Using Forex Signals, do they work?
BY UK BITCOINBLOG.COM ON JULY 6, 2020 Forex Signals
are basically someone giving you instructions to trade the foreign exchange market, they can come in the form of a text, email or chat.
There are masses of advertisements offering these signals, but do they really work?
Forex Signals for sale
Although these signals appear free, oftentimes there is a paid option.
- The signal provider requires you to sign up through their broker – they will get a kickback 📷from your trades whether you win or lose – so they don’t care if their trades are any good – in fact, if they give you a few bad trades and you quit them, they don’t care, you still made money.
- The signal provider charges you for their signals upfront. Even if they are free for a short time they will become paid at some point.,
So you are paying for someone else’s knowledge and experience – or maybe not. Some signal providers simply resell the signals from another person.
How to spot a fake forex signal provider?
On the right is a REAL advert for forex signal provision, but it rings my alarm bells and here’s why.
- Promises of a certain number of pips per week.
You can’t guarantee pips profit per week – the markets are simply not that easy. Sometimes they go very flat and even the best trader loses money.
- “FREE” is never FREE when I advertise my forex trading robot and indicator strobotultimate, I am clear about the introducing broker relationship that I have. These others are not clear and there should be clarity.
- Trades don’t add up, I saw one advertisement where the trades had been placed on a SATURDAY WHICH is pretty unlikely because the markets are shut.
- Trades are all on the same pair. There are methods where you do trade on the same pair but it’s highly risky – this is normally done by adding trades as the pair moves in a particular direction.
What are the problems with Forex Signals?
- You may take the trade too late. Having missed the entry.
- It may just be wrong.
- You are risking your money with someone that you don’t know who may simply be a scammer.
Be careful out there, learn to trade yourself before using tools like Forex Signals or Robots.
from : https://www.ukbitcoinblog.com/general-info/using-forex-signals-do-they-work/
I personally don’t have time or money to waste on anything that smells like a scammy product or service. That’s why in early September when this product first flashed across my screen, I was compelled to investigate. “What the……. is this?” was my initial response. This might sound harsh, however, if you, the consumer are looking for shortcuts to earn and learn how to get rich overnight using Binary Option Trading as your vehicle, you really need to ask yourself the hard questions before incinerating money on products that promise quick riches. Now, fast forward to today, my comments are still emphatic, however once you read this article and review my findings you will be surprised. Throughout this article we will identifying and asking the hard questions one should ponder before purchasing any type of Auto or Semi-Auto-Trader based software. Please read and pay special attention to this article, by the end you will be educated enough to decide whether or not this product is worth investing your time and money in. WARNING:
If you are a new or an existing Binary Options trader, you must be well aware that 90% of people trading Binary Options lose their money. To avoid black holes one should train their minds to acquire a tool set that will not only assist you identifying daily trades, but also provides you the the ability to read the markets, simplifying trend analysis and most importantly educating oneself to trade effectively. Don’t fall into the trap of receiving signals and resorting to blind trading, i.e. roll the dice, cross your fingers and hope for the best. Q1. In a competitive market, what is the purpose and point of difference with XE Trader?
Answer: As a trader you have a collection of tools you use to trade, to illustrate you may have a set of tools, i.e. a knife, screw driver, pick, metal file, corkscrew etc. XE Trader is packed with many all in one features similar to that of a Swiss Army Knife, features that will enhance your trading experience. XE Trader
is delivered to you as a platform not an application with its versatility you can install third party applications within this platform. September 2015, the claim has been made that “XE Trader
is the world's most advanced currency pair trend indicator and signals robot designed specifically for binary options trading”. How so? “XE Trader is packed with feature rich enhancements that improve your trading experience”. The main purpose behind XE Trader
is to serve as an aid in assisting traders with their understanding of trades, where the information comes from, so they can spot opportunities on their own as they arise within the markets. Q2. Who’s behind this product, what’s their history? are they known criminals/scammers?
