There are plenty of forex signal services on the internet, most of whom promise vast riches through the seemingly consistent profitable signals that they give to their subscribers. However you have to be careful not to be lured in by their past results and do your own research beforehand.

I personally remain very sceptical about the vast majority of forex signal providers out there simply because most of them are not as profitable as they may appear. Their performance figures are often hypothetical and massaged in a lot of cases.

For instance, they will often quote the best case scenario for each of their signals, so if they came up with a signal to go long and it went up 100 points before falling back down, they would claim that that signal resulted in a 100 point profit. In other words they closed their position for the maximum profit possible when in reality it is very difficult to get out at the very top of a move.

This is why I think you should always look for signal providers run by professional traders who actually trade the signals themselves. This way you will be presented with more realistic performance figures as real entries and exits are made by the signal provider. You will also have more faith in the signals themselves because you know that a professional trader is also trading them with you.

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You will also benefit yourself because there’s no better way to learn about forex than trading with and learning from a professional trader. In addition, some signal companies also offer a live trading room so not only can you learn from the professional trader giving the signals, but you can also learn from the other traders in the room.

Another point to consider is whether the signal provider offers a free trial period. With some companies charging several hundred dollars a month for their signals, you don’t really want to be parting with your hard earned cash before you’ve tested out their signals yourself, and gained some experience of how they come up with their signals and how reliable they are.

So to sum up, you ideally want a signal provider run by a professional trader or team of traders that actually trade their own signals, and one that offers a live trading room and displays it’s results accurately. You also want one that offers a free trial period, if possible, and finally it must of course be profitable overall.

James Woolley runs a forex blog where you will find all the latest forex tips and strategies including news of the best forex trading signals.

By James Woolley Published: 5/17/2008 FAPturbo , Forex-killer and Forex Tracer are the 3 Best Forex Trading Softwares available online today!