Are the Free Forex Signals Accurate? Is it safe to follow?
Lot of Websites offering free forex signals. But why they offer free forex signals without getting anything from you? How is this really possible to give a profitable forex signal for free?
Source for Free Forex Signals
1) Forex Signals Providers 2) Forex Brokers 3) Individual Trader – Referral Marketer First, let’s look out the free forex signals provider.
How to choose Free Forex Signals Provider?
There are lot of forex signals providers who are offering free forex signals. Most of them providing free signals under certain conditions and rules.
1) Get Forex Signals for 100% Free without any conditions (recommended)
2) Get Forex signals after joining their referral program (Not good – they give daily signals to earn more commissions, but you will loss your money at the end)
#1) A Real Forex Signals Provider without any conditions (Recommended)
A real genuine free forex signals providers are difficult to find. because most of them provide signals in exchange with something.
But only very few of the forex signal providers giving free forex signals without any restrictions or requirements.
Sounds Good?
Let’s see…
The Real forex signals providers are the one who wants to help you in making profits without expecting anything from you.
1) Forex Signals will be given to you with technical chart analysis to follow their trading signals with confident. It really helps you to make money and to improve your trading skills due to their expert chart analysis.
2) They don’t give more signals daily. Good signal providers always focus on providing the signals only at best trade setup. If there’s no good opportunities, they don’t send any signals. This is the discipline of the Experienced Signal Provider.
3) They care about your trading behavior and always give you guidance for trading safe with care. For example : if this signal provider sends you signal, they will inform you the technical reason, why the signal is moving up or down and they recommend you to move the stop loss price to entry price for safe trading. This proves that, they always care about your trading account.
4) They don’t send you forex signals at fixed time. Why? Because forex market don’t make moves depend on particular time. Even if you look out the UK or US market opening time, the market would be filled up with buyers or sellers. but it doesn’t give same type of fast movement every day. Example : ForexGDP signal provider says “The reason why we don’t have fixed time for giving signals to our members is : No one in this forex market can’t find the good opportunity trade at fixed time. because, good opportunities in the market arrives depend on the market situation not depend on the specific time. I hope you know about this true fact. We believe Quality of Trade signal is more important than Quantity of Trade signal. Don’t Trade Forex market all the time, trade only at good opportunities available in the market. Please Be patience and Trade with care” This is the real truth about the nature of forex market. The good trade opportunities arrive anytime in this 24/5 forex market. However, ForexGDP signals have 30 minutes to 6 hours time to execute the trade.
5) Good Quality forex signals are sent with strong technical reasons behind it. They focus on Good Quality trade setup instead of quantity. Instead of giving more daily forex signals, the signals are given to you only depend on the good quality trade setups. You can believe them because of their technical chart analysis and professional trade reasons for buying or selling in the market.
6) Profits are reliable due to their accurate forex signals given at good trading setup. They share the experiences and their trading strategies to help you grow your skills and knowledge in forex trading. Only few of the real free forex signals provider available in the market. 1) Forex GDP 2) Baby Pips
#2) Get Free signals by joining in their referral link of broker
1) Most of the Free Forex signals providers will recommend or push you to join under their brokerage referral link.
Example : They have a list of forex brokers as a recommended brokers. If you join with any of those brokers, the signal provider will earn commissions. Because the forex broker and this signal provider have a referral dealing.
– Not really free, because you are registering with their recommended broker.
2) Signal provider earn commissions from each and every trade that you take on your trading account. Whether you make or loss money using their forex signals, it doesn’t matter. they always keep earning commissions from your profit and loss trades.
3) You will stop receiving forex signals, if you don’t trade enough volume for achieving their commissions target. Let’s say an example: If the signal provider is earning 5$ from your 1 standard lot trade. if you trade small, they earn only small commissions. They recommend you to trade always by giving daily forex signals.
4) Daily forex signals provider sends you 5 to 20 signals per day. They push you to trade more by giving more signals to you. Because, they want to make referral commissions from each and every trade you take on your account.
