There are a number of reasons why a forex trader who is just emarking on a path to fortune and riches as a professional forex trader should make as much use of free forex signals as possible. The first reason, of course, is that they are free. When starting out in the forex world, most traders do not have a lot of funds, and so therefore it is much better to keep costs down to a minimum. By utilizing free forex signals, traders get the benefit of trading with real fore signals and trade alerts, whilst at the same time, saving money.
There is also not a great deal of evidence to suggest that by utilizing free forex signals as opposed to paying upwards of $200 each month for a signal service, that they are any worse off. There has been research conducted that there are as many scammers and unscrupulous websites who target innocent novice traders, and charge them $100 each month, as there are websites who don’t charge for their services.
The next reason, however, is not so obvious as to why a trader should use free forex signals. This is because, by using other people’s signals, you get a feel as to why they are making these recommendations. So, for example, if there is a signal to go ‘long’ EUR/USD, you have the opportunity to review the charts, look at where the market is, and to take a trade on your trading platform. For a novice trader, which is is of utmost importance, as unfamiliarity with your trading can, and often does, lead to very expensive trading mistakes.