Complete Guide to Forex Signals

Complete Guide to Forex Signals

Whether you are a beginner or an experienced trader, Forex signals will always come in handy. For beginner traders, it helps ease you into the world of Forex trading and reduces the losses associated with the learning curve. For experienced traders, using signals eliminates the need to monitor and analyze the Forex market constantly, thus freeing up your time to pursue other activities. Regardless of your trading experience, this guide will explain how you can benefit from Forex signals and recommend the best signal provider.

What are Forex Signals?

Forex signals are trade recommendations that show you when to open and exit a trade in the Forex market. Here are the basic components included in a Forex signal: 

  • The currency pair to be traded 
  • The trade recommendation – buy or sell 
  • The entry price
  • The exit price – take profit and stop loss

It’s rare that signals providers recommend the percentage of your portfolio to allocate for a particular trade – this recommendation is usually only standard in copy trading. Although copy trading and Forex signals have the same goal, the difference between the two is vast. Copy-trading involves mimicking the portfolio and trading strategies of other traders. For example, if a trader opens a trade of 1 lot of EUR/USD, you also do the same. It’s a cheaper version of asset management. But with signals, you decide the percentage of your capital to allocate per trade. 

How to Use Forex Signals

Using Forex signals is as simple as taking the recommended trade and executing it on your trading platform. You can execute them manually or auto-trade using trading bots that read the information contained in the Forex signals and execute the trade for you. These are the four basic steps that you should keep in mind:

  1. Select a currency pair recommended
  2. Set the entry point
  3. Set a stop-loss order
  4. Set the take profit targets

Generally, a forex signal is a recommendation to open a position based on certain conditions. Some signal providers send signals for market orders, while others send signals for pending orders. For market orders, the trade is executed instantly at the current prices. On the other hand, signals for pending orders are to be executed when the asset reaches the specified price. Ideally, the pending orders are usually preferred by signal providers since they give their clients sufficient time to enter a trade. Let’s quickly break down the pending orders.

Pending orders are categorized into the limit and stop orders. With buy stop orders, you go long when the price reaches a specified price higher than the current market price. Conversely, with sell stop orders, you go short when the asset’s price reaches a target price lower than the current market price. 

Signals for buy limit orders instruct you to execute a long trade when the price of an asset reaches a specified level that is lower than the current market price. And the signals for sell limit orders instruct you to short an asset when the price reaches a specified level that is higher than the current market price.

How to Choose the Best Forex Signals

Whether you’re a pro trader who doesn’t have the time to analyze the market or a novice trader seeking professional help, choosing the best Forex signal provider is paramount. There are hundreds of thousands of signal providers, and it is sometimes difficult to judge who you can rely on for professionalism and steady profits. Here are key factors you should consider when choosing a signal provider. 

Proven Track Record

This is perhaps the most important of all factors to consider; you shouldn’t just take the provider’s word that they are profitable – trust, but verify. The ideal scenario would be to go through the provider’s history and back-test their signals to ensure that the returns achieved are as advertised. It would be best to probe into their long-term success rate – typically, a success rate of above 75% is ideal since it will ensure a steady account growth with minimal drawdowns. And keep in mind that a 100% success rate is impossible, and anyone who promises you that is just openly scamming you. 

Assess the Risk

There are different types of Forex traders – scalpers, day traders, swing traders, and position traders – and you should first assess if the signal provider matches your preferred level of risk. The primary reason here is to ensure that if, for example, the provider only sends signals for longer-term positions, your account balance can withstand the possible short-term market fluctuations.

The Time Zone

Most people tend to overlook this, but it is equally important. Although the Forex market operates 24/5, it’s illogical to presume that you’ll always be awake round the clock waiting for your provider to send the signals. This means you should consider whether the Forex signal provider operates during hours that are convenient for you. Alternatively, you may consider automating the Forex signals using a signal copier. This will ensure you don’t miss any signal and get your money’s worth.


Most Forex signal providers provide their services at a fee, and it’s only natural that traders choose effective signal providers with a reasonable pricing package and high returns. While low pricing may be enticing, you should also consider the cost-return analysis. The rule of thumb here is to ensure that the potential returns you receive from trading with the Forex signals are adequate enough to cover recurring costs and leave you with a tidy profit. 

Why Use Forex Signals?

The sole purpose of Forex signals is to help forex traders to make informed trades. Here are some reasons why experienced and novice traders use Forex signals.

Saves Time for Experienced Traders 

It’s a common misconception that Forex signals are only meant for novice traders. However, experienced traders with little or no time to conduct proper market analysis or monitor the market trends also benefit immensely from these signals. They ensure that they have enough time to conduct other activities and have peace of mind knowing that professionals handle their trades. 

