Sellers of Signals
Foreign exchange signal providers are those who send out trade ideas to other traders. This usually includes a new currency pair, trading strategy, entry price, stop loss, and target levels.
A signal seller sells a system that claims to be able to identify, more methodically than other dealers, when to buy or sell a currency pair. Typically, the system provided can be either manual or automatic.
Some systems rely on technical analysis, while others rely on breaking news, and many employ a combination of the two; however, they almost all claim to have better information to predict future moves, which is completely false.
Several times, Forex brokers who promise huge returns will refuse to show you their own verified track record of trades to demonstrate. Instead, they are Forex trading based on their own recommendations. They must be able to show you that their advice consistently wins investments over time.
They will usually be backed up with a large number of testimonials from """"clients they've helped"""" in order to gain the trader's trust, but they will do almost nothing to forecast profitable trades. They are all forgeries.
Forex trading robots
In these scams, you may be approached by someone asking you to obtain a robot or an automatic trader that will trade for you. They will claim that this robot allows you to earn money while you sleep.
The robot is supposed to be able to conduct trades in your place that result in a successful yield.
Nonetheless, nearly all of these robots never deliver as promised, and you may end up with significant deficits. Independent agencies never examine or test these trading strategies."""