In this article, I want to talk about Forex Signals Provider Proof. What should you look for to build trust in the results? Are you going to get the same results reported by the signals provider? These are some of the the things you need to know before joining a service.
What Kind Of Forex Signals Service Proof To Focus On
Many people want to see proof in the form of a 3rd party account statement publisher. There are services like MT4i and MyFXBook that let you hook up your trading account to their site and report in real time what is happening in your account. These services can be used to publish the performance of the signals service in a transparent way.
While this seem like an excellent way to provide proof, there is one problem. The way I see it, the signals service needs to prove the pip numbers they report are correct. Using one of these 3rd party account statement publisher shows much more. You can also see money earned or lost as well as percentage gains or losses. The problem with these statistics is they only reflect what would happen using one risk management system with one account balance.
The role of a signals service subscriber is to duplicate as close as possible the pip numbers. But the winning or losses or the gains and losses in terms of percentage is determined by the size of your account and the money management strategy used to calculate lot size. Therefore, the statistics shown by the statement publishing services can be misleading and distort the decision making process.
Can You Copy The Signals Provider Results?
Seeing how many pips the signals service makes is one thing, but being able to duplicate those results is quite another. You need to make sure you can follow the signals correctly and get similar trading numbers. If you miss trades because the signals are delivered 24 hours a day, you are not going to get the same results. If you use unreliable trade copy software to get the trades, you are not going to get the same results.
Due to slightly different broker price feeds, slightly different spread sizes and slippage, a certain amount of difference between the signals service and your account should be expected. For these reasons, using different brokers will yield slightly different results, and this is normal. You would need to use the exact same broker to duplicate the signals perfectly.
Good Example Of Forex Signals Service Proof
Set And Forget Forex Signals is a signals service that shows photos of the trade levels and results. This Forex Signals Provider Proof shows the results they report actually come from the signals they give subscribers. And since you place trades only once a day and the signals are set and forget, it is simple to use these signals and duplicate the results of the signals.
Automation is in the world of Currency Forex Online Trading truly the lazy man’s way of trading the forex. And it’s a smart way of doing it. You may ask why? Simply because it deletes the strongest enemy to overcome in the process, which is by the way: You!
After stumbling upon FX online trading in 2003, I’ve been through all the obstacles, currency trading has to offer. But what if you don’t want to make all these experiences yourself? What is it that makes the big difference between the five percent of people (or fewer) who make great profits and the ninety-five percent who just can’t seem to make a go of it no matter how many times they try?
To make a long story short, there are some key factors which are absolutely crucial to your success if you want to survive in the sea of sharks (Brokers, Institutional Traders, Banks, Advertisers and most important: You. So here we go:
How to become a successfully Currency Forex Online Trading Expert
The 8 basic rules
1. If you cannot afford to lose the money you spend on the trade, then don’t do it. The last thing you want to do is worry and panic while you are in the middle of a trade. So don’t do it!
2. At any time, you should not invest more than 3% of the remaining balance of your trading account. The stop/loss you have to have in place must secure this, no matter what.
3. Always begin with a trial or demo account for one month if you are trying out something new. Most Automated FX Trading Software Systems require a minimum of 3-6 month testing time to get familiar with the software and the trading “habits” of it.
4. Only switch to real or live trading after a minimum of one month profitable trading. There should be a minimum of twenty trades, the more, the better it is. Remember, these are minimum requirements.
5. If you manage to find a good FX Trading Software that allows you to be consitently profitable, be sure to take a part of the profits out of the market and then trade along with the rest. I would recommend to take out 50% of what you’ve gained each month.
6. Maintain a record of your trades. Always write down, or put your trading data in an excel file. A log file will be given to you by the MT4 broker in most cases.
7. Analyze the trades of the system. Understanding how to use your automated fx trading software is essential to your success. Systems weaknesses and strengths become more obvious as you notice similiarities in the trading. Your whole tradng will profit from it.
8. Stick to the rules 1-7. Take my word for it, this is the most difficult aspect. Several traders have lost all their money since they neglected to adhere to these simple fundamental rules.
That is all you need to take care of to get started. If you only follow these simple rules you are well ahead of so many others who struggle in the currency forex online trading market. Get your homework done, stick to the basics and you are on your way to the top 5% who are making serious money with fx online trading.
Best Forex Indicator Combination
The group of indicators outlined here are the best Forex trading indicators in my view and any trader novice or pro should know about them. They are all simple to learn visual indicators which are very effective. . .No indicator is perfect but if you learn how to combine the best and practice, you can build a robust Forex trading strategy for success. Here are your best Forex trading indicators and how you can use them for bigger Forex profits.
The Bollinger Bands
Developed by John Bollinger this indicator has the use of showing the volatility of a currency from the norm. You can soon spot overbought oversold levels, as volatility rises and trade into them. The middle band is a simple moving average and you can buy and sell back to it, in strongly trending markets as this area indicates value and this simple strategy is one any trader should know.The Bollinger band maybe one of the best Forex trading indicators – but you must confirm moves and for this you need some momentum indicators to time your trading signals. Let’s look at some.
Relative Strength Index RSI
Developed by trading legend Wells Wilder this is a great indicator you can use to gauge the strength of a trend. If the RSI is in favor of the trend, you stay with it, when it diverges from the trend, then its time to either bank profits or enter contrary trades. Best Forex Indicator Combination
Average Directional Movement ADX
Another indicator from Wells Wilder and like the RSI the ADX attempts to determine if the market is in a trend or not. The ADX line is a great momentum indicator and will help you trade and stay with the strongest trends. It also acts as a great indicator in terms of warning when a strong trend may change. A great profit taking signal is when the ADX rises above 40 and turns now. When this happens you can bank profits or look for contrary trades.
Developed by George Lane this is probably the best indicator to help you get better market timing and execute trading signals. Stochastic crossovers can confirm any move, within a trend and also be used to take contrary trades. In contrary trades, a stochastic cross with bullish or bearish divergence (from over bought or oversold levels) against the prevailing trend is very effective. Best Forex Indicator Combination
Price spikes don’t last for long and prices will return to a longer term average. In existing trends this tends to be around the 20 day average and in longer term trends, you can trail a stop back behind the 40 day moving average. This is a simple tool and every trader should use them for setting up entry and exit points.
They Work and Will Continue to Work.The above are the only indicators I use and I have been using them for 25 years. There still as effective today as they ever were. These best Forex trading indicators if used correctly can improve profits and decrease risk and that’s what all Forex traders need in their trading. Best Forex Indicator Combination