Financial trading itself can be quite complicated and challenging and anyone familiar with stock trading knows that well enough. But the world of forex trading can be even more nebulous and test the best of traders.
Trading currency pairs is a tricky affair that draws as much on technical data as it does on analysis of market conditions, geopolitical development and what transpires in other forex exchanges. Without informed advice and recommendations, the chances of losing money while trading forex are quite high.
Is there a way to improve your trading skills and start to make money off the forex market?
This is where the concept of forex signals comes into play. Signals, as the name suggests, are indicators or pointers. In the world of forex, these refer to recommendations based on data, trends and technical analysis. Forex signals, typically, offer traders a suggestion on when to buy or sell a currency pair.
Top Forex Signals Providers in 2023
Here are the top 7 forex trading signal services 2023:
1. Learn 2 Trade
A forex signal provider that provides free and paid subscription, Learn 2 Trade provides detailed information about each opportunity. Every signal comes with an entry price, stop loss target, recommended risk and the risk-reward ratio that can be easily received via Telegram.
Based in the UK, Learn 2 Trade bases its trading signals on proficient traders who have over 15 years of experience in the market. The automated forex signals on all major and minor currency pairs are based on facts ranging from Fibonacci retracement levels, moving averages, current trends and support and resistance levels.
This one is less of a signal provider but no less important for any aspiring or beginner in the world of forex trading. Rather than providing signals, ForexSignals is a comprehensive learning platform that aims to educate with a vast resource that includes interactive sessions, video lessons and other training material.
Given that they have a focus on learning, ForexSignals also provides a community trading room where you can exchange notes and bounce off ideas and strategies with other users. This is particularly useful as the exposure to collective wisdom and experience hones your trading skills for the future.
But the real wealth of their teaching portfolio lies in their selection of seasoned and experienced traders who act as mentors who guide and also standby 24/7 for support and advice. They are also present in the community room with their live streams offering guidance and direction on what approach to take and strategy to adopt for a trade.
They also educate on complex strategies like FX propulsion and swing trading, among others, to enable you to be independent and adept at identifying the right trading opportunities. With their programs that include a working knowledge of key elements like risk management, support and resistance and various trading techniques, the intent is to prepare you for the real trading world out there.
3. 1000pip Builder
Another reputable forex signal provider, 1000pip Builder has more than a decade of experience in the field of trading and in the most challenging market conditions. The 1000pip Builder is one of the best signal trading providers for beginners and offers comprehensive direction to start trading confidently.
Another advantage of this service provider is the personalised attention offered by its owner, Bob James, who is ready to answer any question or give advice. This site offers verified trading results and historical data of all the signal providers through email, Telegram or SMS. Each signal includes information such as entry, stop-loss, and take-profit prices.
4. Forex Signal Factory
Most signal providers have a free or a paid version with a free section. But Forex Signal Factory, a later entrant into the industry, is completely free and offers forecasts based on technicals and fundamentals. This forex signals provider has already made waves with their social media presence and following. Especially suited to beginners who are looking to get good recommendations for free, their frequency is good at over 15 daily signals across the major currency pairs and they boast a success rate of 76%.
A reliable forex trading signal resource for traders using the MetaTrader 4 or 5 trading platforms, MQL5’s signals page enables automatic real-time copying of trading operations from one trading account to another. One can gain access to all MetaTrader users and subscribe to any signal available in their terminals
Very popular, particularly amongst new or inexperienced forex traders, MQL5’s site offers a large number of individual signal providers who are market verified based on their trading performance and results. This includes the ROI, trading frequency, net profit and the maximum drawdown of each trader. It is easy to filter the signal providers using the above-mentioned variables and select the best performing traders.
The services that MQL5 provide include an interface that offers a full-featured technical analysis platform, social trading facility, and an open marketplace for trading services like applications, and hosting services.
The average service price ranges between $20 and $50 per month.
ForexGDP is another popular forex signal provider that has also built a good reputation in the industry. They have both free and paid versions of their services that are based on strategies including news analysis and trend reversals. Their focus on generating qualitative if limited quantity trade alerts have been their trademark. With a fairly lower number of 20 forex signals monthly, they have shown the ability to generate profits up to 1500 pips in a month.
Their free subscription plan is also attractive and includes four signals in a month that can be received via Whatsapp. These signals advice traders on when to enter and exit and, at a profit range of between 90 to 150 pips, are ideal for small and beginning traders. For higher numbers of signals and advanced features and offerings, there are paid plans that have a monthly subscription at $84. These offer between 8 to 12 signals that advice on entry and exit at specific points.
There are additional features like email support and advice on up to 6 additional ideas for trading. With a profit expectation of up to 700 pips, ForexGDP’s Premium and Supreme plans can hold out interest to serious traders.
eToro specialises in copy trading where a trader, instead of taking his own decisions, choose to copy the moves of a much more successful, experienced professional trader.
Their product is programmed to use someone else’s forex exchanges and makes that available to a customer through their software. This technique is proving to be quite popular with the promise of doing a successful transfer of an established trader’s strategies and moves. This direct broker service spares you of the hassle of receiving trading signals and, instead, allows you to research your preferred trader and his best exchanges. It is ideal for those who want to leverage informed decisions without having to be deeply involved with the market.
This can be powerful as the database is large, at more than 12 million users, and the eToro system provides for a search and narrow function for you to take your pick of one who has the best record. Once you input your capital amount and your trader of choice, the output can be better than actual forex signals.
A demo mode allows for a trading session of $100,000 in dummy capital to test the system. Once you have tried it out, all it takes is only $200 to start the real trading.
Trading signal services are grounded in hard data and are the outcome of technical analysis. There is a reassurance of taking an informed decision and not just on instinct.
eToro – Best Social Trading Platform
67% of retail investor accounts lose money when trading CFDs with this provider.