There are plenty of forex trade signals services out there. This means that they provide “sell” or “buy” signals on various currency pairs, for some subscription fee. So instead of doing your own analytics, charting and brainstorming you rely on their knowledge, experience, technical analysis (and honesty) to do the work for you. 

Some services provide plain signals (sent to subscribers either via email or short text messages– sms), upon which you have to act manually. Others provide integration directly to your trading platform, so signal automatically triggers a new order in your fx trading software.

These services are many, and while some of them target big forex managed accounts with account balances of $100.000+, and charge a fat monthly fee; some others are offered by brokers themselves -  for an extended pip spread cost. So you directly pay nothing for signal, but every time you enter/exit trade this costs you few pips more than usually if you trade on your own (case with Alpari’s  Systematic which I do not like – as signal providers get paid from that pip spread, so they are encouraged to make as many trades as possible. And this translates to conflict of interest in my book). If you are not into own trading, and your account is too small for managed forex trading, then signals might be the thing for you.

Lately I’ve seen several forex signals commercials even on CNN, so I guess topic is hot. But every forex signal software or service I checked in last few months has some disadvantage (like - it is either expensive, does not work with MT4, requires manual work). You see - as many other part time forex traders I use a discount broker with MetaTrader4 platform (the same platform that allows all the expert advisors – forex robots to work). And there are not many forex signal providers that offer integration with Metatrader platform (and I do not have time or nerves to open trades manually once I get email/sms). But then 4 months ago I read on forex trading forum about new service called Rent A Signal. This is open platform, where you can either buy or sell a signal. All you have to do is install their EA to metatrader, and link it to selected signal. And on their web page you can see live – forward testing of every signal that is on the market. Everything, with complete history, statistics, graphs, down drawn…

Signals are either FREE (yes, like completely free) or commercial. Commercial ones vary in price from $5 / month to several hundreds. While it is difficult to say which one is best forex signal, many of them qualify as daily forex signals. Providers offer many signals, some of them scalping other forex day trading signals. But the best thing is – with RAS EA you can tailor the signal to your account size and down drawn that is acceptable to your trading style.

I am now using Rent A Signal for few months both as a user/buyer and as a provider/seller. I starting providing my own forex signals (based on commercial forex robots that I bought in the past; which helps me shorten the ROI on them :)). I am proud to say that my signals trade frequently and are consistent in profit (ca 10% monthly), which was noted by other users as well, as now I have few paying subscribers!

Anyway, if you do not have a forex managed account and do not trade on your own (and if your expert advisor forex robot is not trading as much as you would like it to), or you just want to give it a try – do it. You can run it on demo account or in live account, and it works with any metatrader 4 broker. Best of all – it is completely free to start using (and to continue indefinitely), and you can just use free signals (there are several hundreds of them – many of very high quality, earning money from week to week). And best of all – signal providers are competing against each other on open platform – so they are competitive to offer you best profit, with lowest risk – and there is no other agenda behind them (

I invite you to try completely free Rent A Signal service (thru my affil link) – or directly, and especially if you have used any other signaling service/software, do post a feedback below, and let me know what you think of it.