Author Bio

Not everybody can – or would want to – sit in front of a computer all day, so it’s nice to be able to subscribe to a Forex Signal Service and get emails or text messages when trading opportunities arise.  For example, here’s a message I got last week from the SpotEuro Signal Service.  It came about an hour before the Australian Consumer Price Index announcement with a specific direction on the AUD/USD.

I took the short position around 7:30 that night and despite the temptation to reverse myself when things went a little bit the other way, I let the strategy run its course over night and exited the next morning for a tidy profit of over 40 pips.  Alex at SpotEuro would be the first to remind you that not every signal will pan out and not every trade will go your way, but you can see the chart for this one below, and you can befriend me on Currensee and see all my trades.

Earlier in January, I picked up an overnight signal on the USD/CHF – not a pair I usually trade – and even though I got in several hours late, the trade was still good for 57 pips.  Another time, an overnight signal on the USD/CAD turned out to be worth 11 pips while I slept.  Trading while you sleep is a good way to stick with your strategy, but it’s not for the nervous scalpers among us.

It’s important when selecting a signal service to find one that fits your trading style.  If it’s a poor fit – too many or too few trades, too much or too little risk, the wrong trading session – you’ll find yourself second-guessing the signals, which is stressful at best.

If you want to learn more about SpotEuro, you can tune in to tomorrow’s Non-Farm Payrolls Webinar for free, and Currensee members can subscribe to the SpotEuro Signal Service or the new Live! Trading Room and News! Trading Sessions services for as little as 25 Currensee bucks for the first month.

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Be sure to read the full risk disclosure before trading Forex.  Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.

Author Bio

A big trend right now in the industry is automated Forex trading of signal providers. Most of the Forex brokers today offer their own proprietary solutions and there are various independent providers like Zulutrade, collective2 and others that offer the ability to automatically execute signals.

I’ve spent some time over the past few months looking at these automated trading solutions and, as a trader I have to tell you, I don’t see how anyone will be able to make money with these platforms, as the lack of transparency and accountability is astonishing. I’ve looked at a few leading signal providers and they trade without stops, keep losing positions open forever and hide poor performing months under different names. Also, the lack of properly presented performance information makes it impossible for the educated investor to reach an informed conclusion that will make him money.

The main problems these platforms have, are that they 1) rely on trading signals that are executed in demo accounts and 2) don’t rely on a specific trader that manages real money. In these scenarios, replicating a signal lacks the most important components of trading, which are money and risk management and trading on a demo account versus a real account. This simulated trading style relieves the trader from worrying about his losing positions as it’s not real money anyway and the market will eventually turn around.

We see a change in this market of traders following with the launch of Covestor’s and Kaching’s new services. Here at Currensee, we’re working on an innovative way to give our members the ability to follow real trades made by real people with real names and real performance using a real Forex trading account. We call it full transparency and are seeding this change and will be the first company to offer such capabilities in the Forex space.

If you are a consistently good trader and you are interested in learning more about how you might participate in this new service, we’d love to hear from you!

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Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.