How to Avoid Bad Forex Signals Services and Providers
Please read this article very carefully, it can save you a lot of trouble, and wasted money. Whether you have previously subscribed to any forex signal services or not, especially if you have not, there are many things that you should be aware of. This article is an effort to educate you about the real dangers and traps related to subscribing to ANY signals-service. Never forget that, if you subscribe to untrustworthy or unreliable services, using the signals might cost you much more than the subscription itself. forex signal services And don’t be fooled by false performance reports, or artificially inflated results. Many tricks have been used by unreliable websites to lure people into subscribing to questionable services. Please read below about some of the common traps and tricks that are being used against you, so that you can then use your common sense and reason to recognise and avoid them.
1) ALWAYS demand a FREE trial. If a signals-provider does NOT offer a COMPLETELY FREE trial of their service, that’s a big red flag right there. Let us explain why, in detail. If a signals-provider is trustworthy, and offers reliable and profitable signals (for any price), then the best thing they can do for themselves is to offer a limited-time FREE-subscription to everyone, so that when customers try the service and actually make money, the customers then become monthly subscribers for years (wouldn’t you do the same?) On the other hand, why would a forex signals-provider NOT offer you a limited-time free subscription? Don’t they want to make you a subscriber after all? The simple answer is that they can’t give you the opportunity to test their service for free, because you will probably realise it is an untrustworthy service long before the free trial ends, and you will not pay the subscription. Most of their subscribers are victims that paid a subscription only to find out that they are better off rolling dice than following those signals. That means customers eventually end their subscriptions, but the websites have already made some profit, because you had to pay them in order to test them. Never fall into this trap, ever. And a final note about this: when we say FREE subscription, we do NOT mean those “PAY us now, but get a 30-day (imaginary) money-back guarantee” offers. That’s NOT free. And half-price trials are not the same as free trials, because you still pay a considerable amount for a service you can’t test otherwise. A true free trial subscription is one that requires no money at all, for AT LEAST A MONTH of FULL service, because very short free trials (like one or two weeks) will not give you enough time to test the service sufficiently, and you will then have to pay to continue testing. Final words: DEMAND A FREE TRIAL SUBSCRIPTION FOR AT LEAST 30 DAYS, and take your time to decide if the service is good enough for you. Don’t accept any excuse or justification for not being offered a lengthy free trial, that’s your life vest. Every day more and more clever excuses are being made up to not offer a free trial, don’t fall for any of them. This is so important that you will see it mentioned a lot below too
2) Never rely on past-performance results shown on websites. Anyone can post any results, or use hidden tricks to inflate the results in case those are being checked by subscribers. It might actually be better to not even look at those as they are probably either false or inflated. We have found results that range from obvious lies to huge exaggerations, to inflated results, to unverifiable results, even to hypothetical and/or backtested-only results, all being presented as real, profitable signal results. Relying on any of those is much worse than relying on absolutely nothing. Don’t forget the examples of signal-providers that closed their websites when their past performance was proven to be completely false. But these extreme cases are less dangerous (because they are more obvious) and can easily be avoided by most people. The real danger arises from believing well-disguised inflated results, results that could be real but are not. Many tricks have been used in the past, and are still being used to make false results appear real, or to make bad results appear good. One of many examples: we would never trust a service that offers a few signals for an amount A, more signals for a higher amount B, and maybe even more for an even higher amount C (especially without free trial). You might ask, why? The trick is well hidden: First, no matter which subscription you choose, they can claim much better results on their website than those you had, because you have not subscribed to all signals. That will make you wonder, maybe i need to pay even more for more signals, because otherwise I seem to get the low quality ones, or maybe I need both or all subscriptions to get those “fantastic” results. By the time you realise you chose a rogue provider, it is too late. And you will not even have proof of anything. And to make it worse, your actual cost might not be limited to the subscription if you have trusted the forex signals and took the trades. Other tricks include showing aggregated results like weekly profits or monthly profits, and not showing trade by trade results with screenshots and every detail. Or to publish results of real trades, but multiply pips by a position size that is not known in advance (thus being able to inflate the random good trades) and report inflated profits and deflated loses. There were cases of websites selling inflated results (promising forex signals) to unsuspected clients for years. Final words: No matter how real the past performance looks like on some website, it can be partially or completely faked, altered and/or inflated using one of many tricks. If you hear anything about months with average 1500+ pips profit, 15.000 pips per year, 500 pip per month guarantees “or your money back”, or anything about no drawdowns or no negative months at all, run way as fast as you can. Never forget your life vest: Free trial for at least 30 days, or no deal. You must be able to see for yourself if the nice numbers on the website are even close to being real, before you pay the cost of a subscription.