How to find the best advice on Forex
For several years, advice on Forex prices or other financial markets is growing. Nevertheless, it should not be misunderstood, a council is not a signal. Let’s see today how to find the best sources of forex advice.
Who gives the advice?
Many are the entities providing advice, the great nuance of the signals, the advice is usually free. To give some examples: brokers, financial newspapers, information and analysis sites, individuals via forums and blogs, … In short, everyone can give investment advice.
What is a forex advice?
As noted above, despite a similar character, the board strongly dissociates itself from the signal. The signal is an instantaneous input information comprising all the parameters for the position taken, that is to say: entry threshold, stop-loss, take-profit and incidentally complementary indications such as the breakeven threshold. In addition, generally, the signals are characterized by short-term positions.
Faced with this, the council becomes in every way opposed, the latter is none other than an analysis embellished with a clear opinion on the evolution of the course of a pair. The author of the board chooses its degree of precision, but like the seers, the vaguer the information, the higher the success rate. In general, the content of advice does not exceed the meaning of the trend to come, and this often for an indefinite period.
How to know what credibility to bring to the suppliers of advice?
There are no rankings or statistics for the advice provided. In general, the sufficient bad faith of some is enough to tarnish the image of the whole community. It is also necessary to know how to dissociate the bad faith of the incompetence, many are those who think to help others whereas they do not reach even their level.
To be able to give a critical opinion, we have to separate the different entities. As far as brokers are concerned, the advice is often offered by professionals and therefore in essence, competent people. Nevertheless, we can still remember the famous conflict of interest that links market makers with customers. Indeed, if the broker does not cover himself in front of his customers, he will have every interest to lose them and thus to mislead them with bad advice. We must seek advice from brokers no dealing desk or so deemed serious.
In the case of newspapers, very often we find investment advice on stocks but also on the Forex. It is customary to see advice directly on a currency and not on a cross. The tendency of financial newspapers remains to practice fundamental analysis, the indications are thus data of medium / long term. In essence, the newspaper will wish for the best possible success, so it will be necessary to expect vague recommendations that are prone to remain unchangeable in the consensus.
Turning now to the publications of specialized sites, clearly and before further supporting our remarks, it is certain that this is where the advice will be the best. In addition, it is necessary to rely on the advice offered by competent people. Therefore it is desirable to privilege sites recognized to avoid the advice of amateurs (which can, however, be very good). Many beginners in trading who, failing to win on the markets, embark on the creation of a website in order to generate affiliation gains. In this sense, it is necessary to learn about the skills of these people, because despite the crowd of beginners, there are enthusiasts who, before wanting to become rich want to share their knowledge.