Negosentro.com | Forex Trading Signals Provider: My Top Picks in 2020 | Many of us have considered the forex market or binary trading as an opportunity to make some extra bucks, some of us even have considered it as a prospective second job. But let’s be real, none of us has the time to spend hours and hour analyzing opportunities and offers, and the stakes are too high to quit the daytime job to take forex trading as the full-time profession. So, the outcome is very poor as most of the time you don’t make the right choices. This is where the signal system is introduced. In this article, we are going to dive in-depth about trading signals and how they can benefit and strengthen your future in forex trading.
What is Forex Trading?
Forex trading or foreign currency exchange trading is what we call, a trade between currencies. This currency trading allows people to buy and sell currencies exchange of currency. Suppose, you have 1000 Pound Sterling and on average, 1 EUR= 1.17 GBP. In the daytime, the price of EUR goes down and becomes 1EUR=1.11GBP. So you bought 904 EUR with all of your 1000 GBP. In the meantime, you know that the price difference between EUR and GBP goes higher and become 1 EUR= 1.20GBP. So you decide to exchange your Euros for Pound Sterling and get 1084 GBP for your 904 EUR.
So, your total profit is 84 GBP! But suppose your prediction was wrong and the price difference between EUR and GBP got even lower instead of getting higher and became 1.05 GBP for each Euro. Then you will get 949 GBP with a loss of 51 Pounds. You can have loans available for forex trading up to 500 times more funds than your initial capital! But remember increased profit potential also comes with increased risks.
What is a Trading Signal?
I’m sure the former passage on forex trading made you realize how crucial the correct decision is when it comes to profit in this field. And the right decision heavily relies on correct information. Gathering up this information is not an easy task. This where you need signals. The signals are some kind of suggestion from your analyst or automated forex software, or an automated bot programmed for this specific reason. These suggestions let you know about specific trading options at specific times for specific prices. In other words, signals are like your phone’s notifications, reminding you about entering on deals they deem best for you.
There are many kinds of trading signals provided by many kinds of providers. They can be free trading signals, they can have subscription fees. They can be from a human analyst, or they can be from automated robots. The trick of choosing the right trading signal lies in a method that I call R-S-T. R stands for the record, S for service and T for time. If the signal you are interested in have a steady trade record, offers a great Customer service and support, and can predict the precise time, you have got yourself a keeper!
My Top Picks!
Based on the exhaustive descriptions of the basics you just read, I’m sure you can make your own decision about the trading signals. But still, I’m going to discuss four of my favorite forex signals provider with little description for convenience.
Forex GDP: The quality that sets Forex GDP apart from any of the other signal providers, that it offers two trade ideas along with the 4 signals which have a target of 90 t0 150 pips per month. And this is only their free platform. If you sign up for the premium model, which has a subscription fee, you will get many more options to choose from.
Daily Forex: To be honest, Daily Forex is the best platform for beginners. Other than there not so verifiable trading record, this provider lacks no quality and it has 500K visitors each month to back that up!
Forex Signals: Even though Forex Signals doesn’t offer a free trial for more than 7 days, you should not hesitate to pay $97 for this awesome providers as they do more than just providing signals! They will give you all the necessary information and tips and tricks to help you make the right decision. The level of their instructiveness is great for beginners.
BabyPips: Each month 2 million people trust BabyPips and that has to mean something to you, right? This platform offers courses both for the beginners and the advanced trades and that’s not even the best part. The courses are highly educative and free!
Now we know what forex trading is, what forex signal is. So the newbies here who just decided to take one more step towards forex trading, we wish you all the best and hope that you will make all the right decisions and have a nice future in forex trading.