As volatility hits the markets, more and more ambitious traders enter the market trying their luck in a chance to win big through trading forex. However, as most of them don’t have the time to read or analyze the markets they turn to services or professionals for guidance. This guidance is provided in the form of forex signals or trading alerts.
What Are Forex Signals?
A forex signal by definition is a trading idea or suggestion for placing a trade on a specified currency pair or financial instrument, usually at a specific price point in time. The trading signal is generated either by an experienced trader or financial analyst or a forex robot. Then the signal is distributed by a specified signal provider or service.
Important: Always keep in mind that past performance does not guarantee future performance or guaranteed profits.
How to Find the Best Forex Signals Provider?
To find a good forex signals provider can be tricky, especially with the rise of forex signals scams across the globe. Here are a few things to consider when choosing a forex signals provider:
- Do proper due diligence – Verify the experience of the provider and determine their signals success rate over the past few months.
- Is the provider regulated or audited? – Usually, brokers regulated by top tier institutions and services audited by third parties provide more accurate signals.
- Word of mouth and social proof – See what other traders have to say about the service provider
- Sign up for a free trial – Try the service before committing to a subscription or investing a lot of money
Best Forex Signals Providers in 2020
Here is an overview of the best signals providers you can use in 2020:
- 1000pipbuilder.com – Over 10 years of Trading Experience
- Markets.com – Instant Access to Market Insights
- ForexSignals.com – More Than 83,000 Active Users
- Etoro – The World’s Biggest Social Trading Network
- Autochartist – More than 1,000 Trading Opportunities Every Month
- FXStreet.com – Premium Signal Subscription Service
- MQL5 – Trading Signals and Social Trading on MT5
- ZuluTrade – Copy Trading Signals
- Duplitrade – Automated Trading Made Simple
1000pipbuilder.com – Over 10 years of Trading Experience
1000pipbuilder.com is a premium forex signal provider, founded and operated by Bob James, a skilled forex trader that worked in multiple financial institutions across London. Bob has more than 10 years of trading exerience and is proficient in both fundamental and technical analysis, which helps him identify opportunities where others can’t.
1000pipbuilder.com is based in London, therefore the signals provided are focused on the Asian, US, and European sessions. The service provides signals 24/5 and covers multiple financial instruments, from majors to commodities and indices. Subscribers to the service can receive their signals via email, SMS, or the premium Telegram channel where the signals are posted. The prices are flexible and anyone can join this service for as little as $97 per month.
Is 1000pipbuilder.com safe?
The service is completely transparent with its clients. 1000pipbuilder.com’s trading performance is independently tracked and verified by MyFXBook. This way you can have complete confidence in the signals provided. You should only consider the following Forex signals from traders and providers that offer independently verified performance statistics.
This service is also highly rated by members and has numerous 5-star ratings across the internet from members and expert reviews.
What to expect when you join?
The signals provided by 1000pipBuilder.com are clear and easy to understand. Each signal comes with an entry price, stop loss, and take profit level. A welcome pack is also sent to all new members explaining how the service works when they sign up.
One of the key benefits of this service is that you can contact Bob directly to ask any questions about the signals. This extra support can be invaluable in a service like this.
Overall, 1000pipBuilder.com offers a comprehensive Forex signal service led by a professional trader. The high ratings this service has received speak for themselves and it is clear to see why this is one of the most popular Forex signal services.
Success Rate: Unverified
Markets.com – Instant Access to Market Insights
The signals are easy to use and are a data combination from eleven(11) robust tools and sentiments:
- Daily Analyst Recommendations – Analyst Recommendations show what top-notch analysts think of essential US stocks. It allows traders to search through top Wall Street analysts, filter them by their star rating, and open a position on the biggest stocks of their choice. Every single analyst featured on the tool is measured on accuracy to determine by their Star Rating. The Star Rating is between 0 and 5, with 5 Stars the highest ranking an analyst can have.
