Forex signals are best described as detailed trade recommendations or ideas. The sources of the best forex signals are usually experienced traders. Scores of online entities provide forex trading signals, for a fee, or even for free. Forex signals are online trading alerts which provide the latest market information about trading opportunities on the major foreign currency pairs. Forex signals service allows you to follow and copy the trading actions taken by top-performing analysts or forex traders.
Are Forex signals legit?
There are no verified trading results on myfxbook, forex peace army or similar websites. Any credible forex signals service should have been verified in websites such as the Forex Peace Army. Metatrader backtests, as well as an MT4 statement in Pips, are not enough as they could be easily be manipulated. Even though you can be profitable with free Forex signals on a daily basis, it is still not advisable to solely rely on them as a main source for your trading information. Successfully trading Forex comes with a lot of hard work and that is what you should understand before moving forward.
Can you make money from forex signals?
Even though you can be profitable with free Forex signals on a daily basis, it is still not advisable to solely rely on them as a main source for your trading information. Successfully trading Forex comes with a lot of hard work and that is what you should understand before moving forward.
Is Forex trading just gambling?
Forex trading can become gambling when you don’t know what you’re doing and it can exist in many different ways. In most instances, forex traders end up gambling when they don’t follow a trading strategy.
Can you live off forex trading?
The short answer is: yes, you can make a living trading forex. But: It is not easy to make consistent profits. 60% of forex traders lose money, and this is a conservative estimate. As they say: “The best way to end up with $1000 in forex is to start with $2000”.
How much do forex traders make per day?
An article by forex day trader Cory Mitchell says that if on average, you make around 100 trades per month (that’s approximately 5 trades per day/20 days per month) and your starting capital is $30,000, you can make around $3,750.Even so, with a decent win rate and risk/reward ratio, a dedicated forex day trader with a decent strategy can make between 5% and 15% a month thanks to leverage. Also remember, you don’t need much capital to get started; $500 to $1,000 is usually enough.