You’ve taken the plunge into Forex, or maybe you’re still getting your feet wet, and you have questions.
“Can I do this?”
“Where do I start?”
“What forex signals services should I use?”
Well, we’ve got your answers. You don’t need to be an astrophysicist or spend hours you don’t have figuring it out. You only need a few minutes to read through our lazy beginner’s guide to get started.
Is Forex New?
You already know what Forex is, but if you need a refresher, it’s Foreign Exchange Trading. Forex, or FX, has been around since 1875 when the gold standard was set.
In a nutshell, the gold standard was governments worldwide guaranteeing the conversion of their currency into a specific amount of gold. Essentially, their currency was backed by gold globally.
After a series of events led to the gold standard failing at the start of World War I, the Allied forces decided to get together and try something new before the end of World War II.
Forty-four nations sent delegates to Bretton Woods, New Hampshire and established a new international monetary system which became known as the Bretton Woods system.
The biggest takeaway was that the U.S. dollar replaced gold as the world’s standard for currency conversion. In fact, it was the only currency backed by gold. This was going well…until it wasn’t.
U.S. gold reserves were so low that the U.S. Treasury didn’t have enough to cover the U.S. dollars in foreign reserves, so President Nixon closed the window in 1971.
Before the Internet, large banks traded Forex on behalf of their clients. Since the advent of the Internet, a market opened for individuals to trade themselves through online services.
What’s a Forex Signal?
A Forex signal is a potential trade sent by signal providers. You choose a Forex signal service and follow it blindly on your trading account. You don’t need a currency converter or any knowledge of the stock market or trading.
That’s why it’s imperative that you choose a Forex signal service wisely.
Best Forex Signals Services to Get You Started
There are two different types of Forex signal providers, free and paid. Some have a combination of both. They offer a limited number of free trades per month and you can sign up for a fee for more.
We’re going to be looking at three of the best free Forex signals services to get you started.
1. Daily Forex
- Offers open and live access to trading rooms
- Provides risk management
- Helpful and knowledgeable staff
- Offers real-time performance chart
- Shows performance results
- Free or monthly subscription starting at $29
- Good for beginners
- Provide market analysis and signals
- Teaches you to understand their decisions so you can choose your own trades
- Choose to receive the signals on their blog or social media
Transparency, access, and analysis of their trades are a snapshot of why these are three great Forex signals services to start with.
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Check us out and start trading more successfully.