By Husni Bourgi
Each day, millions of traders look to gain a competitive advantage in the Forex market. While conventional tools such as fundamental analysis and technical analysis continue to be the main catalysts of successful trading, several innovative tools have come into play.
A Forex signal is one of the many tools being leveraged by traders today. Simply put, a Forex signal is an analysis (technical, fundamental or both) a Forex trader uses to decide whether to buy or sell a currency pair at a particular time. A Forex signal is used mostly by day traders who are looking to execute many buy and sell decisions. The signal provides an execution to buy or sell a particular currency pair at a given time.
Forex traders have a multitude of Forex signals in which to choose. Some Forex signal systems are free while others charge a fee.
Some Forex signals are generated by an automated Forex robot that is provided by the signal provider. Others are generated by a human Forex analyst. Regardless of who analyzes and generates the buy/sell execution, most signals are communicated immediately through social media, phone text, email or website.
Below is a rundown of some of the common features that come with a Forex signal system:
- Entry, exit and stop loss figures for specific currency pairs
- Graphs and technical analysis for each signal
- Trade history for each currency pair, including profit/loss and risk/reward ratios
- Coaching, educational and account management services
Given the volatility associated with Forex trading, as well as the real market forces at play all over the world, there is no foolproof method guaranteeing success in the Forex market. This is also true for Forex signal systems. However, this does not mean signal providers can't help you. Like with any other investment strategy, a sound understanding of the financial markets, well-honed technical skills, a diverse, yet balanced portfolio and patience are needed to succeed. A signal system can certainly complement a balanced investment strategy, especially if you like to trade away from your desk.
Advancements in mobile technology mean you can take Forex trading on the road with you and download a signal app that can help you execute trades. While this is certainly not recommended for novice Forex traders still learning how to count pips, it can be a useful tool for experienced traders looking to capitalize on news events.
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Article Source: Forex Signals: Understanding The Basics
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