5) Poor Losing Signals are given by daily forex signals provider. because they focus on giving more Quantity of trades to earn referral trade commissions from you. They never focus on providing good quality trade signals.
6) Please stay away from Daily forex signals provider who gives free signals in exchange with joining in their recommended broker through their referral link. Because they focus on Quantity, not on Quality. So, they provide poor bad signals. You will loss money anyway at the end by following these kind of daily forex signal providers.
Forex Signals by Forex Brokers (Be Careful !)
Free forex signals are offered by the forex brokers with a lot of technical indication where the users really feel difficult to understand unless he is a professional trader with Financial degree.
Forex brokers main job is to provide brokerage service for the retail forex traders not the signals or analysis. This is one of the main reason, Most of the forex brokers don’t have good quality or accuracy in their forex signals or trade analysis. Because their main job is brokerage, not a forex signal.
Forex broker Trading Signals are neither reliable nor accurate.
The main reason is, forex brokers make money from how many trades you do on your trading account.
If you do trading daily on your forex account, the forex brokerage company will earn their commissions daily. If you do weekly one or two trade, they can’t make enough commissions from you. So, they try to push or compel you to trade more by their inaccurate daily forex signals.
So, how do forex brokers earn money from traders?
The only answer is “If Traders trade more, brokers earn more money”.
If you want to be a successful forex trader, you should never trade more.
WHAT?!
Yes, you should never trade more on your trading account.
WHY?
Because, you will loss more money at the end by doing over trade on your forex account.
Forex Broker compel you to trade more for Earning Commissions. Beware !
Oh my god! is it really true?
Yes, of course it’s hard truth that all the forex brokers hide from you.
If you trade more, the forex broker will earn more. No matter, whether you make money or loss all your money!
Here is the tricks they use for making loss on your account:
After you registering with forex brokers, A customer representative or a personal account manager will call you on phone about how nice the broker can help you for making money in the forex market.
You feel so proud that you got a good broker that really help you to make money! But the truth is opposite! They are here to guide you how to loss all your money until they achieve enough commissions from you.
Conversation between Forex Broker and New User
– Crazy Mistakes made by the New Traders
Here’s the conversation example between forex broker and new user. Let’s assume new user as “Henry”
Broker: Hello my name is Lucy. I’m here to assist you regarding forex trading account!
New user (Henry) : ok, i’m new to forex. what i need to know for making money?
Broker: Ah, well you can make money by placing buy or sell orders in the market. let me teach you how to place buy or sell trade in your account.
Henry: oh! that’s great.
Broker: Open your trading terminal. Click on New order. Select the asset you want to buy or sell.
Henry: ok, i have opened and selected the first asset “EURUSD”
Broker: Sir, now you just need to simply click on “Buy” or “Sell” order button.
Henry: Well, i really don’t know whether market will move up or down?
Broker: No worries sir, you can place one sample order for now to test how it works.
Henry: ok, I clicked “Buy” order button for EURUSD.
Broker: Good sir, you done it right. Now you can see the trade in profit. it running around +38$ profit.
Henry: Where? Where i can see my profit? please tell me.
Broker: Sir, please look out the trade tab in the bottom of your terminal. click on that to see your open trades.
Henry: Oh yeah ! wow! I could see $38 profit now. Can i close it now?
Broker: Yes sir. you can close this trade happily!
Henry: i closed it now with +40$ profit.
Broker: Wow, that’s great sir. You are doing the trade very well.
(This is the situation where the new users starts to believe themselves, they are the best trader in the world)
New Trader Starts to love forex broker
Henry: Thank you so much Lucy. I will trade with your broker. I love it.
Broker: Good sir. If you like to earn more money, you can make some higher deposits on your trading account.
Henry: Sure, I’m ready to invest more.
Broker: Congratulations for taking the smart decisions. We have 3 types of forex accounts.
For depositing more than 1000 USD, you can will get low spread on the Standard account.
Above 5000 USD deposit, you will get “PRO account” which has raw spread.
