A signals service is a great idea, regardless of your skill level as a trader. For beginners, they can be exactly what you need to gain the confidence to start making winning trades, and for a pro, they can act as a moment of clarification when you run into difficulty. Either way, they can help you to become more efficient as a trader and focus your energies in the right places to make more money.
What is a Signals Service?
A signals service is any sort of alert that you receive about an asset that comes with trading advice. They can come as a digest email once in a while, on a regular routine, or on an as needed basis. With newer technology, alerts are evolving, too. You can have services streaming on your computer’s desktop or even as text messages on your phone, depending upon where you are getting them from. It’s best to pick a style that matches your trading, so if you find yourself on the go a lot, a text service will probably be best since then you can just look at your phone when it beeps and go right to your trading site on your smartphone if need be. Signals are about convenience, and being able to trade when it’s best for you is going to help a lot.
Not all Services are Good for You
This should go without saying, but not every service will benefit you. Some are geared toward Forex swing traders. Others are more for pattern day traders within the stockmarket. There are many varieties, so before you purchase or try one out, make sure that you’re going with something that will actually supplement what you will be doing.
Pick What Works
The best part about a signals service is that they are trying to win your business. This means that competitive business is taking place, and that the best service providers will be attempting to provide the best product at a low price. This benefits you since you will now have a better choice of who to go with. First, focus on the type of trading you do. Do you trade stocks? Currencies? How do you trade them? Do you go through the stock market, the Forex market, or the binary options market? If you have a set style of trading in mind–such as hedging or arbitrage trades–you can specify the type of service you want even more. The closer you can find one that mimics your life and routines, the better off your profits will be.
There are a lot of choices out there, so a signals service should not be your first priority. It’s not until you have the details worked out that you should be looking at simplifying things. It’s easy to get ahead of ourselves and focus on just being a profitable trader, but until you’ve started, there’s no point in working out details since those details might not actually benefit you. Your signals service should be an afterthought of sorts, one that is addressed only once everything else is first.
Finding the Best
There are many really good signals services out on the web. Some you have to pay for, some are free. There are also some really bad services, many of which you will still be asked to pay for. Try to find something that’s been around for a while, has a proven track record of helping other people, and can be obtained for a free or cheap trial use. Being able to try something before you buy it is always nice, and in this case it’s even more helpful since you will be potentially risking thousands of dollars with this product. Even a free service can be costly if you lose money on it. Instead of jumping in, take some time and slowly try out what works for you and what has worked for others in the past.