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Sunday, November 29, 2009

Best Forex Signal Service

By Jimmy Karter

A reliable forex trading signal service is very crucial for a retail forex trader. We can define a forex signal as an indication for a forex trader which would help him make buy of sell decisions in the forex market. These indications are mostly system generated based on the technical analysis of currency prices. The forex trading signal service is currently being provided by many brokers and professional agencies.

The forex signals are provided to the retail traders by many brokers, agencies or institutions which are known as forex signal service providers. Such type of service is being used by most forex traders including the experienced traders because this service helps them make trading decisions quickly without the need to understand the forex market in detail. This service is also useful for traders because they don't want to follow each and every event in the currency market which is very painful and time consuming.

As mentioned earlier, forex signal service is being provided by many brokers and agencies. Out of these, there are a lot of providers which provide this service completely free of cost. On the other hand, there are providers which provide this service based on a monthly subscription fee. Obviously, there is a difference is the quality of signals provided by these two types of providers. Most of the free forex signal service providers rely solely on computer based systems to read the market and generate signals based on technical indicators. On the other hand, fee based providers have experts who filter the signals to make sure that the retail traders receive only those signals which are useful to them. That is the reason, these signals are much better.

Choosing a good forex signal service provider takes some time and research. While choosing a signal provider, the trader should not consider the cost of subscription alone. The most important consideration should be the past performance of the service provider. Since, you are going to invest your hard earned money based on these signals, you should be pretty sure that these signals are reliable. The service provider should have proven track record over last couple of years.

Some of the other important considerations while selecting a forex signal service provider are - speed of the service, different modes in which signals are sent, which type of forex signal software is being used, back testing results and spread of their recommendations. It is always recommended for beginners in forex market to make use of such service since it helps them gain experience in currency trading. It pays to research online before finalizing the service provider since you are able to compare the cost and features of different providers before making the decision. - 23208

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