Forex Trading Signals refer to tips to make a purchase or sale of a specific currency pair at a certain price and time. The tips can be given in two ways, either by an analyst or automatically (known as the Forex robots). You can get the tips via e-mail, website, Twitter, RRS feed, etc.
Trading Signals Services
Subscribers can receive the signals in more than one way. One can subscribe to receive free Forex trading signals, for example, but these are usually not of the highest quality.
When it comes to paid signals, there are two categories. The first refers to paid signals by one provider, while the other service provides signals from more than one source. A subscriber may want to receive signals from an Expert Adviser (received through trading software on the subscriber’s computer). The Expert Adviser is referred to as a Forex robot in the market business.
The Forex trading signals can be bought over the Internet and, if set right, they can help you earn money. To make it clearer what it really does, let us explain the manual and computerized trade actions.
The Forex signal services can make a trade manually or automatically. Manual providers sit in front of their computers and look for signals, and based on their judgment and estimates of the situation they make a trade.
An automated computerized system refers to software set up as to find and recognize entered signals and then interpret them correctly. The advantage of the computerized provider is that it is deprived of human feelings, which sometimes influence human providers and account for losses.
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What Can You Get from a Forex Signal Provider?
Usually, signal providers include entry, exit, and stop loss for customers in one or more currency pairs. It is accompanied by a graphic signals analysis where one can have a preview of the situation.
The provider also gives a statistical preview of the trading moves one made in the past. That includes the monthly movements of pips (if they went up or down), the risk and reward ratio, and trades made.
Providers can be reached on different fora if one needs additional information or training. A customer can transfer their account management to the Forex signal provider giving the signal provider freedom to trade the account of the client as they will.
If the customer is not sure, providers usually offer a trial period for a lower price, as well as information resources for the customers to learn more about the Forex Trading signals and the providers.
Choose the Right Provider
There are many providers out there, and not all of them offer the same set of services. As a trader, you should engage in a quick research and then decide what provider you want to use. Take your time to make the right decision.
We already explained what the Trading Forex signals are and how they work, but we did not mention the hard part yet. Many traders have a hard time finding trading ideas. One of the most desirable and best service providers in the Forex Trading Capital Market is DailyFXPlus Trading Signals.
This service provider is purely automatically driven. With no human involvement, the risk of loss due to psychological part is completely excluded. There are many great human providers, but they sometimes struggle to follow a plan through by changing their decision later. But, automated trading follows the initial pre-set plan.
But DailyFXPlus Trading Signals does not completely shut down human support. It employs human analysts for a subjective (human) point of view for each given signal. They developed the trading strategies that run the Trading Signals, and they can give you suggestions on whether they agree or disagree with the displayed signals.
The market changes very quickly and these human analysts can have information about future events and modifications in the market and based on that – they can give you advice whether to go with the signals or to ignore them.
Customers should be aware that some providers avoid talking about handling risk management and new customers should maybe pay attention to that issue and find a provider who doesn’t mind talking about risk percentage.
Another solid platform, besides DailyFXPlus Trading Signals, is Zulu Trade. The software platform counts approximately 1,000 users trading with more than $800 billion.
The platform has a list of providers wherefrom you can select the one you want. Their method includes human traders, who may or may not rely on automated algorithms to develop the right signals. They offer a preview of live trade performances of all listed providers, where you can observe how well they are doing and if it matches your expectations.
They require you to use them as a referring broker for your trading account which increases your transaction costs. But, since they are very reliable, that seems like a small fee for receiving a great, responsible, and reliable service.
BK Forex is also a very attractive signals provider. They offer short-term and long-term prognoses. Their famous BK Swing Trades offers signal prognoses one or two times per week whereby they use technical and fundamental analyses to generate the best signals for their customers. BK Swing Signals have been in the business for eight years already, and they have been quite successful.
They also include risk assessment and their models are programmed to match the changing flows in the Forex Trade market.
The Power behind the Forex Trade Signals
The Trading Signals would be hard to identify without the Forex exchange Capital Market’s Speculative Sentiment Index (SSI). It represents one of the driving powers and tools that make Trading Signals possible.
The SSI gives information on retail market participants in the Forex market and how they trade. Trading signals rely on the SSI because it can give information on how popular a currency pair is, what the prices look like, and if a specific currency pair is high in demand for purchase or sale.
There are also prospects of trends (is a certain trend going to continue or discontinue?). Based on that, the Trading Signals create a solid background to make prognoses.
Some people swear on paid services since they mostly give hints and signals that are correct, and customers actually earn money based on the signals. Paid services can offer you good Forex signals that will work in your favor.
Some of the best Forex Signals providers are listed in this article. Check them out and see for yourself if they are worth an investment!