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How to Find the Best Free Forex Signals

April 02, 2020 10:00 UTC
Reading time: 20 minutes

This article will provide you with information on how to find the best free Forex signals in 2020. We will also highlight exactly where you can look for these signals, as well providing reasoning for whether or not traders should use free Forex signals.

How to Find the Best Free Forex Signals

It is natural to want to be able to achieve good results in trading with minimal effort and expense. People also prefer to avoid making their own mistakes and will instead rely on someone else's thoughts and opinions. A lot of beginner traders will aim to achieve profit in the market as quickly and effortlessly as possible.

This is why many traders search Google for 'the best free Forex trading signals' or other similar queries. The majority of these traders will be reluctant to pay for premium signals, as they hope to gain profits without any expenditure. However, it is important to understand that good free services are hard to come by.

Usually, the free Forex signals will not be the best signals that are available. They may not be reliable. One thing to bear in mind is that even if a Forex signal is 'free', it may not end up being free, as it could potentially cause you losses.

What are Free Forex Signals?

Free Forex signals are usually short messages that contain information which can help guide you in your trading decisions. Forex signals are usually sent to traders via emails, SMS, or any other type of communication app, such as Whatsapp.

It is also possible to come across forums, such as Reddit, and social media sites, such as Twitter, that display free Forex signals. However, it is important that you always trial these first on a demo account before risking your own capital, as they may not be the best free Forex signals.

What does a signal look like? Usually, it is a very short message that contains only key items, such as:

  • BUY EUR/USD @ 1.1240
  • SL @ 1.1220, TP @ 1.1270

As you can see, the signal begins with the direction of the order. It can be referred to as Buy (Long) or it can be Sell (Short). After this, the trading instrument is shown. It may take the form of the currency symbol 'EUR/USD', or alternatively, a currency nickname like Aussie or Cable can be used. This is followed by the price quotation, which is usually shown in either five or four digits after the dot.

Sometimes free Forex trading signals feature a type of order. This could be a market order (MO), a pending order (PO), or a limit order (LO). You may encounter other types of orders, depending on the broker's platform, or the person or company that is sending out signals. After the first line, you can see another two abbreviations and two quotations.

These are used to identify the points of stopping your trade due to loss or profit. As you can see from the example above SL, which stands for stop loss, is set at 20 pips away, and the TP (take profit) is 30 pips away from the entry price in this Forex signal example.

You will often be able to spot another value at the end of the signal, which is usually abbreviated to TS. This stands for a trailing stop. Not every broker and platform supports this type of order, and, therefore, not every trader can make use of them. However, this is quite a nice feature, as it can enable you to have more flexibility once the signal is sent out.

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Forex Signal Authors

There are a lot of websites sharing Forex signals online and social media makes it easy for people to share free and premium Forex signals. There are three main groups of people that are responsible for sending such signals out:

  • Traders
  • Affiliates
  • Scammers

These groups are shown in the order in which they can be trusted. It is common to find traders who are looking to share their ideas with the outside world. Their main aim in doing so is to earn a reputation for being a good trader, to help out other people and to simply support the community that once supported them when they were new to FX trading. Usually, it is possible to find traders who are sharing FX signals free on various forums, the most popular one being Forex Factory.

Traders try to send reliable signals by performing their own analysis and providing exactly the same information that they are using in their own trades.

Affiliates represent another group of signal providers. You can usually get free daily Forex signals from this group once you have signed up for an account with a broker using their affiliate link. This way affiliates can still make a commission on the trades you make, but the signals remain free to you.

However, it is important to note that not every person has enough time to support both their affiliate business and their trading activities, so you should be cautious about this group of signal providers. Sometimes the quality of their signals may decline as they put more energy into their own promotion. This is why, before implementing free Forex signals on your live trading account, it is best to always test them first on a demo account.

Scammers are the people you should be afraid of, as they are only interested in making an affiliate commission from you, or just making you purchase their 'free' signals. Such providers usually employ quite obvious methods of attracting clients, such as providing a few free Forex signals online and then later asking you to purchase premium signals.

One common Forex signal scam is for the provider to send half of their audience 'BUY' orders, while others will be provided with 'SELL' orders. This way a scammer can split their audience in half - of which 50% are going to be profitable and another 50% will end up losing. So do not fall for scams, as they cannot deliver anything close to the best Free forex signals.

Should Traders Use Free Forex Signals?

While you can certainly find free signals online, with some of them potentially being profitable, it is not recommended to do so for beginner traders. Trading FX online is an art that should be learnt and mastered, it takes a lot of hard work, but it can be worth it. Even if you are using the best free Forex trading signals, you are still not learning how to trade. You are simply relying on someone else.

This can provide you with returns over the short-term, but over the long-term, your success will be questionable. Getting started with signals is not a good idea, as you would be much better off investing your time and trading capital into your own education. However, if you still decide to look for Forex free signals online, make sure to look in forums. Go for the traders that can provide you with a full and transparent trading history that goes back at least six months.

