Benefits of Forex Signals

Forex Analysis
Free Forex Signals

Why should I use Signal Trader?

Signal Trader lets you automate trading in your brokerage account, based on signals from proprietary traders, allowing you to tap into their trading expertise and gain a key understanding of their techniques.

Signal Trader’s innovative auto-execution mirroring system allows you to duplicate the trades of your favorite prop traders by automatically executing orders in your trading account, based on their signals, without any further intervention by you.

You can control your desired level of risk with money management options that allow you to define trading parameters, including trade size, as well as monitoring trades, positions and profit and loss, all in real time.

By using Signal Traders auto-execution mirroring system you can build up your portfolio based on the trading activity of the prop traders you wish to follow.

Signal Trader also provides clients with signal alerts based on the trading activity of prop traders, via email or on the charts displayed on each live trading room.

All the accounts displayed in Signal Trader’s live trading rooms are the real accounts of prop traders, trading with real money and as trades are executed they are displayed in real time.

What is Forex Signal?

Forex Analysis
Free Forex Signals

What is Forex Signal?

A Forex signal is a suggestion for entering a trade on a currency pair, usually at a specific price and time.[1] The signal is generated either by a human analyst or an automated Forex robot supplied to a subscriber of the forex signal service. Due to the timely nature of signals, they are usually communicated via email, website,SMS, RSS, tweet or other relatively immediate method.

Types of services

Services provided fall into four categories:

  1. Unpaid/free signals
  2. Paid signals from one provider whether by personal analysis or algorithmic analysis
  3. Paid signals aggregated from multiple signal sources or ‘systems’
  4. Signals supplied by trading software located on the trader’s computer, also known as a forex robot or EA (expert advisor)

Typical features offered by Forex signal service providers

The main services offered by forex signal suppliers are:

  • Exact or approximate entry, exit and stop loss figures for trades on one or more currency pairs
  • Supporting graphs and/or analysis for the signals
  • A trading history showing the number of pips profit/loss per month and/or the risk/reward ratio and actual trades. Sometimes (especially in the case of forex robots) this may be shown as back-tested results
  • One-on-one coaching, or additional interaction with the signal provider such as comments, forum, etc.
  • Account management whereby a subscriber’s account can be traded by the signal provider
  • Educational resources either via the internet or phone
  • A trial period for a lesser price

Although these are the main features of a signal supplier, not all of them offer the complete list of services.

Scams and fraudulent activity

As forex is popularly touted as a get-rich-quick method there are a number of services that supply signals of debatable quality, which do not answer the users’ expectations for profits.

Methodologies and trading strategies

The majority of signal providers focus on supplying signals based on technical analysis and a minority work on fundamental analysis or price action. Technical analysis, such as ichimoku and candlestick charting, show both short and long term price trends giving the signal provider flexibility in supplying a range of trade options. Fundamental analysis gives longer term trade ideas. Price action gives extremely short term trade ideas, often more suited to scalping.