Monday, April 19, 2010

Tips For Using Free Forex Signals to Boost Your Forex Profits

Free Forex signals are all the rage these days. Lots of sites offer them, but how do you know they are all genuine, and provided by professional Forex traders? How silly would you feel if someone was just tossing a coin, and if it was heads, he would advise to buy, and if it was tails, he would advise to sell?

This raises an important issue, and that is that it is very important to use a demo account in any case to test out any free Forex signals. The provider may make wild claims about the performance of the signals, but it is first necessary to test out these claims, and to use the signals on a demo account before trading on a live account. The question is then, how long to trade on a demo account before using them with real money. In my view, it is necessary to have 3 consecutive profitable months using the signals - only then can you have any confidence that the trade signals will be profitable.

A further thing that you need to check is how recent are the prices that the free Forex signals relate to. What do I mean by this? Well, when you receive the signal, you need to know that the provider has just this minute sent the signal, and that the advice that he has given, is still valid. For instance, if the signal is that you should buy GBP/USD at market, and to take a 50 pip profit - you need to know exactly at what price he was advising you to take the trade.

This is vital - as if he wanted you to buy at 1.6050, and to exit at 1.6100, but you only received the signal when the price was at 1.6080, then you might lose out on the trade, despite following the advice precisely. For this reason, it is recommended that when you receive trade advice like this, you ask the provider to tell you exactly what price is the market price when he sends the email. This way you can see how much price has moved. This is crucial in the Forex market, where price can move very quickly in a very short space of time.

visit http://www.freeforexsignal.biz

3 comments:

  1. ForexTrendy is an innovative software capable of detecting the most PROFITABLE continuation chart patterns. It scans through all the forex pairs, on all time frames and analyzes every possible breakout.

    ReplyDelete
  2. QUANTUM BINARY SIGNALS

    Get professional trading signals sent to your mobile phone daily.

    Follow our signals right now and gain up to 270% a day.

    ReplyDelete

ETORO

eToro Snags a World Finance Award for Most Innovative Trading Platform 2010

The eToro platform, already a trader favorite, has now received a nod of appreciation from the financial trading industry as a winner of one of World Finance's prestigious annual awards.

eToro's innovative approach to financial trading has been making waves for quite some time now among traders worldwide. The platform's user friendly graphic interfaces and wide range of ground breaking community tools have captured the attentions of novices and experts alike, who now take part in eToro's vibrant and active social trading network. With its open and daring approach, eToro has now managed to not only become one of the most popular trading platforms online, but to also receive a seal of approval from an already established financial institution.

“Our vision is to become the first global market place for everyone to trade and invest their funds in a simple and transparent way”, said eToro CEO, Johnathan Assia. “eToro already transformed the way people trade today, and we thank our community of over a million traders for helping us win this award that recognizes eToro's achievements in the financial trading arena”

World Finance magazine launched its annual World Finance Awards in 2007 with the goal of identifying industry leaders that represent the benchmark of achievement and best practice in the financial and business world. To determine the winners, World Finance magazine used an independent panel of judges headed up by Editor Alexander Redcliffe. The Panel followed up on the countless nominations, suggestions and contributions of World Finance readers to explore and analyze new trends in order to unearth the best and the brightest pioneers in the FX marketplace.

“We couldn't be more thrilled and honored to win this particular award,” said Assia. “To know that our platform was nominated and then chosen out of the hundreds of nominations is a sign that we must be doing something right. It is especially rewarding to know that our push towards innovation, which has been one of eToro's core values from the start, hasn't gone unnoticed. The challenge now is to keep innovating so we can have a shot at next year's award as well!”

As for eToro's community, they will certainly be thrilled to know that their platform of choice is leading the way in cutting edge trading technologies, and intends to continue to do so for years to come.

Open a free trading account with eToro to explore the benefits of financial trading.