I have been in the market for quite some time and in order to rule out people that 'guess' what will happen in the market I demand an explanation. I am not trading with small money so knowing the reason for the trade and of course the success of the signals are important to me as a trader. I stay away from anything automated, call me oldschool. I have issues with any signals or service the broker gives me.
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Who is the best forex signal provider in the market ?
- Thread starter bluezebra
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yeah, but i wont say that manual trading is old school, most probably the majority still trade forex manually, and there is a lack of supplies in the "reliable EA" dept. LOL i still dont think there is such a thing as the best signal out there. there are some good ones and others that are bad. and its hard to distinguish, hone you skills instead coz the search might prove pointless.
I took a head-dive and I did come across signal providers that fake results and send crappy signals. I was smart enough to try the first few signals in a demo. I am not going anywhere near EA's lol I think it is popular though although many lose over it, dont ask me why. You are right, certain signals could be best for some and bad for others as well. I am happy where I am at the moment so my search is over. If you want to have a good laugh, my provider also writes market education stuff for traders. They wrote something about the biggest mistakes traders make. I found it hilarious, especially the 'chasing the tail part' lol Let me know what you think, https://www.ddmarkets.com/what-experienced-forex-traders-still-get-wrong/
What I certainly know is 99% of signals is a mere crap. I've tested many of those on MyFxbook, MQL5, FXStat, eToro net, etc. but all of them exploit some simple technical pattern which work 50/50 at best.
Now I try signals from fundamental trader from Hotforex Social trading net, only 2-3 trades per week but's its really enough, last week 3 of them were closed in profit, total amount is 240 pips. His system seems more logical as he also provides explanation on his trades so you don't worry about transparency and logic behind it.
The only things that sets me off from using it constantly is fixed 1 pip markup from HF. But quality costs money so I think it's ok.
Now I try signals from fundamental trader from Hotforex Social trading net, only 2-3 trades per week but's its really enough, last week 3 of them were closed in profit, total amount is 240 pips. His system seems more logical as he also provides explanation on his trades so you don't worry about transparency and logic behind it.
The only things that sets me off from using it constantly is fixed 1 pip markup from HF. But quality costs money so I think it's ok.
This payment is nothing to do with quality, nothing is free in life. It always amuses me when people look for free trading signals and then complain why they lose lol About social trading altogether, I don't like the fact trades are forced into my account. What prevents the trader from going crazy one day and start messing with the stop or adding positions for no reason and wiping account all his followers? It happened so many times in the past that I am not letting anyone force trades into my account. 2 -3 trades a week sounds a lot like ddmarkets although there are times they send more signals if their stop is above the entry. How long is his track record? Anyone can have a good few months. You need to have at least one year of track record, consistency is the key.
They published a guide on how their forex trading signals work in the market https://www.ddmarkets.com/trading-with-forex-trade-alerts-our-trading-solution/
You are misleading other traders w3c. First, you cannot get into how much money is made because it depends how much money you have in your trading account and how much leverage you are using. If you use a lot of leverage to make that profit it's enough that 2 trades go bad and you wipe your account out. PAMM accounts hide the drawdown of their trades to get ranked higher (myfxbook is a classic), everyone knows that. You will see exactly what I mean soon. It is very good for forex brokers, that's why they work with PAMM accounts, giving traders the illusion they can make money. For that reason don't bother with any automated trading signals. That's why I recommended ddmarkets. Take a look at their past trades and see how transparent they are and the risk reward they use with stops and take profits.
ddmarkets predicted the FOMC will not raise rates last week and caught EURUSD with a long trade (the signal is on their site so you can read it and how they managed the trade). They emailed everyone that there might be another elections in Greece because whoever wins might not have a majority to form a government.
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