Despite the ongoing pandemic, the forex market has managed to stay strong. It still provides income for millions of individuals and businesses across the globe and allows newcomers to get in on the action without too much investment.
However, becoming a forex trader requires some guts.
According to a study conducted by AMF, making a living off trading requires a lot of hard work and patients. During the first 3 years, only around 11% of forex traders manage to make a profit. Yes, you read that right. Basically, 9 out of 10 traders don’t profit in the first 36 months.
If you don’t want to wait 3 years to make some money, you need all the help you can get.
That’s exactly why we’re here today. We’re going to try and make trading easier for you by discussing the importance of forex signals. You’ll find out why should you use them, how to do it, and who provides the best forex signals. Without wasting any more time, let’s go…
Are Forex Signals Worth Your Time?
First, a basic question that’s certainly cross everyone’s mind by now: are forex signals worth the time and effort? Will they give you what you’re looking for without spending too much time and effort? You need a learning tool that will give you a good return on your investment after all.
For starters, yes, forex signals are definitely worth your time. Their success rates make the case for them. Most have success rates between 20% and 40% while the best forex signals (https://forexrobotnation.com/15-best-forex-signals-tested-reviewed/) have success rates of between 80% and 90%. That means, at least 8 out of 10 signals are profitable.
Who can have more use out of forex signals? New or experienced traders? Both actually:
- Beginners can use forex signals to speed up the learning process and to make money while they’re still figuring things out, early in their career.
- Experienced forex traders can use signals to master new strategies, styles, and tools of the trade and to get an idea of what’s possible outside their usual asset scope.
What Forex Signals Services Offer?
To make money using forex signals, you need to act upon them within a certain timeframe. That’s because the market is extremely volatile. If you miss the opportunity to make a trade, the market will move on and the signal you got will be useless.
How can forex signals help you make a profit? What do forex signals services offer to their users? The best forex signals providers out there – both paid and free ones – offer many trading elements, including:
- An exact level of entry, stop-loss, and exit positions
- Comments and analysis advice to support the signals
- Knowledgeable customer service agents with trading experience
- A gain/loss transaction history for long-term users
- Success rate verified by a 3rd-party service
That’s just the start. Most services have a lot more to offer, so this isn’t complete by any stretch of the imagination.
5 Best Forex Signals Providers for 2021
There’s a huge number of forex signals providers in the marketplace, some of them are completely free, others require you to pay to use them. But which one of them will suit you? Let’s find out now. Here some of the most popular providers out there today…
1. 1000pipebuilder.com: 10 Years of Experience in Trading
This premium signals provider was originally established by a forex trader by the name of Bob James. Mr. James has dabbled in forex trading for more than a decade before establishing 1000 Pipe Builder and worked in financial situations across the United Kingdom. His London-based company is focused on traders working in the EU, US, and Asian financial sectors. They provide 24/5 coverage, give access to multiple fintech instruments, and costs $97 monthly.
2. ForexSignals.com: Serving More than 83k Active Traders
The second spot is reserved for Forex Signals, another large forex community with more than 83,000 users across the globe. Collectively, people behind the community have more than 50 years of experience in the forex market. The service was originally launched in 2012 by Nick McDonald who noticed a lack of community-based resources in the industry. He took action and created the service before you.
3. Etoro.com: The Biggest Social Network for Traders
Admittedly, the fact that we featured eToro on our list probably won’t come as a surprise to anyone with any knowledge of the forex market. The company aims to simply forex trading by allowing traders to interact with each other, copy each other’s styles, and learn in the process. They offer CopyTrader, a popular feature that allows traders to see what others are doing in real-time and do the same as quickly as possible.
4. Autochartist.com: More Than 1k Monthly Trading Opportunities
AutoChartist gives you access to technology for monitoring hundreds – if not thousands – of tools and instruments across the stock, commodities, futures, and forex market. You can monitor any of these markets on an hourly or daily basis. That allows you to make timely trades and cash in on trends in minutes if you want. They give their clients more than 1000 trade opportunities per month across all markets.
5. MQL5.com: Social Trading and Trading Signals on the MT5 Platform
Last but not least, we have MQL5 the homepage of the MT5 platform. MQL5 gives a verified space where traders of all knowledge levels can share their trading ideas with others. They are great for people looking for learning opportunities. One of the most popular categories on the platform is the “for under 50 USD budget” where newcomers exchange ideas and learn from the more experienced traders.
The Bottom Line
Those are the providers of the best forex signals you should try in 2021. Whether you’re just starting, or you’ve clocked in thousands of hours in the world of trading, these platforms got something for you. How to know which one will suit you? That depends on a number of factors. Discussing that would take too long, so advise you to try them out for yourself and then decide.