How to Identify a Good Forex Signal Service

Topics: Service, Business models, Service system Pages: 2 (583 words) Published: September 11, 2008
A forex signal service sends trade signals (an alert to place a trade) to paying subscribers. The idea is to avoid losing money unnecessarily by having access to trade signals generated by market professionals, such as brokers and analysts. Forex signal service subscribers are people who want to make trades but do not have the time or proper information for identifying a good trade and when to make the trade. The difficult part about subscribing to a forex signaling service is knowing which provider is best for one’s purposes. There are more services listed online than one could ever have the time to look at or try out, but it is still important to visit a service’s website to see what the provider has to say for itself. If the provider makes outrageous claims, especially promises that the subscriber’s cost will be small, keep looking. Studying reviews of providers provided by forex trading clearinghouses might be helpful. One feature to look for in reviews is a record of good service. A potential subscriber should put a forex signal provider’s customer service to the test. This can be done by calling, emailing or sending a letter to the firm and monitoring how long it takes for the provider to respond. The quality of the response and the subscriber’s interaction with the provider should be evaluated as well. Is the service prompt, courteous and helpful? If these basic qualities are present then the provider should stay on the list of potentials. Another item to look at in a forex signal service is profit record. Obviously if the provider is not making money, then it will not be able to help anyone else make place trades to make money either! Providers may disclose or offer their records as proof, but it would be better if a subscriber could locate profit records generated by other sources such as past subscribers or income reports on his or her own, and then decide accordingly. Subscribers must note the pattern and timing of a signal service provider’s trades...
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