MUNCIE, Ind. -- There are many forex signal (http://ifexx.com/) provider websites available online, however the question is whether forex signals will work for you?
Having seen traders fail profitability despite access to the best forex signals, I have compiled reliable tips to explain how to get the best out of forex signals.
- Consistency is key to successful trading using forex signals. You should research your forex signal provider before following them. With trust, you need to follow their strategy and their signals consistently in order to achieve the same future results. If you fall short of time to trade and miss trading signals, pick and choose which trades to enter or if your money management is insufficient due to low equity, your overall trading results will be compromised. Those trades you miss may happen to be profitable ones.
- Risk management is another important element to consider, enabling your account to grow rapidly. You need to establish your goals and ROI expectation in advance as well as understand your risk tolerance when trading forex signals. There is risk associated to every trading signal and it is paramount to calculate your risk and adjust your contract size before engaging a trade. In addition to the knowledge required, software packages such as Excel can ease the calculation process. Risking 1%-2% each trade, remains a common risk methodology in trading currency.
- Read the strategy details carefully for each trading signal package to make sure you have the entire instrument available for trading before you decide which one to sign up for. Check the trading time frame and frequency of trading signals to ensure you have sufficient time for trading. Whether you trade free forex signals, or any other subscription plan, make an informed decision about the package, which suits you best.
- Psychology plays a crucial role in trading. Traders choose to follow forex signals to benefit from the best trading opportunities from experienced and professional traders. The forex market is renowned for regular changes in direction, with good trading days followed by less successful ones. Check your signal provider’s track record and third party verification. This should allow you to manage your emotions and follow instructions from your signal provider.
At iFexx we have worked to develop solutions to trading inconsistencies.
iFexx recently launched the Carpe Diem managed account. This type of managed account is structured with the FXCM broker. You will be directed to link your own account with FXCM to our managed account. Once your account is connected to Carpe Diem we will take care of the money management and real time trade execution. Carpe Diem has demonstrated at least 5% return a month, on any investment value.
Your account will be fully managed by our experts, with what we believe to be one of the best-automated trading strategies in the forex market.
For more info visit our Carpe Diem page.