Do not trust people who promise results but are not willing to back this up with proof. If the signal provider is trustworthy, they will not be afraid to share their trading history. When it comes to verifying the legitimacy of a signals provider, it is best to use the historic data from their trading account, which will be connected to a tracking service such as MyFXBook.

Finding the Best Free Forex Signals

Here are four key things you need to pay attention to when choosing the best free Forex signals:

  1. The number of positions. A minimum of 100 positions are preferable to give a good understanding of the signal service over a broad range of market conditions.
  2. The risk to reward profile. It is important to make sure that the provider has a positive ratio between the risk taken and the potential profit. As a general rule, a ratio of more than 1:1 risk to reward is favoured.
  3. The success rate. In order to know the behaviour of the signal service, we want to know if the system wins very often (more than 70% of trades) or less often (50% of the time). This is to make sure the signal provider has not just had one very big 'lucky' trade.
  4. The number of consecutive losing trades. This in order to know the drawdown or potential loss that can occur when following the Forex signal in question.

These four elements are the most important to study in order to make an informed decision when choosing the best Forex signal provider.

Free Forex Signal Service by Trading Central

Admiral Markets offers free access to Trading Central's Forex signals via the exclusive MetaTrader Supreme Edition plug in.

To get started, just follow these simple steps:

1. Download the MetaTrader 4 or MetaTrader 5 trading platform

2. Then download the free MetaTrader Supreme Edition plugin to boost your trading experience by getting free access to the Trading Central indicators. You will also get access to advanced bonus features such as an additional indicator package which includes Pivot Points and Renko charts, as well as a Mini Terminal to access advanced order functions!

3. Once these are downloaded open your MetaTrader trading platform and open a new chart by selecting File -> New Chart on any instrument available, as shown below:

Admiral Markets MetaTrader 5 Depicted: Admiral Markets MetaTrader 5

4. Once the new chart is open, the next step is to open the Navigator window. This can be done by pressing Ctrl+N.

5. This will now open the Navigator window, as shown below. In order to add the Trading Central indicator, click the + icon next to Expert Advisors, this will open up a list of options seen in the screenshot below:

MetaTrader 5 Navigator Expert AdvisorsDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Navigator Window

7. From the Expert Advisors window, simply drag the 'Admiral - Connect' line on to your new chart. After pressing OK in the confirmation box that opens up, you now have access to the Trading Central indicators called Technical Insight™ Lookup and Featured Ideas™.

Now you have access to the Trading Central indicators directly from your MetaTrader trading platform, the video below will show you what they do, how they help and how to incorporate them into your trading.

Free FX Trading Signals from Trading Central's Featured Ideas™

Admiral Markets MetaTrader Supreme Edition Trading Central Featured IdeasDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Trading Central Featured Ideas™ indicator.

The Trading Central Featured Ideas™ indicator helps traders to monitor market movements across a wide variety of currency pairs. Users can customise their settings to tailor the indicator based on individual preference regarding holding timeframes, bar sizes, technical chart patterns or preferred currencies.

After clicking the 'Custom Settings' icon located at the top right of the chart, the following window will open:

Admiral Markets MetaTrader Supreme Edition Trading Central Featured Ideas SettingsDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Trading Central Featured Ideas™ indicator, custom settings window.

From this window, users can customise their settings in a variety of ways, such as through:

  • Currency pairs - select your favourite currency pairs to find trading ideas on.
  • Bar sizes - select the chart timeframe you want to find trading ideas on.
  • Holding timeframe - select the desired timeframe for holding trades.
  • Charts/technicals - select the different technical analysis filters you are most interest in trading on such as Bollinger Bands, MACD, Candlestick Patterns, and more.

Once these have been selected, the Featured Ideas™ window will show a selection of currencies that meet some or all of the criteria selected in the custom settings window.

Admiral Markets MetaTrader Supreme Edition Trading Central Featured Ideas CurrenciesDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Trading Central Featured Ideas™ indicator

Note that these free trading signals from the Admiral Markets' Trading Central are based on EA robots developed by Trading Central and offer opportunities without automatic opening of positions. The trader keeps full control, choosing to open or close a trading position following a Forex signal.

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Remember that you can test out Admiral Markets services and features such as Trading Central's free signals completely risk-free by opening up a FREE demo trading account. If you haven't already, click on the banner below to open yours today!

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Trading Central's Technical Insight™

The Technical Insight™ indicator from Trading Central offers actionable, technical analysis for a wide variety of asset classes such as Forex, Stocks, Indices, Commodities and ETFs (Exchange Traded Funds). This makes it an ideal tool for a multi-asset class trader who is searching for detailed and proactive analytics.

To search for a market, users can simply type in the name of their instrument in the search box. Let's take a look at an example when searching for currencies.

