Forex Signal – this is a recommendation on when to open/close a deal depending on the asset, its price and the set time. These signals serve as a warning to the Forex market, they notify traders when they should enter or exit a trade.
How to work with signals
Before you start working with Forex tools, you need to learn to distinguish between good and false signals. Experienced experts do not recommend relying entirely on the information received. To avoid failures, it is necessary to independently evaluate the information received and only after that make a final decision. And for this, of course, you need to go through at least basic Forex training.
It is important to remember that there are few resources that provide true quality information. Brokers make profits regardless of whether the trader wins or loses. Therefore, the processing of their signals must be treated with caution, even if they offer compensation for false information.
To protect your own interests, you must carefully select the providers of the notices.
You should not start working with a company if:
- the organization was recently registered;
- there is no independent statistics on signals;
- there is no money-back guarantee;
- low cost of paid notifications;
- the support service is not functioning on the resource;
- the company has a lot of positive reviews and no negative ones at all.
How to independently receive signals for Forex trading
Experienced specialists in the foreign exchange market can independently create a signal based on knowledge, experience, developed tactics, and analyzed forecasts. But the most effective method of obtaining high-quality information is to copy the behavior of a successful trader, the results of which can be found out by statistics.
The basic principle of the method is that when using a signal from a specialist, the result will be the same as his. The main advantage is that it takes less time to evaluate the proposal.
Services that provide online notifications and the ability to copy a trader's behavior must provide detailed data – a chart, transaction value, general statistics, trading history, profitability, growth, etc. Depending on these indicators, signals can be paid or free.
Free Signals
To attract subscribers and self-advertised, specialists can provide Forex signals for free for a short time. After the user is convinced of the effectiveness of the strategy, he will be offered to subscribe to a paid subscription. The choice of free tools must be approached carefully so as not to fall into the hands of scammers. It is necessary to carry out an independent analysis of information, assess the perspective, and make an independent informed decision.
It should be remembered that there is an unspoken rule on trading currency platforms – a trader who has developed an effective scheme will not give it away for use just like that.
Paid signals
The opposite situation occurs if you use paid Forex signals. They are obviously considered by newcomers to be more effective and information-intensive. The most effective “signal providers” can be found in various ratings. However, you only need to believe the descriptions of official sources. Relying on laudatory reviews on social media or blogs is not recommended.
Before buying forex signal notifications, you need to familiarize yourself with the opinions of traders on independent forums and platforms, as well as find out what position the supplier takes in controversial situations.
How to filter out false signals
In trading, it is important to learn how to distinguish a false trading signal from a useful one. One of the ways is to select an assistant program that will analyze notifications and select only the best ones.
Experienced traders can cut out bad signals using aggressive or conservative trading tactics. The first method got its name because of the possible high risks since the volume of the transaction in lots can be changed by the supplier at any time.
The technology of the trading method consists of entering the market after receiving data for opening a deal and, accordingly, closing the candle on which the signal was received. This option is considered classic on the currency market. The conservative method includes entering the auction at the moment when the price has taken the maximum or minimum acceptable value.
If the second candlestick breaks the minimum/maximum of the signal, then the trade can be opened and it will bring profit. It is not recommended to use the method if there is a sharp “bearish” or “bullish” movement. The disadvantages of the method include loss in points, due to the time of receiving the signal and opening a deal.
Best Forex Signals
According to the reviews of the best traders in Moscow, St. Petersburg, Kyiv, and the CIS countries, the most effective signal providers for Forex are:
1) Strategy4you – this site. The company has been operating on the market since 2008 and is a team of professionals from the CIS countries. The service issues daily, at this moment, already Free: forecasts + video + MT4 templates with highlighted signals for graphical analysis for 10 major currency pairs.
2) Share4you. The uniqueness of the platform lies in the issuance of signals and copy services. Often, the official market situation differs from forecasts, therefore, when a statement comes out that refutes analysts' data, the price instantly changes its value. It is difficult to track such changes on your own, and the program can automatically open trades if configured correctly.
3) CopyFX is a similar service to the previous one. Each user can use the copying of signals on the site and, based on it, open deals automatically. The site also provides analytics for the main pairs. In addition, the portal contains a lot of educational information for traders.
4) The online resource ForexCopy is also a signal copying service. However, in order to see all the offers, you must first open an account with a broker. The minimum recommended deposit is $ 100. Statistics and full analytical reviews are also available on the website.
5) The Forex trading signal from MT4 is provided only to registered participants. Notifications come to your personal account. The Mql5 service is used as a data source. There is access to paid and free information.
