For decades we have seen traditions and practices that do not make sense to society, but they are still alive and being practiced to date. This is due to disbelief and misconceptions left unchecked, and now they are big enough to not be questioned.
Similarly, in Forex trading, traders are coming up with the same self-beliefs and misconceptions, rapidly spreading over the trading market. Misconceptions and disbelief can have long-term effects. So we have decided to get to the root of these misconceptions in Forex trading and make you aware of them.
In today’s article, we will clear a similar misconception and answer your question: is it mandatory to use Premium Forex signals for better trades?
So let’s move ahead with the question: Is it mandatory to use premium Forex signals for better trades:
Is it Mandatory to Use Premium Forex Signals for Better Trades?
Before answering anything else, let’s answer your question: is it mandatory to use Premium Forex signals for success in Forex trading?
No, just a simple no. Try to differentiate between the idea of success and ways of success. You can become successful just because of a fluke, but it won’t occur again. So we need to find something more efficient to increase the chances of recurring success.
Similarly, premium Forex signals are just better tools for trading. Still, it doesn’t mean you can’t be successful using any other strategy.
Now, the question is whether you should use Premium Forex signals or not.
These are the following points you should consider before using premium Forex signals.
- Self-Evaluation
This point says a lot about itself.
You should ask yourself: do I need premium Forex signals?
Self-evaluate your situation by asking yourself the following questions:
- Are you a new trader or an experienced one?
- Have you tried all the methods for finding profitable trades?
- Do you have enough budget to subscribe to premium signals?
You will be better positioned to decide if you need premium or free signals by answering these questions.
Moving on to the 2nd consideration:
- Sufficient Budget
Secondly, you should ensure an efficient budget for premium Forex signals before considering them.
Financing premium Forex signals can give you a setback. These premium services can cost around triple figures per month, which can be more than your per-month profit.
Up next, on number 3, we have:
- Price for Performance
Before subscribing to a premium Forex signals service, you should ensure that they are providing performance as per their prices.
This is important to check because many premium signal services advertise unrealistic profits. You should know that it’s not more than an exaggeration to grab your attention.
Instead of being trapped in these types of Forex signals service, you should look for the one which provides the real value for your money. So if you find one with a justifiable price and decent profits, then you should go for them.
Premium signals offer extra market insights which you can use to ace your trades and earn more profit. However, these signals are not free. You have to pay a significant amount each month to avail yourself of this service.
If you are a beginner trader with a tight budget, don’t worry. You can always subscribe to the Free Forex signals.
Benefits of Using Free Forex Signals
You might think paid ones are scam proofs; that’s why they are paid. But that’s again a misconception. In the online world, you can be scammed either with paid or free ones. It’s better to use free Forex signals; at least you are not paying them upfront to scam you.
Consider the benefits of using free Forex signals instead of their paid counterparts.
Let’s discuss the first one
- Add Up Investment to Your Budget
The most evident advantage free Forex signals have over premium signals is that they don’t need an upfront investment.
Saving this amount from services will help you add up a good amount for your trading budget. We also think it’s the best way to start your trading journey. A good investment at the start of your trading career will boost you over others.
Just remember one thing: don’t dump all your investment at once. Especially at the start, try to gain some experience with a small budget.
Moving on to the next benefit, which is:
- Get the Hang of Signals Trading
Another great advantage of free Forex signals is that you can avail free trials of Forex signals.
Some traders are new in the Forex market and are exploring their way into making their first dime. Free Forex signals can be an excellent way for these types of traders.
They can experience how signals trading works, and if they like it, they can stick to it long-term.
Moving forward, we will now discuss the following:
- Almost the Same as Premium Signals
As someone who trades via trading signals, you should know that free Forex signals can provide almost the same results as paid ones.
No one will tell you this because no service provider wants you to stop paying the premium, but they both provide the same results. Forex signals are generated by the same technical analysis methods. Thus, the premium one is doing nothing new. Instead of investing, you should find a free Forex signals provider.
Consider the following points in finding a free Forex signals provider:
- Have a good market name
- It should be transparent about its strategies and the winning rate
- Must provide proper customer service
- Non-biased towards a specific currency pair
- Provides signals conveniently and timely
The Final Verdict
Money can buy good stuff, but thinking that only money can buy all good resources for us is a misconception. Most of the resources necessary for life are free, but we are not taking full advantage of them.
Similarly, think of the Forex market as an ecosystem with resources, some available for free and some paid. One of those valuable resources is Forex signals. If you think only paid Forex signals can help you achieve success in Forex trading, then you are more than wrong.
Success can be achieved with any tool if you know how to use it well. Similarly, you can achieve success with free Forex signals too.
We hope we have answered your question about choosing between premium and free signals. If you have any questions about the article, feel free to ask them in the comments below.