With a plethora of Forex trading signals services offering weekly or monthly packages, a subscriber may feel fooled if the number of signals offered in a month is very low or the signals suffer a loss.
So what are the solutions at hand?
What About Guaranteed Profits?
When a subscriber buys signals, instead of putting it on a recurring plan, the person cannot buy the number of pips they want to make from the service.
How does this new solution work?
A subscriber first decides how many pips of profit he wants to earn. Once decided, he / she can choose from the plans offered by the service. Usually, the more pips you buy, the cheaper the cost per pip.
Advantages of this new solution:
One of the advantages of this service is that the subscriber will continue to receive signals from the provider until he earns the number of pip purchased by him.
Indeed, it's like a prepaid SIM card where you can purchase voice a few minutes in advance. Here you buy pips in advance.
Another advantage, if one chooses to discontinue the service, the subscriber can resell the unearned pips. Most signal providers offer this possibility. If you are not offered this option, be very careful.
A very secure way to pay for the service is through paypal. If the signal provider does not provide paypal service, please be very careful because there is no shortage of bad stuff on the internet.
Another very important factor to take into account is the trading style of the signal provider. Some provide scalping trades, for some intraday trades, and for some swing trades. Make sure you first identify the style of trading that you are comfortable with before signing up. If you want swing trading or if you have very little time to trade, you can go for a set and forget about the signals.
In my opinion, swing trading is what to aim for as it makes you rich instead of your broker by minimizing spread costs and over-trading.
Plus, having a set & forget service can bring you peace of mind. As you don't need to be glued to your screen and can only check the market once a day.
So we have discussed it here, keeping in mind the points discussed above and choosing a signals service that guarantees you pips by selling you prepaid pips, you can greatly increase your trading profits.