How to Generate Profits Without Doing Much – All about Forex Signals
Dave Green • 2 min read
Whether you’re trading foreign currencies for the first time or you’re already pretty experienced, it’s no secret that using Forex signals can be tremendously helpful. Signals can boost your profitability while cutting down on the time you spend researching your trades. Sounds great, right? The truth is that what you get out of signals really depends on what you have to put in: your trading style, the time you have available for trading and your level of experience will all have a huge impact on the results you get when you’re trading with signals. Above all, remember that signals are only ever as good as the trader (or Forex robot) who created them. While using signals can earn you fantastic results you should always be very careful when using them and make sure that you follow a risk management plan.
Who should use Forex signals?
Absolutely anyone can make use of Forex signals. If you like the idea of copying from professional traders, or you want to trade but don’t have the time or energy to learn how to do it for yourself, then Forex signals can be the answer for you. Signals also work great if you’re seeking to combine your own trading activity with input from other traders, or as a way to spot the top market opportunities around you.
How do signals work?
Forex signals provide market alerts on the best entry and exit points for new trades by spotting hot trends and significant market momentum. In plain English, they tell you what and when to trade, whether to buy or sell and when to get out of the market. Good signals are usually based on a combination of both technical and fundamental analysis: technical indicators like Fibonacci levels, RSI, moving averages and breakout patterns, along with important financial news and events.
What types of signals are there?
There are countless signals trading systems. Signals originate both from forex robots (a forex robot is an algorithm based on technical analysis), and from expert financial traders who use them in their own trades. Signals can be either automated or manual. Automated signals are automatically executed for a trader from their broker account. Manual signals require the trader to copy the signal into their account manually. At FX Market Leaders we recommend using manual signals because they give you more control over your trading and make it easier for you to keep track of all the activity in your account.
How much do signals systems cost?
Most signals services require some form of payment. This could be a few dollars to purchase a single signal or a fixed monthly cost for subscribing to a service. Signals can be expensive: the cost of some services can actually reach up to $200 per month!
Here’s the good news. FX Market Leaders provides top quality forex signals and live market alerts for free. You can also get good free signals from some top brokers: AVA, Plus500, FXCM and 4xp are all Forex signals providers who offer this feature when you open a trading account with them.
Want to start using signals for yourself? Visit our signals page to see the latest signals we’ve spotted and start using our free services.