Updated: May 18
“There’s no such thing as a free lunch” John Ruskin
You either, pay for it or work for it.
Forex signals for trading online are prompts/suggestions for entering a specific trade, be it a currency pair, commodity or stock, at a specific time and price.
They are generated by either a human or a computer algorithm.
The fundamental question.
Are Forex Signals worth it?
If you are a new retail trader, busy and on the go, it seems like an excellent tool to use. I would agree, however.
· Do you understand the signal?
· When did you receive it?
· When do you execute or ignore it?
· Is it a technical or fundamental prompt?
Trading with signal as a newcomer is not actually the best idea.
Introduction to Forex Signals
Forex signal systems are among the most important tools in the arsenals of profitable traders. Beginners as well as advanced and experienced traders use them.
There is in fact an entire industry built up around trading signals and various trading recommendations.
As with most goods, quality should always come before quantity in regard to your forex signals.
Quality forex signals do not just tell you when to jump into a certain trade and the direction of said trade. They also include detailed information on the configuration of your Stop Losses and Take Profits.
The best way to make certain that you are dealing with quality trading signals is to go for the free option, on a Demo account. This way, you will not lose any real money if it turns out your signals are not good move on.
It is better to learn to trade using your knowledge and experience over time and then utilising a signal to prompt you to decide if you want to enter.
A very successful signal recently was the uncertainty of a deal or no deal Brexit, the signals sent to our traders, outline the two case scenarios, that was, if we got fundamental bad news , stating the deal was unlikely, Sterling would fall, which it did, vice versa, if we get a deal, expect a big surge in the value of the UK currency.
Another example was the surge in Covid19 cases, meant a slowdown in worlds economies, and the certain sectors would suffer, leisure , tourism and high street retailers, that was the case and many profited from following the trends, set by the fundamental news and sentiment.
Email us for a free discussion to see how we can assist you.