- Insider Trades – The Insider Trades tool showcases the increase and decreases in shares holdings for over 36,000 company insiders. This allows traders to make a more informed decision on their positions. It collects, evaluates, and presents the latest transactions made by insiders. The transaction history shows you individual buys and sells, who’s behind the trades, what their role is in the company, and how their trades rank.
- Hedge Funds Investment Confidence – This tool uses data from the SEC to monitor what the stocks hedge funds are buying and selling across the globe to indicate sentiment. It shows whether the popularity of specific stocks with fund managers over the past few quarters. Traders can also see how hedge fund managers are trading a specific stock
- Bloggers Opinions – Bloggers Opinions provides access to the opinions of the top 50,000 financial bloggers. Traders can follow their stock picks and turn their knowledge into actionable trading opportunities. Using state-of-the-art technology, markets.com identify the experts and bloggers that consistently pick the best stocks to outperform the market.
- Trends in Trading – Trader Trends analyses every trade made in the markets.com platforms, in real-time, to provide traders with instant market sentiment. Markets.com clients can see what thousands of other traders are positioned and decide how to trade.
- Real-Time Signals – The tool provides insights on key assets without the user ever leaving the platform. Easy to use and intuitive, Forex Signals is such a simple tool that traders take advantage of it without even realizing they do. The Signals tool combines data from five of our most robust tools. Traders get instant sentiment from all these tools without leaving the dashboard and their charts.
- Related Instruments – Traders can get inspiration for new trades through Related Instruments. Traders can identify which assets are related to each other, diversify their portfolio, or simply get a better understanding of what might be affecting their trades. Related instruments span across all asset classes. For instance, gold is related to many forex pairs, energy assets, and other precious metals.
- Advanced Charting – The advanced charting package allows traders to get a deeper view of their trades and assets. It includes dozens of indicators and oscillators including Forecasting, Long/Short position tracking, Elliott Wave, Fibonacci Retracement, Gann’s, and much more.
- Financial Commentary – A rolling, real-time ticker, that provides information about international developments, central bank statements, and trade updates, through the forexlive.com portal.
- Advanced Alerts – Traders can live the rhythm and pulse of the markets with custom alerts delivered to their phone, email, or on the trading platform. There are five types of alerts they can set, from simple price alerts and reminders to customizable alerts based on other tools.
- Thomson Reuters Stock Report – A downloadable report, provided by Thomson Reuters and available directly through the MarketsX platform. The report is packed with essential information and insight into the stock market. The stock report is a company-specific analysis that includes an average stock rating supported by indicators and key data. Updated daily, it is a robust insight into stocks.
Success Rate: Unverified(source)
ForexSignals.com – More Than 83,000 Active Users
Forexsignals.com is a reputable online community of traders with more than 83,000 users worldwide. The community is run by advanced experts with a collective trading experience of more than 50 years. The service operates an advanced trading room, where traders can interact and test their strategies. To get access to the signals, one must choose a suitable subscription plan. ForexSignals.comwas founded in 2012 by the avid trader Nick McDonald, who was at that time a relatively new trader in the Forex industry. Having noticed a lack of community-based support resources within the industry, he decided to take action and create a platform for fellow traders to share ideas and help each other out.
Success Rate: Unverified as signals come from multiple sources (source)
Etoro – The World’s Biggest Social Trading Network
As Etoro suggest, they have simplified trading by allowing their clients to interact and copy each other through their advanced copy trading platform. As their latest campaign suggests – Trade Like an Eric, Copy Like a Sloth.
Etoro offers Copytrader, one of its most popular feature that allows you to view what real traders are doing in real-time and copy their trading automatically. A useful tool for beginners and experienced traders.
Success Rate: The 50 top copied traders of Etoro for 2019 had a 29.1% yearly profit (source)
Autochartist – More than 1,000 Trading Opportunities Every Month
AutoChartist offers proprietary technology that allows the monitoring of thousands of financial instruments across Forex, Commodities, Indices, Stocks, Futures, and CFDs. This is done on an hourly and daily basis in order to provide timely and accurate trading opportunities within minutes of a pattern formation.
