Using forex signals can save traders a lot of time and teach new methods
Forex Signals are regularly updated records on trades performed on currency market. In other words, signals act as a trade alert, which notify a trader when to enter or exit a trade. These signals can be obtained from companies that offer subscription services, presenting information on their web-sites or from a number of brokers who provide information for traders of standard or VIP accounts. The price of such service can vary from free, if you receive it from your broker, to a daily average of 5-10$ and higher depending on the individual or company providing it. There are also some packages that offer long term access for a one time subscription fee. In this case the price is reaching up to several hundred dollars.
Range of services offered by Forex Signals providers varies widely. Forex Signals pack may include anything from performance trackers, sms, email, and online alerts, to customer support via email or phone, and advanced analysis as a special offer. As trading signals providers should keep their strategies secret, trading with them more or less reminds blind date and requires high degree of confidence in the company or individual behind the issued signals.
Forex Signals help traders providing the exact details of recommended trades being taken by the signal providers, in real time. They tell when to buy or sell and where to set the exit positions to either take profit or to close the trade at an acceptable level of loss. It’s a great way to apply new strategies and learn how other traders make decisions. By mirroring the successful trades of investors having a good track record, you increase your chance of making winning trades with the minimum time spent on your part.
Signals can be split into three groups:
- News trading signals represent a fundamental approach to Forex Signals. The aim of this signal is getting the news release as quick as possible, so the trader can gain the maximum level of profit in a short period of time after any news releases. These signals will often come with daily or weekly commentary and analysis.
- Technical signals are simply trading tips on the basis oftechnical analysis. That means you trust the background and track the record of the provider of what you may consider to be the best Forex signals service issuing certain signals.
- General signals provide general trading tips for traders. These alerts often use a multi-pronged approach combining both fundamental and technical analysis.
Having general knowledge about Forex signals will help you in finding the best Forex trading signals provider for yourself. To make your research easier, we prepared a list of Top 5 Forex Signals of 2017 below:
- JKonFX give market insights and trade ideas from Joel Kruger, a professional trader with a proven track record. These are most trusted signals.
- com Trading Room probably host the best Forex Signals provided by a team with over 50 years combined Forex trading experience.
- Digital Derivatives Markets track record dates back to May 2014 and presented with extreme transparency. This signals provider has successfully predicted numerous risk events throughout the years including recent US elections.
- Traders Academy Club was founded by Vladimir Ribakov, a professional Forex trader with more than 11 years experience. All published signals come with charts that not only show when the trade was entered and exited, but they also provide an explanation of why that particular setup was successful.
- Baby Pips for more than decade has been the premier destination on the Web for learning how to trade the Forex market interesting. It is the best Forex community ever.
Final decision to use Forex signals or not mostly depends on your psychology, your trading strategy, ambitions and financial opportunities. Whether you're a dynamic person with a lack of time to spend on analysis and study of the market or a part time trader, Forex signals constitute an alternative to manual trading. If you want to learn basic concepts of trading, benchmark strategies and follow the success of the best Forex market traders, you need to try Forex Signals at least once.