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What is a Forex Signal?
Forex signal providers
Types of the forex signal services
How to read a forex signal
The price of forex signal services
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What is a Forex Signal?

Forex signal is about the analysis of some specific currency pairs in the forex trading market and the decision a trader makes about buying or selling the currency pair based on the signals. The analysis can be done based on the charts of technical analysis or also the fundamental analysis that is about the events occurring in a specific economy or market.

A trader can develop his own trading signals or just have access to available free or feed signals created by the specialists. To gain success in forex trading, the trader requires taking into considerations a lot of different factors and the psychology of the market. A trader can bring a lot of great technical and fundamental analysis skills into work, but finally the emotions and psychology of the market might lead them to failure of their trading strategies. There have been a mass of brilliant analyzers who quit the forex market just because they failed to comprehend the market. On the other side, there have been a lot of inexperienced traders who win a lot of profits without any major loss. So if you think that you are going to be successful in the forex market, you also need to understand and consider using Forex signals to help you with trading currency.

Manual and automated Forex signals

Forex systems may execute manual or automated signals. The manual signals are created by a trader or specialist searching for different signals and tools and interpret the potential of a currency pair for trade. The automated signal system is developed by a trader coding computer software and teaching it how to interpret the different signals. Automated trading systems usually eliminate the psychological aspects of the interpretations and are more reliable consequently.

Manual signals are different from automated signals when they often recommend bigger take profit targets and, consequently, they can offer better risk to reward ratios on their recommendations. Since they are published by humans, manual signals cope better with the sudden market swings and volatility. But the automated forex signals lack the emotions and psychology of humans for trading which sometimes works better in the forex market and trading. The speed of automated signals is faster than the manual signals and can provide signals on a wider range of instruments.

Automatic execution explained

Automatic execution or automated trading system is an alternative to the traditional manual signal trading systems and is developing and advancing more by the growth of software technology and IT. The trader can leave the responsibility of finding and analyzing the signals to the automatic trading program and it places all the trades with the absence of the trader. If the program finds a trade signal, it will order and execute the trade automatically.

The majority of users of the automated trading programs are the professional traders and market makers. It is accessible and widely used by the retail traders as well. Most of the retail traders in the forex market already use and run some of the automated trading programs on their devices and computers. The trader who has access to the automated trading programs, would not miss out any opportunity of trading during the 24 hours a day and five days a week in the forex market. The traders can use different indicators like the ones based on price or volume and prioritize their trades even when they aren’t present on their device or computer.

Technical indicators and forex signals

Technical indicators and forex signals are the tools that can help the trader make better decisions in the forex market. Forex signals are mathematical and statistical calculations that predict the price movements of a currency pair by using the price action and volume. The indicators provide the entry and exit signals for the trader. By using the forex signals, the trader can make decisions about entering a trade at a specific time and price in order to have some profits out of the predicted price action.

Predicting when to enter a trade

Predicting when to enter or exit a trade is the essential key in the forex market and very important in experiencing the trade of currency pairs. The specialists and professionals gain a good amount of experiences about technical analysis based on chart patterns and about news-based events which is known as fundamental analysis to help them decide when to enter and exit a trade. Technical analysis usually looks for varieties of forex signals to help them about the time and position of the market.

Forex signal providers

A forex signal can be an automated trading system developed and at service by a program that offers free or paid possible trades on a currency pair. The novice traders can use a forex signal to predict the movement of the price of a specific currency pair and execute trades based on it. Forex signal providers often trigger the technical analysis or use the automated software to analyze some chart patterns.

Two types of forex signals

As what was mentioned above, you may know that we have two types of analysis called: technical analysis and fundamental analysis. Generally the types of forex signals are based on these two kinds of analysis.

The source of forex signals is mostly from technical analysis which is computed by analyzing the indicators in candlestick charts. The signals are created by evaluating the historical price actions which are focused on the movements of the prices and historical support and resistance levels.

The forex signals out of fundamental analysis are dependent on the economical situations of countries, founded on the information about the inflation, products and unemployment charts. This analysis is more suitable for long term investments.

Forex signals are virtually transferred information that the trader may receive via text, email, SMS, or through the social media platforms. Such information is very critical for the trader to know about the market.

