Forex signals are a great way to make money while you learn to trade. You can follow trades from the analysts that teach you the complete chart markups. So you can profit from those trades at the exact time.

At the start of the trading profession, the aim is always to make money, live the lifestyle we choose and enjoy the freedom that trading provides.

Almost 100% of people drew towards trading because of money. According to many Gurus, free Forex signals guarantee overnight success that you might sleep on the bed of dollars one day.

Hey, there is nothing wrong with having those thoughts and sentiments since they are attainable objectives. If only…you work hard, master your skill, and keep your bankroll intact long enough to trade again.

We have prepared this article for you to achieve your dreams and goals of trading through free Forex signals. 

Let’s first build your foundation and polish your basic knowledge of Forex signals. And this video will help you understand about the phenomena of free Forex signals:

What Are Forex Signals?

There are multiple ways to enter the trading market; some traders prefer to practice independently, while others wait for the signal indication to join the market. The road to becoming a profitable trader is to trade on your own. 

However, before playing with fire, it’s important to deepen your knowledge about Forex trading. And that’s where Forex signals will be useful.

A signals provider generates trading signals to enter a trade on the currency pair. The user manually takes action according to the current time and price. The alert is sent to the trader via an email or SMS, helping the traders to make more accurate and profitable decisions.

So, how can you choose the best Forex signals provider? The infra paragraphs have all the details to help you select the right signal provider to ace your trading.

How to Choose the Best Forex Signals Provider?

There are many free Forex signal providers in the trading business. Choosing the best one could be challenging because you may not find a legitimate Forex signal provider.

Here are six steps you may use to determine whether or not your signal provider is genuine.

• Examine the Profitability and Track Record

Generally, the most important characteristic of a Forex robot is its tendency to generate profit. You need to make sure that the Forex signals are consistently providing a profit. It’s acceptable to receive a weak signal once in a while. 

But either you have a weekly subscription or monthly, the combined result of the Forex signals after that period should be profitable.

To check the rate of profitability, you can verify the past track record of the signal provider. They usually upload them on their websites. If you couldn’t find it: ask your signal provider to showcase the trading results.

If you are satisfied with the trading results, we can move to step two. Else it’s a red flag!

• Do the Signals Include Any Supporting Materials?

Most traders look for additional information to help them support during the trading process. Some signal providers incorporate extra information in charts and market comments with their signals.

What’s a better way to trade if we have a handful of knowledge about the incoming and outgoing Forex signals and current market conditions?

Commonly, traders hesitate to trade blindly on the signals without inquiring about the background details of the signals. Suppose your signal providers care enough to deliver the supporting material. In that case, he is concerned about their customers, and we can move to step three.

• Is There a Trial Period Available from the Signals Provider?

If you are using a free version, then there is no need to look for a trial. Still, we strongly advise you to check if the trial version for the paid premium Forex signals is available or not. Since you are investing your money, you have the right to try and test the Forex signals.

It’s fishy if they claim to provide profitable signals without facilitating the customers with the trial version.

The trial version is usually between 1 to 2 months, where you can test the signals and see if it suits your trading style.

If the Forex signals provider offers a free trial version, it’s time for step four.

• When and How Are the Signals Transmitted?

The signals need to match your time frame because if you receive them early in the morning and you are not a morning person, you can not trade on them.

Check the time zone of the signal provider on their website or confirm the alignment of the time zone through the trial version.

Additionally, it’s also important to note how you will receive the alert. The most common means of transmitting signals are via SMS, email, or WhatsApp.

When you are well aware of the medium of transmitting signals and your time zone matches with the signal provider, we are good to go towards step five.

• Is It Possible to Actively Regulate the Signals?

The actively managed signals work better than those not managed at all. The signal provider is responsible for informing the users about the invalid Forex signals due to the change in the market.

The trader also has a right to know why the setup became invalid and what market conditions changed the position of the signal.

Suppose your signal provider regularly indicates to you and keeps you updated about the signals. In that case, you are ready to move to the bonus round.

• How Good is the Customer Service of the Provider?

It would be unfair to ask for good customer service for the free Forex signals. Still, it would be wonderful if they support you during any difficulty while using the signals.

You can contact them through the customer service contacts available on the website.

If they reply to your queries and help you through your trading journey, congratulations, you found the best signal provider.

The Final Verdict: Do Forex Signals Guarantee Overnight Success?

Nope, they don’t. Nobody and nothing can provide you with the guarantee of overnight riches in the Forex market. Forex signals are no magical mantra to help you earn giant profits.

They can help you curate a robust strategy to open and close profitable positions. Relying on Forex signals and expecting to become a millionaire is like living in a fool’s paradise. 

Thus, keep accumulating knowledge about the Forex market, understand the trading techniques, and use the information from Forex signals to pave your way to success in the market.