Dealing with forex trading, you would often, in fact always, come across a few terms. A signal, or forex trading signals, is one of them. More like the “edge” for a trader looking to hit the jackpot in the global liquid decentralized marketplace, it is an invaluable stash of data.
Understanding Forex Trade Signals
Signals in the forex trading space are what they are generally defined as – electronic tidbits of information that the receiver can receive via various platforms. One of the few important tools that forex traders can use to stay one step ahead in the market is forex trade signals.
The forex trade signals are the triggers for trading at a set currency pair at a set time and price. It carries the information of the emerging pattern in the market. It then signals the trader to respond with a trade or not. Historically, dedicated analysts generated the forex trade signals. The automated side of forex trade signals has gained momentum in the late 2000s. A Forex robot or an Expert Advisor helps you collect signals from multiple FX channel. It then relays them on a platter in front of you.
Once you have subscribed for a forex trade signal alert, you will find it popping up in many forms. This can be as e-mails, RSS, SMS, live feed, or via your Expert Advisor, as explained earlier.
If you have reached this point without fumbling, we will look a bit more in detail about forex trade signals to get a firmer grip on this sought-after trading weapon.
Forex Trade Signal Types
There are generally four types of signals that will appear on your screen. They translate whatever happens in the forex trade marketplace. A basic understanding of signals you’re going to encounter while forex trading is essential. This understanding can help avoid the common pitfalls that can make you lose money.
Types of Signals:
- “Action” Signal: The call-to-action signal, triggering an instant “buy or sell” response.
- Buying signal: As a sub-branch of the action signal, the buy signal would indicate when one currency would rise over the other and is set to rise in the forthcoming events.
- Selling signal: When a currency performs poorly, the signal would be an indication to drop a currency before it makes you lose more money.
- Stop Loss Signal: As it says, it stops you from losing your investment and is an exit point. The automation will pull you out of the trade.
- “Take Profit” Signal: The opposite of the Stop Loss signal, the Take Profit signal is what it says – triggering you to enter the trade if the set profit level hits a higher value.
- “Current Market Price (CMP)” Signal: This signal is more like an information thread or notification. It is sent across to compare prices of currency pairs at the time of order and at the time when the signal was sent.
- Volume alerts: With a heavy movement in the market, the volume alert is sent to alert you on why the movement is taking place and make your trading decisions accordingly.
- Momentum signals: Largely based on the buying strength of one certain currency, listening closely to momentum signals will help you read the shape of the market taking place.
Do Your Research
Now, these signals are either free, or paid from providers. They can also be from paid from signal systems, or automated and coming from an Expert Advisor.
Do your research and review your options, as there have been a a growing case of scams. You would also have to do the harder work of being watchful of the signals sent across. Expert and advanced forex traders prefer manual signal trading, for greater reasons such as increased control and human (over artificial) intelligence. They are competent enough to sacrifice speed and efficiency for the greater cause.
Signal Copier Services Result In Easy Forex Trading
Already asserted multiple times, a signal copier service is your dearest helping hand in forex trading. The time for sitting for hours to execute trades manually is long gone. You save yourself a lot of time and stress by using a signal copier service. Even better is one that performs it via a Telegram to MT4 EA (expert advisor).
The signal copier service such as Forex Telegram is, in fact, an MT4 trade copier that picks up forex trade signals from all your favorite FX channels on Telegram. They automatically copy forex signals from all Telegram groups and update your MT4 account so that within your limited time availability and tight schedules, you are not missing out on any winning signals.
An Expert Advisor is an automated forex bot with a specific of set instructions. It is responsible for keeping your forex trading up in the raging queue. It does so by relaying forex signals from countless Telegram channels to the trader’s MetaTrader 4 account, and in some cases, if instructed, it can also initiate trades on your behalf.
Final Words to Easy Forex Trading
There are tons of forex signal copier services; the “best”, however, can vary depending on the features you need. It is tough to pinpoint a certain signal provider as the best; instead, you should consider what to watch out for when choosing a signal copier service and seek for any exceptions if there are.
The success or accuracy rate of signals copied plays a powerful role, along with non-stop customer service, relaying any/all format of signals, catering to all time zones, and experience of the people copying signals at the back. An easy-to-use user-interface, in addition to a training course or mentor ready to school you expertly on trading when you signup, is always a plus point. This goes for beginners and intermediate forex traders alike, who can always learn a thing or two.
The Telegram.Forex is one of the best products out there. It is a leader in the copying trade signals from Telegram groups or channels. Stay on top of your trades with this well known Application. What else? This application has a wide array of tools including Risk Management. The best feature is the leaderboard! More to come on that.
Whichever signal copier service you pick, rest assured you can stretch your legs and let the Expert Advisor do the boring work while you focus on the earnings!