Reduces the Learning Curve

It’s estimated that almost 70% of new retail traders blow up their accounts, owing to the simple mistakes made during their learning curves. Admittedly, there is a lot to learn in Forex, and for novice traders, that learning curve may come with significant losses. However, using Forex signals from professional traders helps them understand the market and reduces this learning curve significantly for novice traders and the losses that come with it. They don’t just learn the importance of proper risk management and sound analysis but also steadily grow their trading accounts. 

Earn Passive Income with Forex Signals

Using Forex signals is the ultimate way to earn passive income. Typically, you’d need to conduct extensive market analysis to find the best entry and exit points and continually monitor the markets. And this requires a real interest in the Forex market. However, with Forex signals, all the heavy lifting is done for you – you never need to do any analysis in the Forex market; just fund your account and let the professionals do the work for you. 

Who Provides Forex Signals?

Typically, signals are generated by either human traders or trading robots. In either case, a combination of fundamental and technical analyses is used to determine the optimal entry and exit levels. And as we mentioned earlier, there are several Forex signal providers, but very few stand out because of their proven track record, reasonable pricing, and quality customer support.

MYC Forex and Commodities Signals

In our opinion, MYC Forex and Commodities is the best Forex signal provider. The MYC trading team, which has been operational since 2017, primarily offers Forex signals through Telegram. And although performance can vary, obviously, their trading team is one of the best at generating consistent returns for subscribers. Here’s what to expect when you subscribe to their signals.


  • 24/7 diligent customer support
  • Over 85% win accuracy 
  • 50 – 75 pips weekly
  • A generous refund policy – full refund within the first seven days of your subscription and a prorated refund thereafter
  • An on-demand live training session
  • A free Forex group where they publish a weekly market analysis and updates, as well as the results from their VIP group
  • For those interested in diversification, they also offer crypto Signals


You can subscribe to their monthly, quarterly, or lifetime plans to receive MYC Forex signals. Note that you can pay via PayPal, debit/credit card, or with crypto. To join, you can choose from one of the following plans:

1 Month: $90

3 Months: $250

Lifetime: $750

When you subscribe to MYC Forex and Commodities, you can expect between 50 – 75 pips in profit per week. And if you have any questions or need any clarification, you can contact them any time on Telegram @MYCSupportBot. is one of the oldest signal providers and has been operational for over 10 years. They offer Forex, commodities, stocks, and crypto signals, which are sent to your email. The major drawback is that they do not have a Telegram or Discord channel, so it is nearly impossible to automate your trades using their signals. They also have a mentorship program for those who intend on learning about technical and fundamental analysis. Here’s what you can expect from them if you sign up. 


  • Round the clock customer support
  • Daily signals 
  • About 75% accuracy rate
  • 7-day free trial 
  • Five daily live streams for market commentary
  • A trader chat room where you can chat with mentors and other traders 
  • Forex educational videos courses 


These are the payment plans offered by

1-month room access: $97

6-month room access: $297

12-month room access: $564

Note that different packages have different access privileges such as one-on-one chat with mentors, a direct line to mentor, and exclusive brokerage access. 


Learn2Trade is run by a group of Forex traders with over 15 years of experience. The signal provider is affiliated with the Learn2Trade website, which provides financial news and educational content. Here’s what to expect from Learn2Trade Forex signals.


  • 24/7 customer support and one-on-one trading advice only for VIP members
  • Signals with about 76% success rate 
  • 2 – 3 signals daily 
  • Mobile and Telegram notifications
  • A free Telegram group where they send 3 VIP signals weekly
  • Weekly webinars and technical analysis 
  • A separate group dedicated to swing trading with an 84% success rate 
  • Recommendations on the amount to risk per trade
  • First-time subscribers receive a 30-day money back guarantee


You can choose from the six subscription plans, which you can pay with a credit/debit card and via PayPal. 

Monthly: £35

Quarterly: £65

Bi-annually: £95

Lifetime Subscription: £250

Separate Swing Trading Group: £50

The Bottom Line

This Forex signals guide has showed you what you need to look for when considering subscribing to a forex signals group. A good Forex signal should answer these questions: what currency pair should I trade? Should I buy or sell the said currency? What is the entry price, and should I place a market order or a pending order? And finally, what are the take profit and stop loss targets? But these are just the basics; you owe it to yourself to conduct rigorous back-testing on the Forex signals sent by a particular provider. That’s to ensure you only subscribe to signal providers with a proven track record. Typically, a success rate above 75% is ideal to ensure steady account growth with minimal drawdowns.