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What is The Best Way to Get Daily FOREX Signals?

Using Forex signals is a great way to get advice about the best time to buy and sell a given currency pair, without having to put a lot of time and effort into understanding the markets yourself. There are a huge number of signals providers to choose from – some are free, and some charge a fee for you to subscribe to their feeds. Which provider you choose to work with will depend partly on how much you are willing to spend, and partly on whether you want regular updates or just want to look at signals providers a few times each week.


How Are Daily Forex Signals Delivered?

Signals are delivered to subscribers in a range of ways. You can have them delivered as email alerts, SMS messages, over the phone, or into your trading platform. Some of the higher end services go a step further, and offer detailed analysis of the signals and phone support so that you can make better informed trading decisions.

It is up to you whether you want to manually review signals, or automate your trades based on them – but remember that if you do automate your trading based on the recommendations of a signals provider you are putting a lot of faith in that provider. You should not trust the provider blindly. Past performance is a good indicator that the provider is knowledgeable, but it is most certainly not a guarantee of future success.

FOREX Signal Providers to consider

What Signals to Choose

Some signals providers base their signals on technical analysis, while others base their signals on fundamental analysis, and there are still others that use a combination of both.

Technical analysis uses trend lines and patterns, and is based on the idea that the markets follow certain trends – there are support and resistance levels where the market will often stop climbing or falling, and there is a tendency in the markets for price correction at a certain point. Technical analysts rely on their knowledge of these patterns to predict – often with amazing accuracy – the movements of the market.

Fundamental analysis works on the idea that the markets respond to world events. Those who use fundamental analysis follow political events, business announcements and other news and review how the markets behaved in the past when similar events unfolded.

The best idea is to use a combination of the two. Technical analysis is reliable a lot of the time during normal trading conditions, but when a major election is coming up, there is a natural disaster affecting trade in a given country, or there is a major political or corporate scandal dominating the headlines, fundamental analysis can be beneficial. Working with a provider that offers both forms of analysis is a good idea.

Try Before You Buy

Some companies offer free limited trials of their signals, and it can be a good idea to open a demo account and try using the signals for a few weeks to get an idea of whether you personally trust that provider. Try a few signals providers until you find one that matches your trading philosophy.