Forex trading signals

A trade signal is a call for action for a trader to either to buy or sell some asset. The signals are generated by special algorithms based on market movements and macroeconomic statistics. Forex signals make the trading process easier for both beginners and experienced traders as they help to concentrate attention on certain market developments. 

Importantly, a forex signal does not place or close positions on itself like an expert adviser, but it only issues a notification for a trader to take some action. 

There are various sources of trading signals: they can be in-built in a trading platform, sent to you by email, Twitter, Telegram or any other messenger. Besides, it is possible to use a RSS feed to get this trigger for action. Signals can be generated by either humans or robots. In the first case, experts apply technical and fundamental analysis to define the appropriate entry and exit points.

There are numerous ways of creating trading signals. They can be complex, simple, based on technical or fundamental indicators or a combination of them. Depending on the trading goals, traders can apply the following criteria for setting up a signal: 

A great number of websites offer Forex signals luring customers by promises of huge profits in no time. Don’t buy that. There is no such a thing as a free lunch. Such websites are most likely scammers. You can trust only reliable sources that have a good reputation among traders. When choosing Forex signals, rely on the feedback provided by the people you can trust (friends, colleagues, and relatives). Another way is to test a signal yourself.