Before we start, let’s see what Forex Signals are exactly.
A forex signal is a trade alert for the currency market. Forex signals can be obtained from companies that specialize in this service, and also from a number of top forex brokers who provide them for traders of standard or V.I.P accounts. Since signals providers must protect their strategies, trading with them involves some degree of blind trust in the company or individual behind the issued signals.
Services that you receive upon signing up with a Forex signals provider differ from firm to firm.
With ToolsTrades you receive a wide pallet of benefits ranging from performance trackers, SMS, email, and online alerts, to customer support via email or phone, and advanced analysis in some of the more sophisticated offers. This is a big plus for the firm where they show their level of proficiency and professionalism.
As with most goods, quality should always come before quantity in regards to your forex signals, but ToolsTrades manages to give you both.
Here we see what a Forex signal from them looks like and each day you get 100 of them.
Quality forex signals don’t just tell you when to jump into a certain trade and the direction of said trade. They also include detailed information on the configuration of your Stop Losses and Take Profits, which ToolsTrades nails down.
When it comes to Forex signals they can be classified into three groups:
News Trading Signals: This is the fundamental approach to forex signals, and the purpose is getting at the news release as early as possible, and exploiting it to maximum profit in a short period of time after the release.
Technical Signals: Technical trading signals are just trading tips on the basis of technical analysis. You trust the background and track record of the company or person issuing the signals, so you choose to trade on that basis instead of entering your own orders.
General Trading signals: this kind of service provides general trading tips for traders. Their alerts often employ a multi-pronged approach combining both fundamental and technical analysis.
ToolsTrades offers you all three types of signals which ensure that you are provided with the top amount of useful information to accompany your trading. They even offer you some free signals that you can try out.
While longer-term trading signals aim for hundreds and even thousands of pips in profits, there are some FX signal providers who will settle for a few pips at a time. These providers offer short-term forex trading signals, which lend themselves well to scalping.
During times of uncertainty, when long-term trading signals just do not seem to cut it, ToolsTrades offers an alternative approach as in short term signals.
A premium signal service needs to deliver from the very beginning, which ToolsTrades manages to do. Since such premium Forex signals represent the bread and butter of the service provider’s offer, they are usually of outstanding quality. They also offer a mobile service app for Android and IOS.
Let us not lose sight of the fact however that no signal provider will ever guarantee winners. No one will ever put out winners only either.
When it comes to Trading Signals many people, awkwardly enough, don’t know how to properly use them. Trading Signals aren’t always 100% accurate and they are fixed when you get them. Keep in mind that they’re not god-given and that you can and should use them on top of your trading strategy, not saying that they’re not useful on their own.
To maximize the potential of your trading signals, you should simply disobey them. Or rather: you should tweak some of the variables that make them up.
Moving your take profit is an obvious way to expand profit-potential. Most Forex signal services, like ToolsTrades, use a fixed pip amount when setting the take profit level as well as the stop loss. They rarely jump in to tweak these variables as the trade unfolds.
If you deem the potential of the trade better than what the profit level allows, feel free to move it. In some cases, completely removing the take profit is in order. Just remember not to hold the signal service liable if your bold move backfires.
On their website we can see various graphs and charts which show you things like the Last 80 Trading Results, Top winning assets, Top winning users, and etc. While this is informative the downside of their service which they can improve upon is giving us, statistics lovers, more graphs that we can analyze and follow.
The question is: Do the Forex Signals suit all types of traders?
In my opinion, they do. For example:
For technical analysis focused traders, making use of forex signals opens the path to a much more complete trading experience. Most proper forex signals take fundamental factors into account as well. By using such signals, TA traders will expose their trading to the fundamentals too.
Whether you will use forex signals or not will mostly depend on your character and your plan in trading. If you’re a highly active individual with little time to spend on analysis and study of the market, forex signals constitute an alternative to manual trading.
All in all, ToolsTrades is a decent Forex Signal provider that should be looked into. I’ve been using their signals and testing them for a few months and I can say that I won and lost trades, but the result of it all is that I’m quite satisfied. Be sure to check out this video where I use their service.
Check out the video:
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