Free
Forex Signal
Is all the hype really with the potential confusion and greater risk of loss? Learn how you can protect yourself and find out if that free Forex signal is really worth it.
Problematic Uncertainty with Free Forex Signals
The popularity of free forex signals is undeniable. How can anyone complete with free information? The real question should be are free signal services effective? Do they have some kind of hidden cost? Or is there purpose a little more sinister? It is vital to determine the actual truth of so-called free forex signal schemes.
Before we begin, it must be disclosed that it would be impossible to monitor every single free signal service online. The truth is that it is largely unnecessary because once one begins to study certain patterns seem to develop.
Many free signal services begin as a post n a forum topic where the author clearly chares their signals, but offers no real explanation of the reasons. Post after post of daily or weekly positive gains are reported in pips. The freshmen traders who are a little too eager swarm like ants on a lifesaver.
Once the author has attracted the attention of enough suckers, they switch to a private subscription based signal posting, usually through email or SMS. The trouble comes from the delay involved in communicating the signals, if the signals were even good ones to begin with.
All too often, the forex signals aren’t really that accurate. The author is probably making more money from his “free” signal subscription service than he is at the forex market.
Even the accurate free signals often come too late. The author often changes their positions and acts against signals without taking the time to warn their subscribers in between. The result is a loss to the customers.
It is also possible to manipulate the total pip counts to make a person seems more successful than they actually are. A provider can vary the amount of lots to increase the pip count from profitable trades and decrease the amount of lost pips.
For example if the author posted a gain of +90 pips, it is possible there were two lots that only gained +45 apiece. The followers only discover this after the fact from the after-trade post from the provider.
What’s the harm really anyway? No one is twisting anyone’s arm getting them to follow free forex signals. The worst part is that they hinder the student of forex from educating themselves. Everyone in the forex market needs to understand that the market is unpredictable, no system is fool proof, and everyone suffers a loss form time to time.
Without a proper understanding of why a signal appears, they are useless. Moreover, many free forex signal service providers are a waste of time, which is reason enough to avoid them.
That isn’t to say that all free forex signals services are totally worthless, but separating the wheat from the chaff can be time consuming and expensive. It is best to use them on a trial basis only, and even after they have proven themselves to be reliable, never act on them without considering if it is actually a wise action. New traders especially should use them only as a tool, and not as a crutch.
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