AutoChartist delivers the following:
- 1000+ actionable trade opportunities per month across all financial markets
- Chart patterns, Fibonacci patterns and Key Levels that are identified in real-time
- High-quality trading opportunities that save traders time
- Visual Quality indicators and advanced search function
Success Rate: 70% success rate (source)
FXStreet.com – Premium Signal Subscription Service
FXStreet.com has created a subscription service that provides premium manual forex trading signals to anyone. The FXStreet.com signal service can generate n average of 5 signals per day, depending on market conditions and trading opportunities identified by their analyst team.
The strategies provided work on a few time frames, anything from a minute to a daily timeframe. Therefore their holding times can be considered from short term intraday to long term position trading.
Success Rate: 45% -55% historic win rate(source)
MQL5 – Trading Signals and Social Trading on MT5
MQL5 is the homepage of our beloved Metatrader 5 platform. Metaquotes provides a verified space where all traders can post and share any trading ideas or signals they wish to share with the world.
Forex signals provided by MQL5 divided into the following categories:
- Maximizing profit
- Based on the Reliability of the Provider
- Being Profitable within a month
- Intraday trading
- For under 50 USD budget
- Having good reviews
- Trading with Leverage 1:100
- Using robots or EAs
Success Rate: Unverified as the signals come from multiple sources (source)
ZuluTrade – Copy Trading Signals
Zulutrade is considered one of the largest copy-trading communities in the world. Zulutrade is licensed and regulated in Europe and Japan.
What makes the services unique is that traders can connect any of their current broker accounts and copy any trader within the community. This can be done by paying a small fee(usually 20%) from the profits generated.
Success Rate: Unverified as signals come from multiple sources (source)
Duplitrade – Automated Trading Made Simple
Duplitrade is on a mission to become the world’s leading automated trading platform, by offering a unique trading experience through proven strategy providers. The objective is simple, bring experienced traders and new traders together.
One of the advantages of the service is that all strategy providers are audited regularly and have to prove they know how to trade professionally before providing any signals or strategies.
The drawback of this service is that there is a minimum deposit of 2,000 EUR in order to use the service.
Success Rate: Unverified as there are multiple signal providers (source)
Other Forex Signals Providers
MyFXBook – Automated Trading Forex Community
A Social Trading community that allows traders to trade ideas and copy other traders. The website also offers portfolio management services. Success Rate: Unverified(source)
CMTrading, a leading broker in the Africa region, offers its clients the ability to utilize forex trading signals provided by their team of experts. Signals are provided as a trading tool and are advised to only be used as guidance. Success Rate: Unverified(source)
DDMarkets work on a subscription model and provide 1-4 forex trading signals per day. Their signals cover all financial markets and are usually based on both fundamental and technical analysis. Success Rate: Unverified(source)
Forex Signal Factory
Forex Signal Factory is a global community of traders, with more than 45,000 members. In contrast with other signal provider services, they refer their members to selected brokers and earn a commission from the clients’ successful trades. Success Rate: Unverified (source)
Darwinex is an online broker that enables sophisticated traders to trade the market and investors to back them. Darwinex supports algorithmic trading and therefore copy trading and social trading. Success Rate: Unverified(source)
Learn2Trade is a forex signal provider that offers signal through an exclusive telegram channel. The service covers all major financial markets with 3-5 verified signals per day. The service claims to enable traders to make an avarage of 30%-40% monthly profits. Success Rate: 82% Win Rate(source)
Pips Alerts is a forex signals providers that offer signals through their app or MT4 plugin, through selected traders within its network. The service charges a subscription fee and does not guarantee any results. Success Rate: Unverified(source)
Once a forex affiliate website, fxleaders.com now operates s a forex signal provider on a subscription basis. You can either follow the signals provided by the website directly or utilize the signals through their premium partner, Avatrade. Success Rate: Unverified(source)
Signal Start is a signal provider that charges a fee of only $25/month per account, but also a separate fee on selected premium signals. You can also join the service as a signal provider for a 70% reduced subscription fee and support in generating signals. Success Rate: Unverified(source)
Success Rate: Unverified(source)
Success Rate: Unverified(source)
How to Find the Best Forex Signals?
