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Forex Signal Services - Should you use one and how do you pick it?

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Using a Signal Service

I think that starting to use a forex signal service (to call trades for you) is a lot like going on a blind date. It might turn out to be great, but there is a huge chance that it will not. However, a signal service that has a profitable record is like money in the bank to you (provided you execute the trades). And there are some good reasons why you might want to use one. The two big ones being that you want to trade but haven't got the time to analyze the market and that you want to trade, but have been unprofitable trading based on your own analysis.

Lots of Bad Apples

The only problem with online signal services is it's really easy to set up a website and paste up amazing sales copy and a (supposed) track record. Anyone can do it. You don't even have to be a trader. So, do the math. That means that most of the signal services are trash.

Criteria For Evaluation

However, you and I don't want to be guilty of throwing out the baby with the bath water. Just because most are bad, doesn't mean that you shouldn't consider a signal service. So, what are the criteria for selecting a signal service?

1. Is the website calm and understated? If the website promoting it is full of hype and loud, then there is a good chance that it is a service of lesser quality. A profitable service doesn't need to push hard to get subscribers. Word of mouth will fill it up.

2. What are others saying about it? In Google, search for the name of the service surrounded by quotes plus the word review. E.g. if the name of the service was ABC Forex Picks, you would search for "ABC Forex Picks" review.

3. How is their customer service? Email them. How long does it take to get a response? Are they polite? Is their answer helpful?

4. How often do they call trades? Usually the less often, the more likely they are to be a profitable service.

5. Do they claim to be profitable (obviously)? If they admit to being not profitable, look elsewhere.

These five things will steer you in the right direction in choosing a signal service.

The Combo

In my opinion, the best way to use a signal service is to use a good one and to trade your own system. That way you get the best of both worlds, so to speak. There is a good chance that when your system is suffering a drawdown, the signal service won't be, and vice versa.

To learn more about making your own trading system, go to my trading system page.

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