Today I want to answer one of the questions asked, frequently by many forex beginners who want to short cut their way to foreign exchange riches by trading with the use of professional Signal providers like Ribakov.
What are Forex Signal providers?
For starters, this are professional forex traders who have been successfully trading forex for many years , and then they decide to offers their services to people who don`t know how to trade forex but still need to benefit, under the radar of this professional traders.
How the system work is that you pay them a once off fee or a monthly subscription fee, them they give you your own passwords and username to their live trading platform, and whereby they tell you which currency pair to buy, where to put your stop loss level as well as where to place your take profit level.
In order words, all you do is to just follow their Signal service everyday then you will start earning or losing some forex money that way.
But you still had to open a live trading platform, with your favourite broker, and then you will be ready start receiving those forex pips.
The good thing about this is that, you will be an apprentice of an experience forex trader, and you will be making money at the same time while learning how to trade them foreign exchange market at the same time.
But one thing I must mentioned is that, different Signal providers have different rules, for example one trader may decide to send you trading signal through the use of an e-mail address, while the other provider may you a trading platform, e-mail as well as send them straight to your cell phone number.
In my 6 years of trading the commodity, stock, as well as live forex, market I can tell you that this is my second best favourite strategy for making money online, after the use of a Forex trading mentor.
To tell you the truth, if you really want to receive the rewards provided by trading the Foreign exchange market in a shortest and quickest time, I highly recommend that you use the services of a currency trading mentor.
Pros of trading using a Signal Service:
- Cheap and affordable to many traders.
But the disadvantage of it is that trading mentors are very expensive, therefore many traders cannot afford to pay for their services.
Now the second option is the use of a Trading signal provider, because it is like having your trading mentioned on a video conference call or a webinar.
- You kill 2 Birds with one stone.
As I have already mentioned, you will have a chance to learn from like-minded traders when you login to the Signal service platform and you will also be guided by a professional fulltime forex trader, and most importantly you will be making money while learning.
- You do not have to be glued to your computer all day long.
This is very important especially for traders who are also working a 9-5 fulltime job, because they can spend between 10 to 20 minutes of their time to place signals then carry on with their daily routine job while at the same time earning an extra income on the side.
You will make money, anywhere, in the world as long as you had an Internet access.
Trades can be placed using your ipad, laptop, desktop an even your iPhone. As you can see trading the forex market using a signal service is a very easy and straight forward process and the rewards are unlimited.
This is one of my favourite ways to make money trading whatever market of our choice; the only disadvantage is that you need to do your research in order to get a good, reliable and honest signal provider.
For those traders out there, who want to start benefiting from trading the currency market this was, I highly recommend that you click the link below to go and check out the Smart Money Signal Service guys.
Many people are benefiting from their services and hope you to will start reaping the rewards of their hard labour soon.
Please do not hesitate to leave your comment below, as I am looking forward to reading them.