Forex is a certain change in the market that helps you understand when to buy or sell currency. Almost all strategies use signals - the behaviour of Japanese candlesticks, indicators, economic news.
The signal looks like a list of data:
The selected currency pair
Market entry price (placing a Buy or Sell order)
Stop-loss price indication
Other details can be added, depending on where the trader is watching the signals. Forex signals can be paid or free. Which ones are more advantageous? The winnings rely not on the signal price, but on the actions of a trader - how well did he use the alert?
Signals come from professional live analysts or scripts (robots) on the platform. Whom exactly to choose - also exclusively a trader's decision. Both options have advantages and disadvantages. In some cases, the robot works better, in others - a person. To find out, you should test the source of signals on a demo account.
Robots display alerts on the trading platform. Live analysts can write in chat, Skype, Twitter, telegram and other messengers. The main thing is that the trader has time to see their signals in time.
How to find the best forex trading signal
The best forex trading signal is not so hard to find. It must meet such criteria:
The time zone of the signal source is the same as your
Free access for a while to see the quality of the supplier
Complete information package: charts, market analysis, explanation of reasons
The signal matches your trading style and task: short and long term, breakouts, etc.
There are additional services from the supplier - educational or social trading.
Compare multiple sources and test them on demo accounts. Also, look at the track record of Singapore forex provider - an independent expert must confirm it. Estimate how high the subscription price is. Find out how long the Signals Provider has been working in this market. It will be useful to read reviews and feedback on information websites.
Paid and free forex signals services
We offer a list of paid services forex:
All of them are understandable enough for traders of any level. We recommend that beginners pay attention to free services. Besides signals, these platforms offer large libraries of text and video courses on all aspects of trading.
How to use forex signals
There are several ways to use forex signals. For example, you can follow the instructions on your account manually. If you see the signal, you make a decision.
The second option is copy trading. A beginner binds his or her account to the account of an experienced trader or signal provider. Solutions are automatically transferred to the copying account.
The third variant is a managed forex account. Here the client gives the account for management to the professional, and he trades assets for some commission. Such accounts can be executed with a broker or private experts.