Free Forex Trading Signals
Beginner Forex traders mostly searches for trading signals and trading robots. Some times they are paying so much money on this services but never get satisfied. There are couple of reasons why people are not satisfied with a forex robot or a trading signal services.
- It can be because of your capital doesn't fit on the signal provider or trading robot strategy.
- It can be because your forex broker doesn't fit on the strategy either their spreads are not tight enough either their swap commissions are too high.
- Another reason can be you are not using the tools correct.
If you already purchased a trading signal service or a forex robot , before using them with your real money i advice you to test them on strategy tester. ( i will explain you how to do that in another article)
Metatrader 5 is giving you some free trading signal providers, you can see how many signals are successful, what is the weekly growths , how much signal makes profit on the best trade and how much signal loses on the worst trade. You need to check max drop down percentage which means if you have 10.000 USD and drop down percentage is only 5% it will stop the trades when your equity reaches 9500 USD.
Some tips to choose signal provider
- If you are a beginner trader and you are not trading with big capitals try to use drop down max 5% signal providers.
- Try to check Avg holding time, if your avg holding time is more than 12 hrs which means that some of the positions closes day after so you can pay swap commissions.
- Another important factor is how many positions does your trading signals opens, if you don't have enough margin to open that much trades either change the signal provider or add some funds.