Free Forex Signals

Using the Metatrader Expert Advisor to Generate Free Forex Signals

An increasingly popular method of trading forex today is through the ever popular Metatrader platform.  The vast majority of forex brokers offer this as an option for forex traders, and as a result, it is the platform of choice for many novice forex traders to ‘cut their teeth on’ so to speak.

One of the great attractions of the Metatrader platform is the ability to program specific trading systems through their own programming language, known as an ‘Expert Adviser’.  These Expert Advisers, or ‘EAs’ as they are known, enable a trader to input a number of different variables for a trading strategy they want to test out, and the EA will automatically run a backtest and tell you if it is profitable or not.

For example, if you were looking at your charts, and after doing a quick visual backtest, you suspected that a good signal happened when the 5 period moving average crossed the 21 period moving average, but only if the CCI indicator was showing above 50, then you could test this out by inputting these variables into the Expert Adviser module within the Metatrader platform.  You could then test this out on different timeframes, on different currency pairs – you could even tell the  EA to only  take trades within certain times  of the day – perhaps only during the European and New York trading sessions, when volatility tends to be highest.

Then, when you already have your Expert Adviser, and are comfortable that it produces a profitable forex signal, you can program it so that it runs automatically – in other words, it takes trades through your brokerage account whilst you are at work , whilst you are out, even whilst you are sleeping!

Of course, it is highly recommended to test each EA out first on a demo account, to ensure that it works well in real life trading situations, as opposed to just a backtesting situation.  That said, however, the advent of the EA has created many full time forex traders who had nerver before stepped inside the trading floor of a large bank or hedge fund – all it takes is patience, and a lot of hard work in front of a computer to find that all elusive trading system!

Welcome to the Best Free Forex Signals!

Welcome to Free Forex Signals.  This is my website dedicated to finding the best free forex signals on the internet today.  Today there are lots of websites which are related to forex trading.  It is my intention with this blog to research all of the best signal providers, and to give my readers the best possible information so that they can maximise the chances that they will become successful forex traders!

For a lot of students of currency trading, when they first start out in the world of forex, they are not confident enough to make trades on their own, so they prefer to have some assistance in this respect.  Also, many do not have the funds to start a large trading account, nor to pay for the sometimes expensive monthly fees that some companies charge their clients. So for this group of people, free forex signals are an excellent way to get started in forex trading.

Unfortunately, however, there are many unscrupulous people who will set up a cheap website, and claim to be experts in their field.  The truth, however, is very different – many of these so called ‘experts’ will know nothing about forex trading, and their free forex signals are nothing more than pure guesses as to where the market direction might go in the future.

So this site aims to identify these scammers, and to select the best free forex signals around!

We would welcome to be contacted by any website who offers free forex signals, and would be happy to review their service – we will monitor your signals, and then give a fair and honest review – just drop us a line at review@bestfreeforexsignals.com, and we’ll get back to you.

Forex Signals:  How much attention should you pay to Performance Results?

It never ceases to amaze me how many forex signal websites there are, which are offering to double your money each month.  Site after site I see, the performance results are 10%, 20% , 30% a month – sometimes even more!  I don’t know about you, but I am very sceptical about these results.

My main piece of advice on this topic would be to completely ignore everything a website owner says about past performance results for his forex signals, unless they can back this up with hard proof from a live trading account.  More often than not, when you ask to see some proof, you will receive a reply such as ‘Oh, my broker does not provide tis sort of information’, or ‘This information is confidential’.  This is a sure sign that the perfomance results are fake, and he is trying to scam novice traders out of their hard earned cash. After all, why would he post his performance results if this information is so confidential – these explanations simply do not make sense!!

Also beware of screenshots of nicely increasing increasing equity curves, and a big profit and loss balance – these can easily be replicated on MetaTrader 4 by running an EA with different variables until the forex signals show a profit.

In conclusion, there are a lot of good, reputable forex signal providers out in the market today.  However, there are also a lot of scammers out there, who know that forex traders are desperate to receive profitable forex signals in order to make them successful.  Just make sure that you do your due diligence, and don’t get caught by a scrupulous website owner!

Why a Novice Trader should utilise Free Forex Signals

There are a number of reasons why a forex trader who is just emarking on a path to fortune and riches as a professional forex trader should make as much use of free forex signals as possible.  The first reason, of course, is that they are free.  When starting out in the forex world, most traders do not have a lot of funds, and so therefore it is much better to keep costs down to a minimum. By utiising free forex signals, traders get the benefit of trading with real fore signals and trade alerts, whilst at the same time, saving money.

There is alos not a great deal of evidence to suggest that by utilising free forex signals as opposed to paying upwards of $200 each month for a signal service, that they are any worse off.  There has been research conducted that there are as many scammers and unscrupulous websites who target innocent novice traders, and charge them $100 each month, as there are websites who don’t charge for their services.

The next reason, however, is not so obvious as to why a trader should use free forex signals. This is because, by using other people’s signals, you get a feel as to why they are making these recommendations.  So, for example, if there is a signal to go ‘long’ EUR/USD, you have the opportunity to review the charts, look at where the market is, and to take a trade on your trading platform.  For a novice trader, whis is of utmost importance, as unfamiliarity with your trading can, and often does, lead to very expensive tarding mistakes.