In this example, we will search for the currency pair EUR/USD, as shown below:

Admiral Markets MetaTrader Supreme Edition Trading Central Technical InsightDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Trading Central Technical Insight™ - EURUSD Daily Chart. Date Range: 1 October 2018 - 10 September 2020. Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

At first look, there is a lot of information available for traders to analyse. This includes a short-term, intermediate-term and long-term trend outlook depicted by green up arrows or red down arrows located above the chart, as shown below.

Admiral Markets MetaTrader Supreme Edition Technical InsightDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Trading Central Technical Insight™ - EURUSD

When users click on one of the trend outlooks, the chart below automatically shows evidence of that bias. For example, the intermediate-term outlook for 6 weeks - 9 months is bullish, as shown by the green arrow in the example above. If we click on this icon, the chart underneath it will show the evidence of this bullish status:

Admiral Markets MetaTrader Supreme Edition Technical Insight EURUSDDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Trading Central Technical Insight™ - EURUSD Daily Chart. Date Range: 6 June 2019 - 10 September 2020. Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

The bullish events are listed as green dots on the price chart of the market being viewed so traders can easily see what happened to price during that event. The events are also listed on the right side where traders can also click the grid view to view the events in a grid format, as shown below:

Admiral Markets MetaTrader Supreme Edition Trading Central Technical InsightDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Trading Central Technical Insight™ - EURUSD Bullish Events.

Trading Central provides users with FX alerts and FX trading signals in which the trader has full control on what to trade, as they are required to place the actual trades themselves.

For those interested in following signal providers where trades can be copied directly into your trading account, there is one standout software as discussed in the next section.

How to Subscribe to Free Forex Signal Providers

To subscribe to a trading signal provider on MetaTrader, the following steps must be followed:

  1. Open a MetaTrader trading account for free via Admiral Markets.
  2. Open a free MQL5 account.
  3. Go to the "Signals" tab of the "Toolbox" of the MetaTrader platform at the bottom of the screen.
  4. Choose an MT4 or MT5 signal provider.
  5. Select the payment method, if necessary.
  6. Configure copy settings for your trading account.

On the profile page of a signals provider, like the one shown below, it is also possible to read other subscribers' reviews, which can help you ascertain whether it is one of the best free Forex signals providers. It is recommended to subscribe to a signal service firstly from a demo trading account, in order to test the value of a provider before risking your own capital.

Admiral Markets MetaTrader 5 signals tabDepicted: Admiral Markets MetaTrader 5 Supreme Edition - GBPUSD H1 Chart and Signals tab and profile section of a signals provider. Date Range 7 September 2020 - 10 September 2020. Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

When you subscribe to a free subscription, the options window opens, as shown below:

Admiral Markets MetaTrader 5 Signal Provider Subscription settingsDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Signal provider subscription options

On this window you will be able to confirm:

  • The name of the signal provider
  • An agreement to the terms of use of the Signals service
  • The confirmation of the subscription to the signal in real-time
  • The ability to copy Stop Loss and Take Profit levels
  • The ability to synchronise positions without asking for confirmation
  • The percentage of the deposit available for the copy trading part of your account
  • The amount in Euro from which you want to stop following Forex signals in case of loss
  • The maximum allowed slippage in pips

Then the FX signal will be directly copied from the supplier to your MetaTrader trading account! It is important to know that you can view FX trading signals from your own MetaTrader platform before you even choose which provider you want to take.

How to Unsubscribe from Free Forex Signal Providers

It's very simple, just click on the red button "Unsubscribe", as in the following image:

Admiral Markets MetaTrader 5 Unsubscribe Signals ProviderDepicted: Admiral Markets MetaTrader 5 Supreme Edition - GBPUSD H1 Chart and Signals tab and profile section of a signals provider. Date Range 7 September 2020 - 10 September 2020. Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

A simple confirmation is then necessary to confirm the wish to no longer follow the supplier's trading signals, as shown below:

MetaTrader 5 Confirmation of cancelling subscribtionDepicted: Admiral Markets MetaTrader 5 Supreme Edition - Confirmation of cancelling signal subscription

Conclusion

It is possible to find free Forex signals, however, you should definitely approach these signals with caution, as not every signal provider will be the best or necessarily interested in your success. Even though you can be profitable with free Forex signals on a daily basis, it is still not advisable to solely rely on them as a main source for your trading information.

Successfully trading Forex comes with a lot of hard work and that is what you should understand before moving forward. You may, of course, attempt to employ signals in your trading strategy, but this should only be used as a secondary tool.

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If you're aiming to take your trading to the next level, the Admiral Markets live account is the perfect place for you to do that! Trade Forex & CFDs on 80+ currencies, choosing from a range of Forex majors, Forex minors, and exotic currency pairs, with access to the latest technical analysis and trading information. Trade the right way, open your live account now by clicking the banner below!

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About Admiral Markets

Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.