There is a lot being said about Accurate Forex Signals provider signals on any forex forum that you check. The two overpowering themes seem to be ‘signals are all scams’ and ‘buy our signals’.
The voice of rationality and reason seems to be missing in all these conversations.
In this piece we are discussing what signals are, what level of accuracy can be expected from them and whether you should use them or not.
What are signals?
Signals are suggestions for entry, stop loss, and take profit levels that are offered by market analysts (and in some cases robots) to traders.
These are based on past data and work on laws of probability.
There is nothing more to it. No one has the insider scoop on where the market is going to go next. The market is mainly regulated and run by the market players. These are all independent entities. Things can go anywhere.
So it is all guesswork. However, when you are subscribed to a good signal provider these guesses will be made by experts who have been in the market for a long time and can analyze it well.
Let’s move on to accurate forex signals now and what makes a service accurate.
Accurate Forex Signals
We have already established that no one knows exactly what’s going to happen. However, the whole signal business would be useless if there was no need for them or they weren’t serving a purpose. As it stands, it is a growing industry. So what are accurate forex signals?
Accuracy in forex signals is when the signals are based on proper research, technical analysis, and analytical expertise of the team generating them.
What you can reasonable expect from a signal service is to offer you informed suggestions. However, you should not take them on their face value completely and believe them without performing analysis yourself.
Should you use signals?
If you are looking to inform your own analysis, yes. If you are planning to rely on them blindly and looking for a way out of performing market analysis yourself, as a day trader, signals will not do much for you.
In fact relying on signals like that would only turn you into a gambler because you are trading blindly.