Forex signals fall into two categories:
1. Those created by computer automation
The most worthwhile Forex signals are created by humans… real traders who are at the top of their game. These are always more useful than signals generated by automation.
It does not matter what system you are using or how the program is modeled. On the other hand, automated Forex signals tend to be even more popular than those created from an investor’s mind.
This is a consequence of people attempting to maximize their income from sales commissions rather than giving advice that is in the very best interest of the trader. And even if programmers update their algorithms to meet the latest trends, there is still no guarantee that the model would be effective five years down the line.
Few if any forex traders do well on the basis of automated signals. With that being said, if you want to acquire a decent Forex signal, you should not worry about automated data. Instead, you need to rely on the information created from human investors. The trader next evaluates the quality of human-generated signals based upon a number of criteria.
1. The signals in question should arrive in real time. An analyst must have access to data as soon as the events it reflects takes place. Someone who is following a real trader’s activities needs to know what the trader did just now, not an hour ago.
2. Do not receive your signals in a “vacuum.” Investors should also give you articles, webinars and other resources for understanding how to use this information. If they do not, they may be expecting you to rely on them for their expertise. This only helps their pocketbook, not you.
3. Consider Auto trading. Auto trading allows you to trade signals without you being at the computer.