Forex Trading Signals: What Are They?
By Casey Stubbs
Many people offer Forex Trading Signals. These are people look
for certain"set ups" or "patterns" that they see
in the market and they are signaling to you that these certain set
ups have occurred.
In most cases, a signal service is based on longer term set ups because there has to be some time for traders receiving the signal to get into the trade before it is over.
These signals can come about in different ways. First, there is the old fashioned way of doing Forex Trading Signals. With these type of signals, a real trader is sitting at his trading station and watching the charts. When the trader sees the signal set up he then sends all of his followers a message letting them know that a signal has occurred. Many times, a trader doing it the old fashioned way will have a database of subscribers that he will send an email to, or tweet on Twitter or even just make a post on his website for people to check into to get the signals regularly.
Another way that signals can come is through a dashboard or an interface. With these type of signals, you download a piece of software which as independent dashboard that has some kind of data feed. With this type of signal service, a trader simply watches the dashboard and waits for it to give him or her a signal as to when to enter a trade. Normally, the dashboard will give you a price to enter, a stop loss and a target.
Another type of signal is one that is automatically generated from a program that is not on your computer. In this type of signal, a subscriber to the signals would give their email address and the owner of the service would plug that into their database. The creator of the signals would then have an automated program or an expert adviser or a trading robot run on his computer. When the robot or program takes a trade, it automatically sends an email or a text message to all of the users in the data base stating what trade it took and what the stop losses and target profits are. The issue with this type of signal is that it will only be profitable if the trading robot is profitable.
Another type of signal is one that is automatically copied into your account. This is a type of Forex Trading Signal that allows you to not only get the signals sent to you with the information needed to take the trade, but actually takes the trade for you automatically. With these types of services, there is normally a trader who is trading his account as normal, and he is just giving you access to his personal trades so that you can get his trades automatically copied into your account if you wish to take advantage of that service.
These are some of the different types of Forex Trading Signals out there. They can certainly help you be a profitable trader, but you must be sure you are getting them from a good source.
In most cases, a signal service is based on longer term set ups because there has to be some time for traders receiving the signal to get into the trade before it is over.
These signals can come about in different ways. First, there is the old fashioned way of doing Forex Trading Signals. With these type of signals, a real trader is sitting at his trading station and watching the charts. When the trader sees the signal set up he then sends all of his followers a message letting them know that a signal has occurred. Many times, a trader doing it the old fashioned way will have a database of subscribers that he will send an email to, or tweet on Twitter or even just make a post on his website for people to check into to get the signals regularly.
Another way that signals can come is through a dashboard or an interface. With these type of signals, you download a piece of software which as independent dashboard that has some kind of data feed. With this type of signal service, a trader simply watches the dashboard and waits for it to give him or her a signal as to when to enter a trade. Normally, the dashboard will give you a price to enter, a stop loss and a target.
Another type of signal is one that is automatically generated from a program that is not on your computer. In this type of signal, a subscriber to the signals would give their email address and the owner of the service would plug that into their database. The creator of the signals would then have an automated program or an expert adviser or a trading robot run on his computer. When the robot or program takes a trade, it automatically sends an email or a text message to all of the users in the data base stating what trade it took and what the stop losses and target profits are. The issue with this type of signal is that it will only be profitable if the trading robot is profitable.
Another type of signal is one that is automatically copied into your account. This is a type of Forex Trading Signal that allows you to not only get the signals sent to you with the information needed to take the trade, but actually takes the trade for you automatically. With these types of services, there is normally a trader who is trading his account as normal, and he is just giving you access to his personal trades so that you can get his trades automatically copied into your account if you wish to take advantage of that service.
These are some of the different types of Forex Trading Signals out there. They can certainly help you be a profitable trader, but you must be sure you are getting them from a good source.
Winner's Edge Trading has many articles about Forex Trading. This
article gives an explanation of what Forex Trading Signals are
lacking: http://www.winnersedgetrading.com/forex-trading-signals/
Article Source: http://EzineArticles.com/?expert=Casey_Stubbs
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