How To Avoid Unreliable Forex Signal Providers And Services

By George Pan

If you have previously paid for a Forex Signals Service that proved to be unreliable or a scam, then you will definitely wish you had found this article earlier. And those of you looking for a Profitable Forex Signal Service, keep reading, because before you can find a profitable service, you must first avoid all the unreliable ones. To do that, you must know all the traps, so that you can avoid them. Read below about some of the common traps and tricks that are being used against you, and how to protect yourself:

1)A Free Trial is your best friend.

Unless you get one, you might be looking for trouble. Things to note: A free trial must be 100% free, not half-price, and not “pay now but get a money-back guarantee”. Also, a free trial must last for at least 30 days, and should include full unlimited access to the Forex Signals service. All the above let you test drive the signals service, and see if it is as good as they claim it is. Bad Signal Providers’ biggest trap: Not offering a completely free trial, or offering one with limited access (so that you can’t really test profitability before you pay), or offering a short free trial like one or two weeks, not enough for test driving the service. Don’t accept any excuse or justification for not being offered a lengthy free trial, it is the most important thing you can do while looking for a profitable Forex signals service.

2) Past performance data on 90% of the Forex Signals Service’s websites is either fake, manipulated, inflated, or plain lies.

Only 10% of the services or less are legitimate and profitable, that’s the sad truth. Also,

NFA (National Futures Association, USA) and other Trading Authorities specifically prohibit their members from publishing Past Performance data, because such an act is by definition misleading and/or deceiving.

You have probably seen the warning “Past performance is not indicative of future results”. Also, Past Performance data is hard to verify even for authorities, for clients it is just impossible. Here is the official link to NFA regulation 2.29b: http://www.nfa.futures.org/nfamanual/NFAManual.aspx?RuleID=RULE%202-29&;Section=4. As you might already know, Forex Signals Services that respect NFA regulations do NOT publish Past Performance data (and that alone can say a lot about the Forex Signals Service/Provider you are evaluating). You might ask, “if I can’t rely on past performance data, then what?”. The answer is simple, read #1 above, about the proper lengthy Free Trials. Bad Signal Providers’ trap: Showing back-tested data instead of real data, showing aggregated monthly, weekly, or generally data that cannot be confirmed, or using various tricks (including variable position sizing) to inflate good trades and deflate bad ones, or one of many other tricks. Bottom line: you can’t trust past performance data no matter how real it seems to be, you must see the future performance in real-time. Protect yourself by demanding your Free Trial, and run away from services that offer minimum pips per month guarantees, or show results like 1500 pips every month etc.

3) SMS alerts

are not bad, but have been used by bad providers for different reasons, including making the service look more professional. The truth is that good profitable Forex signals never need to use SMS alerts for fast trading. If you get notified today for a trade that will happen tomorrow, then what’s the point of receiving an SMS alert and not an email? We have yet to see a profitable signals service that depends on SMS alerts. Don’t be tricked into believing you need SMS alerts, real professional profitable strategies have their entries and stops figured out many hours to days in advance, they are not based on super-fast reactions to the market, and news releases are way too fast to be duplicated by SMS alerts.

Even if your provider is profitable, you might not be.4) There are no “black box” forex signals, “robot” or artificial intelligence signals, magical algorithm or other “mechanical” automated software signals that are profitable and are sold for a subscription fee, remember that.

All profitable signals sold, are the result of human intelligence, experience, and knowledge. Any automated system could be rented for millions to the banks, not be used for selling subscriptions. Legitimate profitable services sell subscriptions that only provide access to human-generated trade setups. Any services that claim they sell any kind of automated signals are there to waste your time and steal your money. But don’t listen to us, go get a free trial and test them, you will see the results for yourself. That is of course IF you can get a free trial, because such services don’t usually offer them. They only offer “cheap” or “half price” trials, or very rarely free ones but with some kind of limited access. No no no. And don’t even bother with those trade-copier systems, they will drain your account faster than any other service. Exception: If they can provide the lengthy 100% Free Trial you need, and they can prove being profitable. I guess then you can use the trade copying software they provide. The only problem is they don’t provide the satisfying free trials you need… guess why.

5) Testimonials? Dozens? Really?

You might want to ask yourself why do they need testimonials? Anyone can fake some testimonials, are they of any value to me? Have you ever noticed that the more testimonials (whether text or video based) you see on a site, the fewer the chances they are offering a completely FREE trial? Good results are hard to get, testimonials (especially fake) are much easier.

6) Don’t fall into the telephone-trap.

Having someone answer a telephone on another continent is not a guarantee of profitability of their forex signals, and of course it does not mean you are dealing with a huge company that owns 7 skyscrapers. Human contact does not offer any of the guarantees you are looking for, they can still claim anything they want, and their signals can be as bad as they can get. Customer support is important, but don’t confuse it with profitability. If you are looking for profitability, make sure to test the service itself. A free trial should include full service and support, meaning you can test two things in one.

7) Google ads and banners on a Signal Service/Provider’s website?

They profit from trading the financial markets, they also sell subscriptions for extra profit, and then they are trying to make an extra $0.03 from advertisements on their website? No, they are only doing the last two things, but obviously not the first one. Your common sense can protect you. And what about those life-time subscriptions for a one-time fee? Be careful, if you provider is offering those, it means they don’t plan on being there for a long time, otherwise they would stick to the monthly or even yearly subscriptions. Not too surprising that these offers can usually be seen on those “ultra-long single-page sales-pitch” websites. They might even offer ridiculous guarantees like “we guarantee more winners than losers”. Just ask yourself, what’s the purpose of having more winners than losers, if the losers are huge, and the winners small? Professional traders would laugh at these guarantees, but new traders might be fooled. But now you know a ton of stuff that will help you avoid unreliable services.

We hope we helped you recognize and avoid fraudulent or unreliable services. The truth is you don’t need a checklist like the one above in order to filter out the bad providers.

All you need is a lengthy FREE trial that respects these simple rules: – 100% FREE Trial (no deposit, just free registration of credit card details, you can’t avoid that, needed in case you decide to keep the service) – At least 30 days (of free trial) – Full service (no limitations during trial) – Full Support (yes, even during trial)

If you can get all the above, then you can take your time to evaluate the signal service, and only pay for it if it can really help you make money. Protect yourself, and use only profitable services.

About the Author: George Pan is the Head Trader at

Advantage Signals Get a Free 30-day Trial of their Forex Signals Service here: Free 30-day Trial Educational material included with every signal: Screenshots of the trade setup, explanations, Supply and Demand Analysis, Professional tricks, and much more with every signal.

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