If you deposit above 10,000 USD, you will get “VIP account” with the best spread without commissions and our personal account manager for assisting you anytime like now.
New Trader thinking about depositing more to his forex broker
Henry: Hmmm.. I like your assistant. I will deposit 10,000 USD. but i want you as my trading assistant. is that possible?
Broker: Sure sir. First you can deposit and upgrade your account to VIP.
…..After 2 days, Henry deposits 10,000 USD to his trading account.
Henry: Hello Lucy, i have upgraded to VIP account. please guide me now to make profit on account.
Broker: Hello Lucy is not here, Her work shift is over. You can contact her by tomorrow by this time.
Henry: Oh ok, thank you. i will keep doing trading on my own until Lucy comes.
Broker: Thank you Henry! Appreciate your patience.
Trader getting Over Confident by doing Over Trading.
Henry: Let’s place buy EURUSD trade again as it gave me good profit on that day.
Henry placed a buy trade made 400$ profit, next again EURUSD looks like moving up. He placed another trade with high lot 5 lots during the economic news release.
EURUSD went up 50 pips, he made 2500$ profit in 1 hour.
He got overconfident on his trading. because, he made 2900$ profit within 2 hours of opening his account.
Henry again placing 10 lots on his account, now EURUSD starts to crash down for correction. HENRY LOOKING HIS ACCOUNT WITH HIS BIG OPENED EYES.
Within next 3 hours, EURUSD market fall 150 pips due to worst news on EUR.
Lost 10,000 USD in single day
Henry LOST EVERYTHING in a Single day!
Lost all his 10,000 USD + 2900 USD profit within 24 hours of opening an account with Bad forex broker.
Now, Henry cries…Oh i lost all my money in 24 hours. please, how can i recover this 10,000???
He didn’t even sleep on that night.
Continue on next day___________
Next Day, He contact the forex broker again and talked with Lucy.
Lucy said, Oh please don’t trade like this sir. You should open and close the trade within few minutes for making profits faster. If you do like this, you will not loss all your money in single trade.
Henry: Oh ok, i got it lucy. So, i want to place buy trade and if it comes in profit i can close the trade to book my profit right?
Lucy: Yes sir, that’s right.
Henry: Thank you Lucy. I will trade now.
Lucy: You are welcome 🙂
Henry starts now to do scalping by placing buy order, sell order more.
Main formula for Dealing Desk Broker
Trader (your) Loss = Forex Brokers Profit
Lucy watching his trades, and feeling inside “Wow, we are making nice commissions from his continuous trading”. My boss going to increase my salary on this month soon.
Henry keep doing overtrade and he lost again all his money.
He mailed to his personal account manager “Lucy”. Hey lucy, i need your guidance for trading. do you provide any forex trading signals or tips to me for trading successfully?
Lucy replied: Yes, our forex broker offer free VVIP forex signals to all High Net Worth Clients. If you have funded your account over 25,000 USD. you will get 100% accurate VVIP private forex signals specially from our trade experts.
New Trader trying to recover the loss
Henry: Is it possible for me to recover my loss using your forex signals? Lucy: Yes, it’s possible if you became VVIP account holder with our forex broker.
Henry: ok Lucy, I believe you this time. I don’t want to loss money by trading myself. I want to recover my loss soon. I will deposit 25,000 next week as i need sometime to arrange it.
Lucy: Perfect sir. we are excited to see you soon as VVIP account holder.
Henry deposited 25,000 USD and started to receive forex signals from forex broker.
Henry: I’m going to recover my money soon and then i will double my account next. I’m very excited to make profits.
Broker Signals: Hello Henry!
Buy USD/JPY at 110.xx (No Stop loss)
Accumulate USD/JPY as it crosses the moving average.
Henry: Bought at 1 lot to see how the market works. Well, that trade goes in profit and made 1000$ in 2 days. He didn’t take any new trades, as he is little afraid of doing over trading.
Henry eagerly waited for new signal after closing his trade.
