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In its most basic form, forex signals are trading suggestions that allow you to place buy and sell orders without performing your own research. Instead, you will be signing up to a forex signal provider that scans the markets on your behalf. This typically comes in one of the two forms — human or automated analysis. Regarding the former, this will see a seasoned trader perform manual research, and then send you their findings. In the case of the automated forex signals, research is performed by a pre-conditioned algorithm.
This allows the system to scan thousands of potential scenarios each and every second across dozens of pairs. Then, when the algorithm discovers a potential trading opportunity, it will forward on the signal to its subscribers. In a nutshell, the best forex signal providers will send you trading suggestions that contain five key pieces of information. This ensures that you have all of the required information to act on the trading suggestion in a risk-averse manner. As you can see from the above, the forex signal service provides everything you need to set your order up.
This refers to the specific pair that the forex trading signal relates to. In the vast majority of cases, the best forex signal providers stick with major and minor pairs. This ensures that the pair in question has significant liquidity and that it does not suffer from volatile trading conditions. This is potentially the most important piece of information that you will need from a forex signal. In other words, you need to pay a premium to receive it.
This ensures that your order is executed at the exact price suggested by the provider. Crucially, a lot of forex suggestions that you receive by the provider might end up being cancelled manually, not least because the target entry price has not been triggered. This is because the best providers only want to enter the market when conducive trading conditions have been met.
Much like the entry price, the stop-loss price is super-important in the forex signals scene. For those unaware, a stop-loss order allows you to exit a losing trade automatically.
As you can see from the above, a stop-loss order ensures that you can trade in a risk-averse manner, by limiting the amount that you can lose from the trade. The final metric that the best forex signal providers will send you is that of a take-profit order. As the name suggests, this allows you to lock-in your trading profits automatically. It works in exactly the same way as a stop-loss order, but in reverse. What you will sometimes find is that a forex signal provider give you two take-profit prices.
However, for those of you that wish to chase larger margins, the second take-profit target is 30 pips lower. With that said, you do have the choice of setting your own take-profit price somewhere in between the two targets. So now that you know what forex signals look like, we now need to explore how the underlying process works.
That is to say, how do forex signal providers actually get their information? Crucially, this comes in one of two forms — human analysis or an automated algorithm. This particular type of forex signal service is somewhat of a rarity in the online space. This is because human analysis is far inferior to the capabilities of an automated algorithm.
Nevertheless, the service provider will normally be managed by a seasoned forex trader that has a wealth of experience in the space. They will manually research the currency markets through a combination of fundamental and technical analysis. Then, when a potential trading opportunity has been found, the human trader will distribute their findings. In the vast majority of cases, your chosen forex signal provider will utilize an automated algorithm to find trading opportunities. The general consensus is that automated algorithms are significantly more capable of outperforming the forex markets, because:.
The best forex signal providers will tweak and amend their automated algorithms on a regular basis. This ensures that the system is able to stay ahead of the curve in an ever-changing global forex scene. Additionally, you also need to consider whether your chosen forex signal provider offers a fully-automated or semi-automated service. As great as forex signal providers are, the main challenge is knowing which service to sign up with.
After all, there are literally hundreds of options available in the market. With this in mind, we are now going to discuss some of the best forex signal providers currently offering their services online.
As always, make sure you perform your own research before signing up with a new provider. Learn 2 Trade is a UK-based forex and cryptocurrency education platform that provides a wealth of guides on all-things trading. It has since employed the services of some of the brightest traders in the currency scene. In turn, Learn 2 Trade now offers a fully-fledged forex signal service. In doing so, subscribers are accustomed to trading suggestions as and when the algorithm spots a potential money-making opportunity. This covers major and minor forex pairs, as well as a selection of digital currencies like Bitcoin and Ethereum.
To ensure that subscribers receive trading signals in real-time, Learn 2 Trade distirbnutes its findings via Telegram. This is crucial, as signals often need to be placed quickly to avoid missing the opportunity. Each signal contains all of the required information to act of the suggestion. This includes the respective entry, stop-loss, and take-profit targets. As such, you have the luxury of choosing your own broker. In terms of pricing, Learn 2 Trade offers two options.
Firstly, you can opt for its free plan - which provides 3 signals per week. This allows you to get to grips with the platform before making a longer-term commitment. If you want to benefit from the full Learn 2 Trade signal service, its Premium plan offers between signals, 5 days per week.
If you are looking to take your forex trading endeavours to the next level, this is arguably a drop in the ocean. There's no doubt that pip Builder is one of the best Forex signals providers available. They have been helping traders for many years and are extremely well regarded by both experts and members. A quick look at their TrustPilot ratings will show that they have a huge number of 5 star ratings from satisfied members.
This means that they focus on providing clear Forex signals with entry price, stop loss and take profit values. They do have some educational material but there focus is on producing the best possible signals and the strongest profit. The historical test performance of pip Builder has been outstanding and most importantly their performance has been independently verified by MyFXBook.
This is a huge advantage for pip Builder because very few Forex signal providers can prove their performance. When choosing a Forex signals provider it is essential that you can see some proof that they can achieve the results claimed. Other than very strong results, the main reason that pip Builder is so popular is the one to one support that is offered by the lead trader — Bob James. This kind of support and mentoring really takes pip Builder head and shoulders above other Forex signal providers.
Unlike many Forex signals providers you will be in daily contact with the lead trader and can ask any many questions as you like. This close support is rare to find from any Forex signals provider and can make a massive difference to your success. If you are looking for the best Forex signals with on-going expert support then we believe pip Builder is clearly your best choice.
So sign up now and get yourself the best Forex signals at a bargain price.
On top of forex and cryptocurrencies, this also includes stocks, ETFs, hard metals, energies, and more. In terms of its automated forex services, the platform offers a somewhat unique option - copy trading.
In a nutshell, the eToro copy trading feature allows you to pick an experienced forex trader, and then copy their trades like-for-like. With more than 12 million investors using the platform, you are sure to find a trader that meets your long-term investing goals. For example, you can assess the types of currencies the trader likes to focus on, how much risk they typically take, maximum draw-down levels, and the average time a position is kept open for.
Once you find a trader that you like the look of, you can then opt for copy all future trades. This is highly beneficial for those of you that want to benefit from forex signals, but you don't have the time to act on each suggestion. We should note that you will be using a direct-broker service by choosing eToro.
It also allows you to trade on a commission-free basis. This will ensure that you keep your trading costs to a minimum.
Reliable forex signals from our experienced team. IG provides an execution only service. The majority of novice traders are a bit reluctant to pay for premium signals and secretly hope to win a lot of money without any expenditure. From zero to hero. Stay informed about the market movements and trading opportunities with Autochartist market reports.
As such, you can easily set up a portfolio of traders to help diversify your risk. Although CryptoRocket doesn't offer forex signal services, it makes our list because you will need to make use of an online broker if you wish to act on trading suggestions.
That is to say, once you receive a signal from your chosen signal provider, you will need to place the required order with a top-notch trading platform. At the forefront of this is CryptoRocket - an online broker that allows you to trade on a commission-free basis. This will ensure that you are able to maximize your forex signal profits without having your gains eaten away at by excessive fees. You will also have the opportunity to trade 35 cryptocurrency pairs, 64 stocks, and 11 indices.