In the world of products aimed at catching the eye of forex traders with promises of big pips and tons of winning traders, forex robots are certainly king. When you happen upon a forex robot sales page, you’ll notice glitz, glamor and outrageous claims regarding the accuracy of that particular forex robot.

Well, believe it or not, there may be a challenger to the throne of forex robots and that challenger comes in the form of forex signal services. Forex signal services are certainly a lot more docile than their forex robot brethren when it comes to the market tactics, but not by much.

To be sure, forex signal services are kissing cousins to forex robots. The chief difference being that a signals service doesn’t really allow for automated trading, whereas that is a huge selling point for forex robots. And another big difference is that forex signal services tend to be a little bit pricier than forex robots. You can get a pretty good forex robot for $100 to $150. For a good forex signals service, you could pay $100 a month or more.

Let’s take a look at whether the fees for forex signal services are worth it and if they can be used in conjunction with forex robots.

What Do Forex Signal Services Do?

The most basic function of forex signal services is to do just that: Signal winning trades to you. They’re really aimed at active traders that are trading on an intraday basis. Here’s how most of them work. You simply pay a fee for the service and they send you trade recommendations to your email or you can even get the trades by SMS or text message on your mobile phone. The neat thing about the really good forex signal services is that you will also give you entry and exit prices.

For example, during the course of the trading day, you might a signal that says buy EUR/USD at 1.4056, stop at 1.451, target 1.4560. That’s just an example, but the information is pretty standard. You get an entry point, a place to set your stop and profit target. The only thing you need to do is decide to take the trade or not and that brings us to another big difference between forex signal services and forex robots. Unless you’re sitting there watching your forex trade, it may take trades you don’t like, whereas a signal service puts you in total control of what you trade.

Combining Robots And Signal Services

It may be possible to harness the power of a forex robot with a signal service, but we imagine it would take some technical know-how that many traders simply don’t have. If you notice a defined pattern or type of trade that your forex signal service takes it may be possible to program your forex robot accordingly. Ask your signal service and forex robot customer service contacts about how to do this.

Author Bio: Francisco Pizarro G. made a career from Forex and left my profession as a Translator almost 4 years ago; since then I work from home in my small office trading the Asiatic markets during night time, where I found a good niche. I am a fan of Forex Robots

Category: Finances
Keywords: Forex Robots, Day Trading, Forex, Forex Brokers, Finacial Advisors, Expert Advisors