Checklist to choose a forex signal service-
A trader needs to check the following vital factors before subscribing to a signal service –
1. Well structured: The signal must is in a well structured format. Well structured signals have well defined entry prices, stop-loss and take the profit price which is helpful in terms of money management and growth of the account gradually.
2. Detailed performance: Performance of all forex trading signals needs to be neat and clean on the performance page with all factors such as Entry point, stop loss and take profit so that before subscribing, a trader can look at all aspects and decide whether its profitable and suitable for him/her or not. The performance is updated in a timely manner.
3. Unrealistic profit: Avoid signals from a provider who shows +5PIPs, +7PIPs profit from a trade. These kinds of profits are unrealistic and cannot be counted because of the broker spread and slippage. Such types of signals can be Robot/EA generated and are not dependable. If you see claim of thousands of PIPS then also justify yourself is it true?
4. Random Signal: Many forex signal providers send signals randomly, indiscriminately and without any clear methodology. This type of signal may be EA/Robot generated and not well analyzed. This type of signal is only for the sake of providing signal not for the clients benefit.
5.Signal Timing All of us have a personal life. We can’t spend the whole time in front of a computer looking for a signal from the provider. The signal sending period should be defined so that a trader can be prepared at that time to enter a trade.
6. Trade Monitoring: At the time of trade running, signals provider should update the trade status and should be concerned about the market situation since the Forex market moves with the news and fundamental issues. Depending on the condition, traders should manage the running trades accordingly.
7. Monthly Target Fulfillment: The Signal provider should make a monthly promise that they will fulfill the target accordingly.
Why trader choose PreferForex Signals
1. Our signals are well structured. We always maintain a clear entry price a specific take profit price and stop loss price that is helpful in terms of money management and account growth. Visit our performance to see what we mean.
2. We update every signal from time to time with all the details and nothing is hidden in our performance. This is done so that a trader can decide how the signal is performing.
3. Our minimum take profit is 20 PIPs. It’s very rare when there are fundamental issues or other reasons which can affect the marker we closed for trade earlier but if the profit is below +10PIPs, we don’t count it and display the trade on our trading result in performance page.
4. We never send forex signals randomly but we send signal on a weekly basis – 3 to 5 signals. Our signals are not EA generated and we have an experienced trading team which analyzes the market and provides the signals. All signals are well analyzed, well structured with Clear entry price, stop loss and take profit.
5. We send the signal at defined periods which is between 7 am to 4 pm (GMT+0) so that every member can be prepared during this time.
6. As your trade is running with our signal, we keep monitoring the trade and update everything- when any modification is required and when alert signals are generated.
7. We provide +150 PIPs for monthly members and 3 to 6 months subscribers get +200 PIPs guarantee per month. If the target is not fulfilled, we extend the membership until the target is reached. Therefore members will not have the chance of losing rather than gaining. The guarantee gives the trader confidence in forex trading that is must required to gain. Read more about guarantee
Lastly, According to the all big currency analyst, authors’ opinion in order to be a successful trader, one must maintain “3C” which is Comfort, Confidence and Consistency. We have maintained the above 3 qualities from the beginning of our service.