Trader needs to check following vital factors before subscribing a signals service:
- Good Structure: Signal must be well structural format well structural signals must have well defined entry price, stop loss and take profit price that is helpful in terms of money management and to growth account inchmeal.
- Details On Performance: Performance of all signals should be neat and clean that state in performance page every factors such as Entry point, Stop loss and Take profit so that before subscribing trader can look all factor to decide whether it is profitable and suitable for his or not. Performance should be updated timely scheme.
- Unrealistic Profit: Avoid signal from that provider who show +5 pips, +7 pips profit from a trade. Such kinds of profit are unrealistic and can’t be countable because of broker spread and slippage. Such type of signal can be Robot/EA generated and can’t be reliable.
- Random Signal: Many signal providers send signal randomly, indiscriminately, and without any clear methodology. This type of signal may be by EA/Robot generated or not well analyzed. This quality of signal only for the shake of providing signal not for clients benefit.
- Signal Timing: All of us have our personal life. We can’t give whole time in front of Computer and looking for signal from his provider. Signal sending period should be defined. So that trader can be prepared at that time to enter a trade.
- Trade Monitoring: At the time of trade running signals provider should update trade status and concern about market situation since Forex market moves on news and fundamental issues. Depending on condition we should manage the running trades accordingly.
- Monthly Target fulfillment: Signal provider should have a monthly promise that they should fulfill the target accordingly.