First Let Me Explain Auto- Trading

Category: Finance, Currency Trading.

A Forex signal newsletter service is a service that gives you buy/ sell trade signals either intraday, daily or weekly. First let me explain auto- trading.

Some will send the signals live via a chat room, text messaging or, some use emails auto- trade for you. Auto- trading is when the newsletter service has an agreement with a broker to allow them to send a signal to the brokerage and it automatically enters or exits trades for each person signed up for auto- trading. But if the newsletter service has a poor performance record, you can lose your money without even trying. Auto- trading seems like an easy way to make money because you don t have anything to do but set up money allocations of how you want your trades handled during set- up. The other services send trade signals directly to you and you place the order manually. You can determine this simply by checking to see if they have an email address, and phone number, business address. Before you sign up with a newsletter service, ask these 4 questions: What is their credibility?

If they don t post their business address, they should give it to you over the phone. Try sending an email and see how long it takes to answer you. If not, that is a deal breaker. It is imperative in this kind of service to have a quick response time. Are they trading their own signals? Better yet, give the company a phone call and see if you can talk with one of the trading staff and not just an operator or customer service representative. Ask them for proof that they are trading their signals.

Or in the alternative, ask for a detailed transaction report. They can fax you a copy of their brokerage account with personal parts blacked out. Every broker shows details of every trade, so it is a matter of seconds for them to produce this report. Ask for their cancellation policy and procedure. Do they have an easy way to cancel the membership? You will be amazed at how some will make you jump through hoops to cancel.

Some want written notice by a certain day each month or you will be charged for another period. Some insist on a phone call where you then have to deal with a high pressure sales person on the phone trying to talk you out of the cancellation. Do they explain their trading strategy and specifically discuss their reasoning for getting into a trade? At the least, make sure they disclose why they are recommending the trade with the target and stop loss. A good service will provide a short video discussing the trade set up. Review their trading strategy and see if it fits you.

It can either be technical data, like using moving averages and a myriad of other indicators, or fundamental trading, news based trading where they look at the economic data, news reports and political events of the country.

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