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Signal services for forex trading

Signal services for automatic currency trading

This is a hybrid between automated trading (robot trading) and signal services for manual trading. In this case, you get trades automatically placed on your trading account just like when you run your own trading robot, but you don't have to fiddle with the settings and monitor the robot itself. Instead, you follow a signal that you authorise to automatically place the same trades on your own account as those that are also taken on a central "parent account".

This type of service is provided through several different technical platforms, and of course the trading strategies can be very different, so again you need to do some market research before you start. 

Both these types of services are widely discussed among members in our discussion forums.

Signal services for manual currency trading

This is ideal for those who want to trade more manually but do not have the time to dive deeper into the market on their own.

By following one or more channels run by other skilled traders, in some cases professionals, you can receive suggestions pointing to potentially interesting trades that you might want to execute on your own trading account. Typically, such suggestions include suitable levels for entry, take proft and stop loss (meaning exit levels in profit or in a loss with a pre-determined risk). This helps you create a good risk management structure which is a fundamentally important part of all trading.

This type of service means that, in addition to making money from it, you can save an enormous amount of time! On the one hand, you don't have to work on becoming a full-fledged analyst and strategy expert yourself, and on the other hand, you don't have to spend so much time analysing charts and selecting trading opportunities.

Signals come in a variety of flavours, based on different strategies and created either by automated software or by professional analysts, but the most common one is probably human. You can choose one or more such signal service to follow according to your own preferences. Many people who try this out find it both exciting and reassuring to follow human professional traders who know what they are doing, plus this in itself is a good opportunity for you to pick up new knowledge about manual trading in general and also about specific strategies.

All in all, these types of services help you, even if you are a beginner, to not trade completely blindly. Instead you have something or someone behind it who actually scoured the market for different opportunities. Many signal services are very open with their results and usually take all positions themselves as well to be transparent. (Be mindful of scam versions of such services though...) 

Trading signals are usually sent via SMS, via email or social media such as Telegram. When you receive a signal, it's up to you to decide whether you want to follow and take the suggested position in your own account or whether you choose to pass up on the opportunity. This is also an advantage that you never have to take all suggested trades.