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Signal sellers usually charge a daily, weekly, or monthly fee for their services. A frequent criticism of signal sellers is that if it were possible to use their system to beat the market, why would the individual or firm that has this information make it widely available? Wouldn't it make more sense to use this incredible signaling system to make huge profits for themselves?
Other analysts distinguish between known scammers and more reputable sources of market information that offer a well-thought-out signaling service.
Behind these opposing views lies a larger difference of opinion about whether anyone can predict the next move in a trading market. This fundamental disagreement won't be settled any time soon.
Nobel Prize-winning economist Eugene Fama proposes in his well-regarded efficient market hypothesis that finding these kinds of momentary market advantages isn't possible. His economist colleague Robert Shiller, who's also a Nobel Prize winner, believes differently, citing evidence that investor sentiment creates booms and busts that can provide trading opportunities. The best way to determine if a signal seller can benefit you is to open a trading account with one of the better-known forex brokers and enter practice trades that don't involve real money based on the signals.
Be patient, and with time, you'll determine whether predictive signaling works for you or doesn't. Forex management funds have proliferated, but most of these are scams. They offer investors the "opportunity" to have their forex trades carried out by highly-skilled forex traders who can offer outstanding market returns in exchange for a share of the profits.
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The problem is, this "management" offer requires the investors to give up control over their money and to hand it over to someone they know little about other than the hyped-up and often a completely false record of success available on the scammers' website and brochures. Investors often end up with nothing, while the scammers use investors' funds to live high on the hog. A good rule of thumb in the forex market, as with other areas of investment, is that if it sounds too good to be true, such as annual returns of more than percent, for example, it's almost certainly a scam.
Although the forex market is not entirely unregulated, it has no single, central regulating authority. Unsurprisingly, some forex brokers do not deal fairly with their customers and, in some instances, defraud them.
3 Major Support Groups for Forex Traders
While the forex trade itself may be unregulated, a broker subject to SEC and FINRA oversight probably wouldn't risk its license for other securities by defrauding its forex customers. The Balance does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors.
Past performance is not indicative of future results.
Investing involves risk, including the possible loss of principal. National Futures Association.
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