How to find your best Forex provider
When I started Forex a few years ago, I was instantly obsessed with the growth potential, so I started on MQL and practically subscribed to every signal that was working for a few months. Soon I realized it is not that easy. Most of those signals ended burning my whole account in a day.
As years passed, I was evolved as I became more experienced. The big monthly profit percentages didn’t enchant me; I was looking for something that could last for years. Boy, that is not an easy task. And with all the experiences I have, it is still rare to see a strategy last for years.
I read an article recently that helps you what to look for when finding the one.
But let’s start with the basics:
What is a Forex signal?
Many might have heard of Forex signals, but most people probably do not. It is a service where the signals' provider sends regular trading signals (buy or sell of a specific currency pair) to their followers. It is usually based on a subscription model. The followers pay monthly or quarterly for the service.
There are two kinds of providers. I personally don’t really like those that send over messaging platforms (usually Telegram) what pair to buy or sell on what price and when to close it. The problem with this is that you need to be in front of your computer to open that position. I work on weekdays and have a personal life after that, so it is no go for me. The other type of signal provides more of an ‘auto trade’ or trade copy service. They do not just send the signals to you, but they also instantly copy them to your trading account. When the trade is closed on the provider's account, it is executed instantly on the follower accounts. This, I think, is a much more sophisticated approach to the service. I can do my own things without paying attention to the trades.
The one I follow for more than a year is the latter. And I am absolutely satisfied with it. I regularly withdraw the profit so that I can enjoy its fruit in real life.
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So here are the key things to look for when finding your best signal provider. As we are individuals, it can differ from person to person. Some prefer higher risk, someone is looking for a stable income, but there are basic things that everyone should look for.
But what do I look for when finding one?
Profitability and history
The most important thing is profitability. As an investor, I am in Forex for profit. But it is enough that someone tells me how much he can make; I need proof. Usually, there are third-party analytics sites that can show me proof. Myfxbook is the biggest one. Check for verified trade history and verified trading privileges that confirm that the account owner is the same person who uploaded it. In my case, it looks like this. As you can see, both are checked, so I am sure that the program I follow is real and valid.
Also, it is great to see reviews on the internet. If there are many reviews, you can be sure that you won’t invest in a shady program.
The other thing that matters, at least to me, is the support. It shows a lot of the service. The way they communicate with you is a big telltale sign of how they handle difficult situations. I am very picky about communication, and if someone does not show proper manners, then I am out. It does not matter how great the service is because it shows the real person. So it is, I think, an excellent sign if you can get good support from the provider. I usually have questions, and I am happy if I can get answers to those.
There are free signals on the market also, but I am not a fan of them.
They usually try to sell me something else or offer a limited service to make you pay. While it is not a problem since it is nice to show what you offer to others, those signals are manual, and as I said in the beginning, I don’t want to take care of the trading itself.
Throughout the years, I spent time and money to find the Forex strategy I look for. It was a long way down the road, but it was worth the effort. I hope my short summarization helped someone shorten his/her journey.
