Forex signals are used by all Forex traders whether they are discretionary or use fundamental or technical analysis. Trading signals tell the Forex trader one of three things, when to get in, when to get out, and when to stand aside.
This signal is also called an alert as it “alerts” the trader to take some needed action. Trading signals may come in a number of forms:
Audio — With an audio alert your computer will make a sound to let you know there is a trading signal available and that you must take action.
Visual — When using a visual alert a pop-up window may appear on your screen giving you instructions for placing your trade.
Email alert or text message — Some Forex trading software can send you an email or even a text message to your cell phone letting you know when a Forex signal has been triggered. Email is also used to send signals to you if you are the client of a commercially available Forex signals service.
Web based — This is another method by which you may get alerts if you are a client of a commercially available Forex signals service. Your service provider might require that you log into their site at certain times during the day in order to check the available signals.
If you are searching for Forex trading signals to use in your personal trading make certain that they fit both your personality as well as your schedule. For those too busy to sit in front of the screen all day a longer-term Forex signal may benefit them.
There is specialized Forex software for creating trading signals. The software will allow you to back test your ideas to see how well your signals would have performed on past Forex data. Creating your own signals can be very rewarding and exciting. It does take a level of skill and may require that you have more experience in trading before you attempt this.
If you’re not interested in creating your own Forex signals you have a number of choices. You can either subscribe to a Forex signal service and pay a monthly fee. You can also buy one of the many available Forex robots. Forex robots interface with your Forex broker’s platform to not only generate signals but also to automatically place trades if you wish.
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