A Forex alert signal is a message sent to you to make you aware of Forex market conditions, allowing you to make timely trading decisions without having to watch the currency markets 24 hours a day. A Forex alert signal will announce that a market signal or indicator has just occurred, is happening, or is about to take place.
The Internet is as full of fraud artists as it is legitimate services. Since you are already entering into a high-risk market with Forex, you probably want to diminish other potential risks. You are responsible for carefully verifying the sites and services offering to help you make money trading money.
Weeding out fraudulent alerts
Before you choose an alert or signal service, check it out on sites that independently review and critique such programs, such as ForexPeaceArmy.com. Independent reviews are not affiliated with a broker or service provider. Look for .org or .edu, rather than .com, .net, or .biz sites. It is difficult for providers to analyze themselves objectively. A broker’s review may also be biased due to conflict of interest. Although not always the case, non-profits and educational institutions may be more likely to provide useful and objective information and advocacy than reviewers having something to gain from promoting one service over another.
When examining reviews, be aware of the authors. Some posts or reports are made in anger or disappointment rather than simple concern for fellow traders. Some traders sustain losses and blame the service or software rather than accept personal responsibility, while other complaints are legitimate. You don’t want to get inflamed with hype. You do want to be aware and reasonable.
When looking for Forex trading alerts and software, set selection guidelines
Know what you want the signal to do for you
Many Forex trade alerts allow you to specify what you want to know and notify you when it occurs. Some programs report on conditions at regular intervals. An example might be to alert day Forex trading users of the market situation for particular currency pairs every 2 hours day or night. Maybe you only want a text when there is a change in the USD/Eur pair. Do you want the alert to say what to trade, when to trade, or make an automated trade for you? Be selective. Requesting alerts for every action in the Forex investment market is redundant. You might as well just watch it.
Forex alert provider years in business
You don’t want unreliable signal providers. Sometimes the newest tool in town is a great one, but sometimes not. Whether it’s a paid or free Forex alert program, if a tool “stands the test of time” it is more likely to have proven results. A new signaling system may have newer technology, but if you can’t tell the information will be accurate, it may be better to use something time tested. Let someone else’s money be the “lab rat.”
Confirm customer service
Finally, be sure that customer service is available and responsive 24/7. The Forex investment market goes non-stop and your signaling provider should do no less. If you receive a Forex trade alert but it appears garbled or the information is superimposed over itself, can you access a representative quickly? Can the representative answer your questions? Make a technical correction? Place your order? Reassure yourself that technical corrections can be made in a timely manner, by polite, competent agents. Confirm that your orders were executed as you requested, accurately and on time.
Remember that your Forex investment trading provider will not immediately suffer the consequences of shoddy service – you will.