Answer: XE Trader is brought to you by the world's largest privately owned binary options trader education company Options XE. Education in the form of Trading Webinars is a core part of Option XE's business. Following 3 years of development EX Trader is now the successor of the worlds first binary options robot Optionbot 2, their first creation. Over the years many trading bots have been released into the market, within weeks/months they crash and burn, never to be seen again. Optionbot 2 on the other hand has been and still in circulation, very popular and profitable since day one. This in itself attributes to the success of OptionXE’s first live OptionBot. “In short the XE Trader platform is more than a trading tool, it’s an all encompassing service which will help you win more trades and learn how to become a more effective trader”. The brains and brawn behind OptionBot2 and XE Trader
Keith Wareing.............CEO of OptionXE Jack Travers................Services Director Ben Newman...............Operations Director
As a collective these guys have been in the trading and training business for decades. Now totaling 30 staff, and a trained based of over 20,000 students, these guy’s leave no stone upturned when it comes to providing great support and training backing a solid product. The XE Trader product is a culmination of all of that work that as company Option EX achieved to date. All of their trading experience have been encapsulated into a single computer Window so you the trader can learn how to trade more effectively from home. Q3. What are the key product features and how will these prove advantageous to me?
Answer: a. Trend Indicator in also build in across 15 currency pairs. b. Push signals are available across all 30 assets, All signals provided within this platform are passed on via proven leading signal providers. c. Copy trade signals are also made available. These are particularly useful when you are attending one of Ben Newman's webinars, all of which live trading is performed on behalf attendees as they learn how to become familiar with the XE Trader trading platform. d. SMS Alerts e. Economic trading calendar: To keep you apprised of market conditions ahead of time at a glance. f. Market opening times alarm clock g. Accurate Zoomable Price Charts h. Embedded trader insight videos and bulletins surrounding market announcements and events, videos and bulletins are available on the fly. Q4. If this is a signal service how does it connect with my existing broker?
Answer: As an improvement from OptionBot2’s costly and strict broker entry requirements of 3 to 5 must have registered brokers The entry requirement for XE TRADER is just the one broker. You can even use your existing broker. Q5. How much does this product cost? Are there any hidden costs? What’s the catch?
Answer: You can pay an all up lifetime licence of 2,999 pounds, includes 1 month subscription to their daily training webinars or you can opt in for the a Free Licence offer, how long this window stays open is anyone’s guess. If this product meets popular demand and takes off as a roaring success, or if it flops, either scenario will undoubtedly have a determination as to this product windows life-cycle period. Q6. If this sounds like a “Too good to be true” offer, what's the angle, how do the promoters profit?
Answer: If the OptionBot2 is anything to go by I don’t believe this product falls into that category. Q7. What realistically can my expectations be by connecting with this product/service?
Answer: Please view the product video. Here you will find reviews by beta testers. XE Trader Product Video WARNING:
As video has been published by OptionsXE, a pinch of salt could be in order, unbiased content? Well you decide. Historical sales and ITM performance form OptionBot2, would suggest that after years of further research and development of XE Trader
could be a promising in this industry. What we have here is now called a platform, somewhat more than a trading tool, an all encompassing service that will help you win more trades and learn how to become a more effective trader. Q8. If I invest in this product and it all goes very wrong, what are my options?
Answer: The XE Team behind the development and support for this product are very credible, collectively they have years of knowledge and experience. Ben Newman provides live assistance and training via his complimentary webinars as a service once you register with XE Trader.
To conclude it is refreshing to see a sold rounded product unlike the other scams on the internet. Thank You for reviewing this article, I hope you have found it informative. Please leave a comment below, all the best as you complete you own due diligence and move forward.
WARNING Advice: 1. Always remember when testing out any new trading ventures, manual or automatic, make sure you have a money management plan, once you have a strategy in place stick with it.
2. A FREE trading DEMO account is a great way to test out new strategies so you don’t go bust in the process.
3. Not all brokers are made equal when it comes to great customer service, being able to withdraw funds, having a user friendly, easy to use trading platform to work with. I have traded with a countless number of brokers, some I have had nightmare experiences. I prefer to trade only using industry regulated brokers tick all the boxes, as above ( I have listed these below). If
you are not sure, try out one of the brokers listed below, do a background check as required, they will provide you with a demo account on request.
Tried & TRUSTED BROKERS:
Banc De Binary
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