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I’ve found Forex Quake and thought that signing up for a free foreign exchange signal service sounds like a great idea. The alerts will tell you precisely when to trade and you can make money from forex trading very simply that way, without needing to do any of your own research or technical analysis. At least, that is the idea. But does it really work in practice?
There are a couple of things to grasp if you’re thinking of joining a free foreign exchange signal service. First, think about why the service is free. Ask why anyone would give away profit-making foreign exchange signals for free .
Some alerts are given away by companies or individuals who would like to you up for some other (paid) service later on. Sometimes they’ll give you all of the info that you will need to make successful trades (when to open, when to shut, stop loss and profit targets). This is fine and all you will have to do is accept that they will e-mail you with other services from time to time.
Other times you may find that although they send a caution when conditions are good for trading, they do not tell you very clearly what is the basis of the system, so you are not sure what profit you are aiming to take or what your stop loss should be. This is not so good as you can finish up just guessing those things. You can’t work them out for yourself without knowing the entire system including the basis of the alert. So you might be better off doing the whole thing by hand.
Worse is a situation where the free currency exchange signal is being sent by a hobbyist who has no intention of earning profits from it. Certain that sounds great but you do not know who he is or what success he has with trading. Why should you trust his foreign exchange alerts instead of trusting your own capability to trade successfully?
In another situation, the company may send free alerts on a trial basis. As an example you may receive free alerts for two weeks. This is so that you can test out the service (which you should do in a demo account) and they are hoping that after that time you’ll want to continue to receive the signals although you’ll have to start paying. This is the perfect situation because the Corporation has a strong interest in making you successful. The signals they send out in their free foreign exchange signal service are possibly precisely what their paying customers receive, and to keep their business they need to have their customers earning.
Tags: currency trading, expert advisor, Forex, forex quake, forex robot, forex signals, forex trading, trading —
