Forex Signals & Providers
Forex trading signals are trading alerts by expert advisors in order certain trades to be executed by traders who have purchased this kind of signaling service. Forex signals are offered at monthly fees of $100 to $500. Some Forex Signals are offered even for free. Forex signals may be offered by individual companies or by Forex Brokers for traders in executive accounts. These signals may be offered through email, SMS, phone and online alerts.
3 Major Categories of Forex Signals
1) Technical Analysis Signals:
This type of trading signals is widely used among Forex Traders and based in the technical analysis using various indicators, oscillators, patterns and other methods of analyzing past activity data. Usually signaling using technical analysis is accompanied by stop-loss prices and other trading strategies. You trust the background and track record of the company or person issuing the signals, so you choose to trade on that basis instead of entering your own orders.
2) Forex News Signals:
These trading signals include fundamental news that they havenâ™t already incorporated in the current price of currency exchange. Forex trading signals are usually accompanied by deep analysis. Using Forex News Signals pre-assumes the existence of an efficient Forex Broker (in order to avoid slippage).
3) Combined Forex Signals:
Combined Forex Signals are combining technical and fundamental analysis in one package. So actually they incorporate past activity data and current market news.
Choosing the right Forex Signal Provider
Choosing the right signal provider is not easy, and here is what you should have in mind:
◘ Check signal provider reputation on the net (blogs, forums etc) to avoid false signals and statements is a great way to diversify your trading by mirroring the trades of traders with a good track record. When choosing a Forex signal service it is very important to find a reliable provider that doesn't manipulate results and make false statements.
◘ Check historic performance by observing past activity data
◘ Check if Forex signal providers are monitored by some regulating authority
◘ Make sure that a trial period is offered in order for the signaling service to be tested in low fees
◘ Make sure that Forex signals are offered in real-time
◘ Make sure that your Forex Broker has the technical efficiency it is required (especially in the case of Forex news signals)
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