Types of the forex signal services

Although most of the forex signal services have many similarities, still they have some differences and varieties of tools and goals. The types of forex signal services might be as following categories:

Free or unpaid signals that are available by some voluntary services.
Paid or purchased signals that a provider offers by either automated and algorithmic or personal analysis.
Paid and purchased signals that are the accumulations of data from different sources.
Signals that are created by the trading software and are accessible in a trader’s computer or device. This type of signal can be offered by an Expert Advisor (EA) or forex robot.

Main types of forex signals

There are different types of forex signals and it is important for the trader to identify, read, and understand each of them. Four main types of signals are listed and explained below that a forex trader should know and keep in memory:

Action: It’s a direct and straightforward type of signal and calls to action and states the orders of buy or sell directly.
Stop Loss: It indicates the exit signal and is planned to save your investment. It notifies you to exit a trade before any loss begins to lessen your investment by using a preset price.
Take Profit: It is the opposite of the Stop Loss signal and pushes you to take profit as soon as a profit level is reached at a specified point.
Current Market Price: It is a focused signal that helps the trader compare the currency pair at the time of the issuance of the signal with the actual price at the time of submitting a trade order. This type of signal is not a call to action type, but only a notification of some information about the movements of the market.

How to read a forex signal

When you decide to start using a forex signal or forex signal trading services, it’s better to have an understanding of what a real signal means. Although the different signals may come up with different formats like texts, graphical formats, the content and information in all of them should indicate the same lines. For instance, you may receive a signal like “Sell USD/CHF at CMP 0.9455 – SL 0.9757 – TP 0.9632”. Interpreting this signal, you find out that it’s an Action type of signal and calls to action to “Sell” the currency pair as “USD/CHF”. The CMP is at 0.9455 with the suggested “Stop Loss” as 0.0.9757 and a “Take Profit” level of 0.9632. It is clear that in spite of the abbreviated appearance of numbers and codes within the signal you receive, understanding the signal isn’t so complicated and difficult.

Points to know before using a forex signal service

Using a forex signal in trading is not all about success, although it is as easy as receiving and reading a signal. Some traders may assume that reading, understanding and applying a signal are a fast success in the market, but it’s not the case. Although reading and understanding a signal is a great help in trade, it doesn’t omit any risk at hand. Before you apply a signal you better know some facts:

Find the difference between the varieties of the available forex signal providers. None of the signal services are the same. The quality of each of them is different. The statistics show that the success rate among the services vary so widely. Therefore try to read every service in a different way and understand what it is you are signing up for before you submit.
Understand the risk possibility. Forex market is along with risk because it has a high level of volatility and leverage. So it is possible you lose a huge amount of investment in a blink of an eye. Some currency pairs like USD/XAU have a higher risk of swings and volatility. Therefore you should understand that reading and using a signal is not the final success and it is usually accompanied by taking some risks.
Review the market conditions. A forex signal has nothing to do with the emotion and psychology of the market, so it is better for you to have the market totally understood and reviewed before taking any actions. Try to find the market conditions and limitations so as to lower the possibility of loss risk.

The price of forex signal services

There are different packages of signals with different prices. Some of the signals are bought by traders at a high premium price. While the same other signals are available from traders, brokers, and independent signal service providers for free. Most of the time, signals have a price which may be minimum $5 per month up to maximum $1500 per month. The total cost of signals is based on the trader’s investment and their monthly expenses.

The difference between Forex signals and Expert Advisors

Expert Advisors (EA) are automated trading bots that work when the trader is absent and trades in the market based on the conditions and programs that are coded in the EA. Automated trading is a bit different from manual trading in which the signals are used, but the basics and goals are still the same. The EAs and forex signal services provide the traders with advices and recommendations from the third-party service providers. Like forex signals , the EAs are also available in free and paid packages. Some signal providers also provide the traders with different EAs to use the signals service without the willing to trade in the markets.

Conclusion:

Forex signals are usually used as entry and exit signals. You should remember that they work only for a short period of time. To understand the trading signals better, one should consider learning the technical analysis in a deeper way, so as to make use of the technical tools and indicators in the platform and predict the market even better.

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