How to get rich by Forex trading?
This question is one of the most searched queries by desperate novice traders. They think of the Forex market as a shortcut to earning millions overnight. But that’s literally not the case!
Many businesses, mentors, and fraudsters have capitalized on the idea of quickly becoming rich. They promise people that their product or service will make them rich.
No kidding here!
Log on to Google.com and search for ‘Forex tools that will make money,’ and you’ll be surprised with the result lists on your screen.
You will see plenty of different tools like the Forex robot, trading platforms, names of a few brokers, and Forex signals.
In today’s post, we will unveil one of the biggest mysteries that linger in traders’ minds: “Is Overnight Success Guaranteed with Free Forex Signals?”
Keep reading this post to get all your answers about Forex Signals and the success earned by free Forex signals.
(Here’s one free Forex signals provider that claims super winning streaks):
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What Are Forex Trading Signals?
Forex signals are useful information about currency pairs, stop loss price, take profit targets, and entry price.
Forex traders can use this information to devise a strong trading strategy and earn good profit chunks. The Forex signal providers send Forex signals to traders through email, SMS, WhatsApp, or their applications.
The trader can select how he wants to receive Forex signals. For instance, if the trader doesn’t open his email, he can opt to receive signals via WhatsApp or text messages.
Let’s talk about how signal providers create Forex signals.
How Are Forex Signals Created?
Forex signals are short messages that contain important market information. These messages are super simple to understand. A trader can use this information to spot profitable opportunities and earn good bucks.
These trading signals are time sensitive; hence, the trader must quickly put the Forex signals to use. Or else the signals will become invalid after a short time.
Forex signal providers conduct a thorough analysis and study the market movement, price fluctuation, and other external factors to prepare signals. Their extensive market study and research eradicates the need for research for traders.
There are 2 types of Forex signal providers according to the basis of their analysis:
- Fundamental Analyst
Fundamental analysts create Forex signals based on analyzing external factors that can affect the market.
The Forex market is one of the most volatile markets in the world. An important economic, regional, and political news can change the market landscape and influence currency prices.
Fundamental analysts study the country’s political arena, economic condition, central bank policies, inflation, employment rate, etc., to forecast its currency price in the Fx market. Fundamental analysis provides important insights about the price change before important news hits the market or when a major economic or political change is expected.
- Technical Analyst
Technical analysts study the market with the help of technical indicators, charts, resistance levels, price channels, and analysis of other technical approaches.
Conducting technical analysis is mind boggling for Forex traders. It involves complex calculations and analysis of price charts. One of the biggest benefits of Forex signals is that it frees the trader from the need to conduct technical or fundamental analysis.
The trader can benefit from the Forex signals and make informed decisions.
If you are planning to sign up for the Forex signals. Here’s something that you must know:
All Forex signals are not FREE!
But, don’t worry. Many service providers send signals for free to their subscribers. Let’s study the features of paid and free Forex signals.
Premium Forex Signals
Some Forex signals providers charge their subscribers for sharing the market information. These service providers have smart programs to quickly conduct analysis and predict the price movement and overall market climate.
Premium signal providers charge their subscribers between $75 and $200 per month. However, not all premium service providers in the market are reliable. Some are scams and only interested in subscribers’ money. They will present themselves as an authority in the market and even claim that their signals have a high winning rate.
Never sign up and subscribe to premium signals just because they promise you insane profits. Always conduct your proper research, read reviews, and sign up for the trial period before paying the full amount for signals.
The other type of Forex signals that you can rely on are:
Free Forex Signals
Some expert Forex traders and service providers offer their services for free to traders. Their main purpose is to help the traders and build their reputation in the market.
Free Forex signals provide all the basic information about the market. A trader can use this information to identify profitable opportunities.
So, which signals are the best for you? Paid or Free?
Which Forex Signals Are 100% Accurate: Paid or Free?
People believe that FREE things are ineffective, especially in the Forex market. Many newbie traders are attracted to sign up for premium signals after looking at the high winning rates of premium signals.
This situation brings us to a very interesting question:
Are premium Forex signals 100% reliable and always provide accurate information?
The answer is NO. 100% accuracy and the winning rate is impossible in the Forex market. Do you know why?
That’s because Forex is the most volatile trading market. The currency prices are easily affected due to plenty of reasons. Hence, it is impossible to predict the correct situation of the market.
Premium signals can be wrong too. There’s no guarantee that premium signals will provide 100% precise information.
Free Forex signals are the best option if you are a newbie and want to try out Forex signals.
Moving on to the most important question of this post:
Can Forex Signals Make You Rich Overnight?
Imagine a student preparing for his exams. He has books and recorded lectures to prepare. However, his friend lends him notes that can help him quickly revise the syllabus.
Does that mean the student will pass his exams with flying colors because he has the notes?
No, the notes can help him to prepare better. But, there’s no guarantee that he will top the class.
The similar is the case with Forex signals. It can help you identify the profitable situation and devise a strong strategy. However, there’s no surety that it’ll make you Richie rich overnight.
Thus, don’t be fooled by signal providers that trick you into believing you can become the next George Soros by signing up for the signals.
The Bottom Line: Is Overnight Success Guaranteed with Free Forex Signals?
Forex signals are of immense importance to traders. They eradicate the need for time-consuming and complicated market analysis.
However, the information sent by the signals provider doesn’t guarantee 100% success in the market. Hence, do not rely blindly on it. Use your knowledge, past experience, risk factors, etc., before pulling the trigger in the market.