Using Forex Signals is as simple as riding a bike. Easy to use once you get the hang of it, and not much skill is needed. However, choosing the right signal is essential in making or losing money.
Here are a few things to consider before choosing a signal:
- Time Zone and Time Frame – Before committing to a signal, make sure that the provider is in the same time zone as you. You need to make sure that the signal is relevant and usable by the time you decide to use it.
- Success Rate – Have a look at the historic success rate of the signal provider, to assess whether the source and signal are reliable
- Go through the details– Do your due diligence properly. Low effort signal providers that provide signals with only the entry price and the stop-loss and take-profit levels, should be ignored. A successful trader needs to know why a signal will work and how to use it.
Are Forex Signals Worth Using?
Forex signals are useful for both new and experienced traders.
- New traders can use signals to accelerate the process of learning how to trade, and make money while still practicing and reading on how to properly trade the markets.
- Experienced traders can use forex signals as a guide to new trading strategies, instruments, and styles of trading. In a way, they can get an idea of what is possible to trade, outside of their usual scope of assets.
However, it is essential to note that, in the fast and dynamic foreign exchange market, a trading signal is only as useful if received and used within the specified timeframe. If obtained or used late the opportunity is already gone.
Types of Forex Signals
There are mainly two types of forex signals, manual or automated signals. This classification is based on how the signal is generated. In addition, a signal might be provided for free or through a paid service for a fee or a subscription. Signals can either signal a trader to enter or exit the market.
Manual Forex Signals or Copy Trading
Manual forex signals are usually generated by a person who is deemed a professional analyst or a seasoned trader with multiple trades under his boots.
Automated Forex Signals
Automated signals are usually generated by a software or algorithm that analyses multiple points on market price action.
What do Forex Signals Include?
Forex Signals Include the following elements:
- Signal Status – whether the signal is Active, Get Ready, or Closed. Active signals can be used right away. Get Ready signals, will become active shortly. Closed signals have expired.
- The instrument to be traded – for example EURUSD or Gold
- The direction of the trade – Whether it is a BUY or SELL signal
- The Entry point or price – Where you will enter into the trade
- Stop Loss Level – Where the trade will automatically close if the market goes against you
- Take Profit Level – Where the trade will automatically close once it reaches the desired outcome
- Commentary and Details – explaining the philosophy behind the inception of the particular signal
How To Use the Different Types Of Forex Trading Signals
The proper use of forex signals can maximize the potential profits of a trader. One thing to keep in mind is that most forex signals, use a fixed pip amount. Some of them set limits for up to 50 pips. Using the take-profit and stop-loss orders properly can increase and optimize the potential of forex signals.
How to use the various types of signals and their components:
- Live Signals – Live trading signals are delivered daily and on a high frequency. Such signals are suitable for day trading.
- Premium and Exclusive Signals – High quality paid signals that provide efficiency. Such signals, if purchased, should be used as-is.
- Free Signals – These signals are usually used for promotional purposes. Should only be used as an indication and comparing trading ideas.
- Correlated Instruments – Correlated instruments have usually a signal intended for one of the assets applied to both. This is a great way to gain an advantage in a volatile market
- Take-Profit and Stop-Loss Orders – Essential orders that can prevent disaster and solidify potential profits. However, closing a trade manually can also be beneficial. A trade signal should not be followed blindly. The market has proven to be unpredictable many times.
- Trade Size – Changing your trade size can help gain the expected profit from a signal. Usually, with excess capital, you can solidify your position and avoid a margin call.