Forex signal providers get paid a considerable amount of money for sharing strategies and tips with their followers. The bigger their subscribers or following, the higher profits they make.
Undeniably, it is an attractive choice for someone with trading capabilities and skills. Forex signal providers boost their profit potential in two effective ways:
They charge a low rate from a massive number of subscribers or followers
They charge a high rate from a few numbers of subscribers of followers.
Either way, they will need to draw the attention of followers to join their network and have them subscribed to their strategies or signals. So, how does this forex signal provides do this? What are the tricks they play? Keep on reading at ForexRobotNation.com.
Top techniques or tricks forex trading providers do to attract followers:
Promote themselves in the most transparent and best possible way possible: In a business where fraudulent and scams schemes exist, forex signal providers are set apart by exercising transparency where it really matters.
They don’t just say they are the best forex trader to follow. Put on display their proven track record, the historical and current data of their trades, historical drawdown, and returns, amongst others. People can tell when you are hiding something, to get their help and support, forex trading signal shows them the real score behind the trading, which include the worse ones. After all, risks are as vital as rewards in the forex trading equation.
Boosts their Presence Online
They engage in social trading in order to draw more followers and subscribers. They provide free foreign exchange signals as a way to hook a lot of forex traders. Once they have proven themselves accurate and reliable, their followers will not think twice regarding subscribing to their pain signals as well as strategies.
They Utilize Social Media to their Benefit
Apart from social trading avenues, forex signal providers also increase their online visibility through social networks, blogs, message boards, blogs as well as live activity streams.
They engage with the followers – like, comment as well as strike up a discussion with them.
One thing that makes them successful is that they identify and join the social network platform where they can find a mainstream of followers or target audience. This way, they share real-time data and techniques with the best individual, rather than wasting effort and time on those who are not interested.
Diverse social networks are able to assist forex signal providers in promoting the services in many different ways, such as:
Facebook and Twitter provide automatic signal services!
LinkedIn can be associated with a Twitter profile so that their post will come into view simultaneously on both networks.
They Always Offer High Quality Signals as well as Valuable Information
If a forex signal service provider is not able to provide useful tips and insights, how else can they gain the loyalty and trust of the followers? If forex signal providers are still starting out, sharing dependable information is also a good way to draw attention as well as interest.
What Traders Search for in a Reliable and Trustworthy Forex Signal Service?
Wise traders will conduct due diligence prior to using or working with a forex signal service provider, so they ensure they meet these criteria:
- Precise levels of exit, entry as well as stop-loss positions
- Comments and analysis which support the forex signals they share
- Current and historical data of the trades, losses, gains as well as statistics
- Transparency as well as the capability to engage and interact with them
Forex signal service providers allow a third party external service to verify or check results as well as performance data to boost and increase credibility. And one thing they have in common they are patience.
It really takes time to get interested as well as develop trust. They are never discouraged if their efforts do not bring good results immediately. The superb thing they are able to do is to keep on learning as well as sharpening their skills in foreign exchange trading.
What is regarded as a Superior Forex Signal Provider?
So what are things you need to consider when picking a forex signal provider?
First and foremost, you need to ensure the trading signals are winners or make money. It might sound almost obvious; however, you would be astounded to see how many forex signals providers are there that offer losing signals, yet they have 50 to 100 traders following them.
Next thing, you need to know how long the signal has been a winner. A forex signal which has been a winner for a few days or so does not mean much. Never trade a signal which does not have a least a couple of months of history to show you. Any trader can place a few forex traders, and sooner or later, he or she will get lucky. You need to follow established trading signals.
You also need to look at what is the utmost drawdown for that forex signal provider? That is when a forex trader was to follow that signal, what’s the utmost loss she or he would have ever faced historically? You need to make sure that you’ve enough equity in the trading account to cover double the maximum drawdown. This way, you do not run the risk of being onto a winning forex signal but having the account wiped out early as the forex market moved against you prior to heading into the income zone.