It’s impossible to imagine a trader who stares at the screen around the clock and keeps tracking all price movements, charts, bricks, indices and candlesticks, fearing that some profitable trades will be missed – and luckily, no one has to do it! In the world of ever-changing technologies, there are plenty of tools, gadgets and apps created for the special benefit of traders – all you have to do is to take a closer look at them and determine how they can assist you.
Of course, trading first-timer won’t succeed even when surrounded with dozens of signals that motion that something important is taking place and it is necessary to take some action. That is why before installing huge amount of unnecessary apps on your smartphone or subscribing to endless number of platforms, better get acquainted with the tools that the market offers and how to decode them correctly. Mind, though, that this information may come in handy to experienced and knowledgeable traders also!
This article will cover such essential points as the principles of work of such tools, how signal providers can influence your trading and how to find the one that will meet your requirements and won’t let you down.
Significance of this tool for any trader
Overwhelming majority of people who have respect to gambling on the stock market would rather refuse to receive a cup of morning coffee till their dying day rather than lose a possibility to receive assistance that signal Forex gratis offers. Surfing through the internet it is possible to find so many tools for every need and budget that even the choosiest trader will be able to find the signal that will meet and exceed any expectation and provide well-rounded information about the needed indexes and values.
Tools of all shapes and sizes can be used to monitor any information you need – however, it is essential to be on guard against scammers and unfaithful providers. There are situations when you have no possibility to put the service to the test using demo or trial version and send money down the drain because paid version of the service does not provide enough essential information. Another issue you may face with is false signals and manipulations of provider that may result in your bad buys – that is why it is essential to check the reliability of the provider before subscribing or paying for the services.
The importance of such services can hardly be overestimated: first and foremost it will send you the signals in such a way that you won’t miss them – be email or messaging system on the telephone – on the devices that are always at hand so you won’t miss the bus.
Still, bring into notice, that not all strategies work well with signals – if you practice scalping and keep track of really short time frames then you will definitely throw away the advantage because the signal will be too short to be noticed.
The principles of signals
It is impossible to find two similar Forex trading signals as each and every system uses specific approach, analytical tool and information for the analysis. Nevertheless, there are two methods used in different services to analyze the information and withdraw the results:
What are the advantages of tech analysis? The system is taught by qualified and knowledgeable expert in this sphere and after that starts to operate on its own. Such approach is distinguished by the impassiveness and that negates errors connected with the psychological and behavioral decisions. The main disadvantage is, surprisingly, the absence of the human factor – machine intelligence is still inflexible so the analysis may require some human judgement.
The other method depends on the opinion of analysts who interact with the system and insert the decisions into the system singlehanded. Their analytics depends on the fundamental analysis of the market as well as the data gathered by the most favored tools of all traders like moving averages, Fibonacci levels, Oscillators etc. On the one hand, such approach is more efficient as the experts take into consideration more data to make forecasts. On the other, nobody is perfect – there is always a possibility of mistakes that can endanger your trading success. That is why you should not rely on the signals only when making certain decision – consider them as a prompt, only a part of your strategy.
What are the best signal providers?
There are three groups of signals: news, technical and general. When important news is published, the stock always faces spike in prices and knowledgeable traders can benefit from it. Such signals often are delivered with daily comments or analytics to help traders to adjust their strategies and their main aim to be delivered as soon as it is possible as thereon hangs the amount of probable profit.
Technical signals are the results of tech analysis and for the most part traders use them together with other analytical tools to check the correctness of the strategy and determine appropriate places of entering the market.
There are many services and top brokers who offer their help to traders and the range of prices for this service is astonishing: from free of charge up to $150 per day and higher. Still, bring into notice that the range of services also differs: you will get from almost nothing to well-rounded offers. One of the biggest issues here is the protection of the combination of tools and methods applied by every provider to make precise analysis: users cannot find out how this information is gathered and processed. So if you want to make a correct decision, then pick the provider that is able to back up success rates and does not promise 100% correctness of the analysis.
1000pip Builder Signals
Among the benefits of this well-known provider is the availability of 7 days free trial that allows users to try hand in trading without risking their money. More than that, this service is a rare case as the signals and info provided by it is verified by independent services and specialists. The cost of the service usage is $97 per month and trust us, it is worth every penny spent.
This service includes all essential information needed for successful trading, generating buy-sell signals, stop-loss levels and the target levels. There are three trading strategies that depend on the number of closed trades, so any trader may select the plan he needs. On the downside, there are no free trials – 3 days of trial membership will cost you $5 and after the subscription the price will be $99.90 per month.
Here you get two weeks of free trial and 12 tools used for the analytical research of the market – what’s not to love? One of the prominent features of the service is the availability of the Support team that works around the clock. The cost of monthly subscription plan is $99.
Honest Forex Signals
The most expensive service among all – $177 per month. Here you get an incredible number of signals on your mobile device or via email – that is why it is more appropriate for the traders who have skills and knowledge already so they know what to do with all those information.
What if you need MetaTrader 5 signals?
Metatrader 5 is one of the best social trading platforms with more than 7 million of investors and active traders. And, of course, there are tools that send signals directly to this platform: among them are such providers and tools like OutlawMT5, Real Trading, Algo Trading United, SorcioLex and others.
One of the best things about this platform is that you can get an access to it through any tablet or a smartphone, look through the video tutorials and get a big picture of the situation on the market.
MT5 signals today are considered to be the best option to make money through the market as you get a possibility to sell your signals in case if you are an experienced and knowledgeable expert in this sphere.
Bring into notice that the recent update of the platform simplified the process of working to the max: all information is easily accessible, it is possible to select the signals from the showcase and compare the signals utilizing well-rounded statistics.
Still, bring into notice that no signal can replace your knowledge and skills – learn, practice and develop your strategies in order to succeed in trading. We hope that this information will come in handy to any trader who wants to achieve perfect results – so good luck in your future trades!