Nowadays, you can find a huge number of sites and articles that provide various information directly or indirectly related to the analysis of the situation on the international Forex currency market. Most of them contain technical Forex analyses and trading signals for various currencies of the world.
However, not all of them really work and differ in quality, so in this article, we will learn how and where to find truthful Forex trade analysis, forecasts, and trading signals of the Forex market.
In fact, you can find high-quality analytical reviews on the Forex market in various places. But to make sure of the quality of the submitted materials, you will either have to experience the consequences of decisions made based on the studied analytics, or pre-track the percentage of fulfilled forecasts for the authors of publications. Or, you can initially refer to analytical articles on time-tested resources.
However, we will still define the types of technical analyses. There are 4 types of forecasts in terms of the availability of analytics:
Paid analytics are mainly supplied by independent expert agencies that are not biased by any specific interests in the field of Forex trading. Undoubtedly, such analytical reviews are of high quality and are compiled by a team of professionals.
There is also free analytics. There is nothing wrong with this, and such analytics can also be very valuable. Another thing is free analytics, the authorship of which is unknown or doubtful. It is better not to trust such resources.
Basically, any Forex daily analysis can be reliable, so the factor of user reviews and reputation is always important in the evaluation of analytics.
Proven sources in the short and medium-term (from a week to a month) use the following methods and techniques:
- Japanese candles;
- Ichimoku and Williams indicators;
- Murray levels;
- Elliott wave theory
Poor-quality forecasts and analyses are often performed simply at the expense of the author’s imagination; thus, we deduce the second criterion: technical validity. Before entrusting your deposit to the advice of certain analysts, make sure that they use coherent strategies in their forex market analysis.
Now let us move on to Forex signals.
What is the essence of forex signals?
Anyone can use forex signals, you do not need to have any experience for this; however, it is still worth understanding how these signals work, because we are talking about the risk of our own capital.
In this section, we will reveal some of the main points.
First of all, let us figure out where the information for signal formation is obtained from. On which platforms the data is analyzed manually, however, the best forex signal providers have special automated technologies.
We are talking about algorithms that analyze the market around the clock based on various indicators and historical data.
Such technologies, as a rule, rely on artificial intelligence. It automates not only the process of searching for options for trading but also, if a suitable option occurs, notifying users.
The forex market works around the clock and is extremely volatile, so you need to act according to a particular forex signal very quickly, and the providers of such signals send alerts in real-time, at the moment when an option for trading arises.
The leading provider of forex signals sends alerts to Telegram, which guarantees timely receipt of information to any smartphone user, and also allows discussing this or that option with other subscribers, creating the effect of a forum or community.
Some providers send signals by email, and although they also do it in real-time, it is no longer so effective, besides, it will not be possible to discuss the option with other users.
What does a forex trading signal look like?
The signal should at least include the rate at which the transaction is concluded, the closing rate of the transaction, and the expected values of stop loss and take profit. A typical trading signal contains the following information:
- Entry rate
After opening trade on the signal, you do not need to do anything else: the order will be closed automatically either by stop loss or take profit.
How to choose high-quality Forex signals
There are hundreds, or even thousands, of signal providers, and although almost all claim a high percentage of successful transactions, few people can really provide this percentage; thus, choosing a signal provider is a difficult and very important task.
If you are going to look for a signal provider yourself, and not just choose one of those that we recommend, you should study the issue very carefully so as not to run into scammers. The key points that you should definitely pay attention to are listed below:
- The percentage of successful transactions. The most important figure is the percentage of transactions that made a profit on the signals of this particular supplier. So, if this figure is 89%, it means that 89 transactions out of 100 are profitable, and 11 out of 100 are unprofitable.
- Payment. Forex signals are rarely free because suppliers earn money on their signals and spend their own time and effort on developing algorithms and other systems. The fee is usually charged monthly, in the form of a subscription. A small subscription cost should not become your priority in any case: the provider may request a very small fee, for example, $5 per month, but the question is how high-quality the signals themselves will be then. On the other hand, a subscription of $100 may scare off a potential client, but if the signals turn out to be reliable, then it will not be difficult to return these $100 due to successful transactions.
At the same time, an important aspect remains the transparency of the service’s pricing policy and the ability to cancel a subscription at any time, which will give you a certain freedom of choice.
- Free trial period and money-back guarantee. As we have already said, the declared percentage of winning trades must be checked somehow. The easiest way to do this is on a demo account with a forex broker, because this way you will at least not lose your own capital if the signal service turns out to be unreliable; however, the amount that you paid to the service itself, you will still not return. It is in such cases that it becomes clear how important it is to have a free trial period or a refund guarantee. For example, some brokers provide an opportunity to return the money within 30 days without explaining the reasons.
So, we have determined the parameters by which you can accurately select high-quality and truthful Forex chart analysis and trading signals. All these criteria are strictly observed on IndexaCo: https://indexaco.com/analysts.
The site offers both paid and free daily forex technical analysis and trading signals. Each of them can be filtered in the function menu at the top and select the most appropriate option. Join IndexaCo to follow the market together!