Forex Signal Service Vs. Forex Robot
A forex signal service is a company that charges a monthly fee and then provides you with places to enter and exit trades in the forex market. Many forex signal services are now allowing automated trading, which means that the company will enter into a trade, and then your forex account will automatically enter into the same exact trade. Your account will also exit the trade at the same time that the company does. So it’s sort of like having a professional forex trader to trade the market for you.
A forex robot is a software program that you plug into your forex account on your computer. The program then enters and exits trades automatically for you in the forex market. The program is designed to trade just like a professional trader would, looking for certain patterns, levels of resistance and support, etc… So which one of these services is best for you to profit in forex?
The advantages with using a forex signal service is that it’s basically like having a professional trader trade for you. You know that you can trust their judgment and they make money in forex for a living. The big downside to one of these services though is that they usually cost a few hundred dollars per month.
The advantage to using a forex robot is that it’s a onetime fee and then it’s yours for life. Most of these programs cost just as much, if not less, than a monthly fee to a signal service. So with a signal service you start each month off a few hundred dollars in losses due to the monthly fee, but with a forex robot you start off at $0 and anything you make is pure profit.
Between the two different services, I personally prefer using a forex robot. The real problem behind using a forex robot is that you have to spend the time finding one that does a good job of profiting, because many of them don’t. The reward for finding a forex robot that profits month after month without a monthly fee is highly worth the time spent to find one.
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