How to Use Free Daily Forex Signals
One of the most powerful ways to trade the market profitably is by using forex trading signals. Forex signals may be a new concept for you but, if used correctly, using forex signals has the potential to grow your trading account at a steady pace. Of course, these forex trading signals need to be issued by a reliable and skillful trading signals provider, like FX Leaders.
Thanks to the expertise of seasoned traders and analysts, FX Leaders’ free daily forex signals have achieved consistent and impressive results throughout a wide range of assets and market conditions. These forex signals are easy to use and can easily be copied into your personal trading account.
Simply copy FX Leaders’ forex signals into your personal trading account.
Although using FX Leaders’ daily forex signals is really simple, there are certain trading fundamentals that need to be adhered to in order to gain the most from these signals; like proper risk management.
Traders need to acquaint themselves with how to use our forex signals terminal, which is really easy. The first step in taking advantage of FX Leaders’ free daily forex signals, is to open a trading account with a reliable forex broker. Check out FX Leaders’ recommended forex brokers to find the best broker for your specific needs.
The next step is to take a look at our forex signals terminal where all the details of our daily forex signals may be found. The signals terminal can be found on our forex signals page. This is what the forex signals terminal looks like:
FX Leaders’ Forex Signals Terminal
The forex signals terminal contains all the trading signals that are active or might become active soon. In the terminal, you may find forex, commodity, cryptocurrency, and stock index signals.
In the terminal you’ll see all the necessary information like the particular instrument (e.g. EUR/USD, BTC, Gold), the status (‘Get Ready’ or ‘Active’), the stop loss, and the take profit levels. Premium members also see the entry price.
When the status flashes “Active” (just below the instrument’s symbol) the trading signal is ready to be copied to your personal trading account.
You can open the trade at the market price with a pre-set stop loss and take profit according to the parameters of the signal. It’s always safer to at least set your stop loss before opening the trade, just in case a sharp market move suddenly moves against your trade before you can place your stop loss order.
Once the trade is open it will be closed automatically when the price reaches either the stop loss or the take profit.
In certain circumstances, our analysts may close the position manually, in which case the following comment will appear just below the box in which the stop loss price is printed: “The signal was closed manually at xxx price”. Take profit and stop loss parameters may also be adjusted by the FX Leaders analysts, in which case the adjustments will be published in the same space. Premium members receive immidiate mobile and email notifications if this happens. Other comments may also appear in this space, for example, “Signal closed at take profit”. See the screenshot below:
To spice up our trading signals, we cover numerous assets, including crude oil.
When the status flashes “Get Ready” our analysts are looking at a particular trade setup and are about to open a live trading signal. This message gives you time to open up the specific instrument’s chart and order entry box while the analysts are going through their final checks.
If you would like to be notified (via email and mobile) as soon as a trading signal appears in the signal terminal, you can subscribe to our premium signals service. This will ensure that you never miss a trade again.
How Trading Signals Are Closed
FX Leaders’ free daily forex signals are closed in three ways:
- By reaching the take profit order.
- By reaching the stop loss order.
- Closure by the team of analysts in case certain factors necessitate an early exit. In this case, it will be noted in the comments box that the signal was closed manually, as well as at which price it was closed.
Don’t forget to place a stop loss order with every trading signal you execute!
Trading Signals and Risk Management
Proper risk management is vital! The good news is, it’s really easy. All it takes is simple math and of course, discipline.
Bulletproof your trading account with solid risk management.
When using FX Leaders’ daily forex signals, the last step you need to take is to use the correct position sizing. When risking too much of your trading account (e.g. 25%) on one single trade, the odds may turn against you, even when using our profitable trading signals. Conversely, by risking a small portion of your trading account (e.g. less than 1%) on each individual trade signal puts you in the perfect position to grow your account and at the same time protect it.