The forex trading market is about billions of money per day. With this huge amount of money flowing in this market which is not well regulated, frauds are all over. Some of the scams or frauds have ceased to exist due to the enforcement of regulations.
At this point, more advanced frauds exist in forex signal services. However, not each service is a fraud. There are many reliable and dependable signal services out there, and all you have to do is to identify them.
Forex signal services might be a retail company or an individual who assures to trade your account or provide you signals to allow you to make money. Some will tout their experience as well as support it with some reviews and testimonies.
These providers will provide you entry and exit signals; however, bear in mind that you don’t have an idea how they came up with these points. With these assurances, you’ll be tempted to register. That’s the time it will dawn on you, which no matter what you’ve registered to is a pack of lies.
There are many reasons why some forex signal providers out there don’t show results in their trading. As a trader, it is very important for a forex signal provider to show results as this is your basis for determining if they are reliable or not. So, without further a due, here are the reasons why they don’t show lucrative forex trading results.
Low Winning Rate
This is a very important factor in forex signal service. Most of the time, they didn’t show lucrative results due to the low winning rate. The success rate is an indication of the service provider is really reliable and expert in this kind of trading. A good service provider has at least a 70 percent success rate. If a forex signal service doesn’t include their success rate online or on their site, you need to be extra careful. There is a chance that they are not reliable, and dealing with them is just a waste of money and time.
No Experience in Trading
Due to the popularity of forex trading and this is not regulated, a lot of forex signal service comes up with only one purpose; this is to get money from you. Even if they don’t have experience in the service, they will tell their clients that they have been in the business for many years without giving any proof. If you deal with them, there is a chance that you don’t get any results on your trading. So, make sure to do proper research when getting a forex signal service, most especially if you are a newbie in this market.
Less Signals Offered to Traders
A weak forex signal service usually provides only 2 to 3 signals a day compared to a reliable forex signal providers provide that provides their investors five to ten signals a day. Dealing with a forex signal service that offers less signals a day is just a waste of your time and money as this will not give you the results you want. This is very important for full-time traders out there. You need to look for a company that sends signals often.
But, the reliability of the provider and the preciseness are more vital than the number of signals offered. Once the service sends 10 signals a day, however just 1 or 2 are successful, you cannot trust it to make lucrative trading outcomes.
Newbie Traders Behind the Service
A forex signal service that doesn’t show results normally is handled and managed by people who don’t have experience in the world of forex trading. They don’t know the in and out of the forex market, so most of the time, they don’t have good recommendations on which you must trade.
Again, this will lead to losing your money. So, make sure to deal with a forex signal service run by seasoned, professional traders and investors. So, work with forex signal service run by investors or traders with many years of experience in forex. This will provide you an abundance of knowledge concerning the forex market trading procedures.
Keep Away from Forex Signals That Don’t Provide Results
A credible forex signal service must have been confirmed in sites. MT4 and Metratrader backtest aren’t enough because they can manipulate easily. There are no criteria to check the trading results. The results aren’t incredible sites online.
Some forex signal service doesn’t provide results or information like losing weeks or months that make it extremely suspicious. Some don’t reveal records for open trades or drawdown trades. It means with this performance, you are not able to make meaningful options, and this can just a waste of your money and time.
Some forex signal service doesn’t indicate the time or period, whether these are weekly or monthly results. You are not able to figure out how long the trades took prior to closing. There’s no verification in reliable websites. This only means that it is a scam, and you must be keen and aware when working with these signal services.
Some forex signal service doesn’t provide current open position. Another vital thing to know when picking a forex signal service is if they have kept data public on sites like Myfxbook. Once a signal is doing well, then why they shouldn’t show the results? Why should an open position be private?
Vital information like balance, equity, withdrawals must be public in order to boost your decision-making. Keep in mind that not each forex signal service must be trusted. For instance, a forex signal service shows 200pips; however, open trades show a 2000 loss in a 5000 account that is not good.
So, in this event, once you close current open trades, this will lead to losing half of your money. Some forex signal services will just show the closed gains and hide the losses or gains on open trades to not understand that it is a bad signal.
To become successful in forex trading, make sure to deal with a reliable forex signal service to get the best results.