Broker Signals: Sell GBPJPY at xxx.xxx
Henry: Well, i made 1000$ profit in previous signal using 1 lot. Now this time, if i place 10 lot, i will recover my 10,000 USD back easier. hu hu…
A big trade without stop loss
Henry placed 10 lot sell on GBPJPY without stop loss. because stop loss not given by the broker signal.
it’s late night for henry, so he went to sleep believing this forex signal provided by the broker.
He got a dream on his bed like “he recovered his 10,000 USD loss and he made 100,000$ profit, he’s driving an expensive car”. he feel amazed in his dream.
Henry enjoyed his dream. suddenly, he got alarm sound.
Wake up!
It’s morning, His wife said.
He is eagerly switching on his Laptop for seeing his trading account.
He opening his trading terminal with his dream thoughts, account status loading…..
Boom….His account balance is ZERO.
Henry was shocked!
OH MY GOD! WHAT HAPPENED TO MY ACCOUNT!
There’s no balance in my trading account.
He going to “history” tab, his 10 lot trade closed with loss of 26,000 USD.
GBPJPY market shooted up due to positive GDP news of Britain.
He watched his chart, market booming up.
Henry Frustrated!
Told himself, What the hell happened !
Henry head got rotated, he can’t believe himself seeing his all 26,000 LOST on GBPJPY trade.
He called the broker and scolded up with bad words…He mailed lucy,.. you cheated me and you made me big loss…I don’t trade forex market again.
The main reason, he lost is, he never know how to trade using the Stop loss and take profit. He learn nothing in forex trading. but, he try to make more money with his greediness.
Henry got addicted in trading by remaining only his profits trades again and again, so he motivates himself to trade more to earn more. He keep doing trading day and night, lost his house, car, wife, everything in his life. Nothing left.
Do you want to be like Henry?
NO..NO…NO right?
Don’t make your brokers rich by doing over trade. Over trading makes you poor, but helps broker to get rich by your trade commissions.
Please Don’t trade all the time, trade only at best trade setup.
It is better to do nothing, instead of taking wrong trades.
If you want to receive free forex signals with technical chart analysis, Try this Free signals now.
Individual Trader Act as Introducing Broker (IB) using Referral program
Individual traders who are trading themselves or managing other people funds are mostly using this referral program to earn hidden commissions from their friends and trading clients.
An individual who try to provide signal also recommend his clients to join under his IB link for earning commissions from their clients indirectly.
If you are trading for a year, you may heard the word “IB commissions”. Which is simply known as “Referral commissions” given by the forex brokers.
IB means Introducing Broker. A person who introduce traders to the broker is known as IB.
Introducing broker is a partnership deal between the forex broker and the referral marketer.
IB introduce trading clients to the forex broker. There are certain types of referral commissions given by forex brokers.
1) CPA (Cost Per Acquisition) 2) Revenue Share (Spread commission) 3) Hybrid (The hybrid commission is a combination of the CPA and the rebate system.)
You need to be very careful dealing with the individual trader who tries to make commissions from your trade. Because, Same like forex broker, they also want you to trade more to earn more commissions for themselves.
This results mostly in loss of all your money.
Please beware of it!
Hope you are very clear now regarding how to choose the best free forex signals.
A final key notes for choosing free forex signals
Instead of looking for free forex signals, keep learning about the forex market yourself as much as possible. Use signal service only if you don’t have time to learn or identify the good trade setup. if you can’t control your emotions on your own trading then join with any best real forex signal providers.
Please Don’t trade all the time, trade forex only at best trade setup.
It is better to do nothing, instead of taking wrong trades.
We are here to help you for taking the trades only at best trade setup.
Check live Free forex signals now. To increase your trading profits, read this below topics: Forex Trading Complete Guide How to trade profitably using Chart Patterns? Low risk, High reward trading strategies How to get rich trading forex market? Best Forex Brokers Most predictable Currency Markets If you want to learn more successful trading techniques with free mentorship support, you can purchase the forex trading video course. Thank you.