An idea occurred to me the other day that you may be able to make a profit trading currency by using some of the free forex signals offered.
My approach is slightly different than just relying on a signal company’s prediction though.
I thought that if you could sign up for a few services and only trade the signals that all the services agree on, you may be able to make consistent profits???
Now, I HAVE NOT tested this out but the logic behind it is that if all the signal services you sign up to for alerts suggest the same trade then you trade it because it may carry some extra accuracy weight.
Free Forex Signals System
So for example, service A,B and C all agree that the USD/CAD will rise over the next hour.
You then place your binary bet or spread bet.
If only 2 of the services [let’s say A & C] agree that the price will rise you only place half your normal stake or trade half your normal point size.
Obviously you’d have to find the free forex signals yourself, but there might be an opportunity to be had here.
If you do a Google search for free forex signals you’ll get the idea.
I have never used a signal service, free or paid. Vince Stanzione does indeed offer trades but it is not really a signal service, it’s more of a learn to trade portal. So I’m not going to count that.
For people that are just too unsure or are not confident enough to rely on their own selections, this may be ideal.
It’s been done on Horse Racing
I know that a similar type of thing has been done with horse racing.
It was something like, If 6 tipsters all recommend backing the same selection then it’s so many points that you bet, or you back a place for a given runner if 3 or more tipsters fancy a horse with win odds of 4/1 minimum.
As said, you’ll have to develop this idea on but it may carry some weight with some trial and error.