional trader, broker or market analyst, they prove to be very helpful.

You can have signals for most popular currencies such as EUR/USD, USD/JPY, GBP/USD and USD/CHF. But you may also have the information on less common currencies and pairs from your forex signal service providers.

The forex signal service providers send you the signals based on the level of subscription you are having with them. The basic subscription involves email alerts for the best times to buy and sell.

A little bit higher level of subscription will alert you by sending SMS in your cell phone. Some forex signal service providers may also provide the subscriber with live charts, in order to make their own decisions if they choose to do so.

There is however a warning about the forex signal service providers! Instead of using their signals alone you should depend on other indicators to verify or compare against the signals before making your final decision. It is important to assess the methodology the forex signal service providers use to issue these signals. First of all try to find out the reliability of their signals.

You should always ask for the forex signal service provider’s history of data which can help indicate their successes and any failures they may have had in predicting good buy and sell times. The signals should be detailed and without any ambiguity. The forex signal service providers should generate the signals based on technical analysis and not based on trends or rumors.