Perhaps you’ve already learned everything in our Forex education section and become somewhat of an expert Forex trader, or you’ve started thinking that this might not be the thing for you and instead are considering other options of how to earn more money, but in a passive way that doesn’t require trading on your own all day. And perhaps you are already using one of the best Forex brokers in Nigeria from our recommended list, and are ready to try something different. Then you may want to give Trading Signals a try.
What is a Trading Signal?
A Trading signal and Forex signal as it’s also called, let you to follow other traders in a variety of ways. For example if a trader thinks he is very good at trading, he can allow other traders to “follow” his trades and copy them, or clone them. This is done via so called Trading Signals.
There are a few good websites for Trading signals, where MQL5.com might be the most known one, however it has a lot of non-serious traders as well which makes it somewhat a mess when you’re trying to find the good ones. Read more on what to think about when selecting a Forex signal.
Trading Signals let you to follow other traders in a variety of ways. Sometimes Signals are also referred to as Copy Trading, depending on the platform.
They are usually paid subscriptions, either by a monthly fee or by profit sharing with the signal-provider, also called the manager. In a few cases, the signals are also free.
Recommended Trading Signals
In this article we’re going to focus on the main ones which are as follows:
MQL signals are traders or rather managers that allow others to follow their trading strategies, and is also called Copy Trading. It works in the way that you find a trader that you like the statistics and profits of, and choose to “connect” your account to their signal.
This is done in MT4 and MT5, by selecting the Signal tab in the bottom status window of your trading platform. Here you go to the signal that you wish to subscribe to and click ‘Subscribe’. Some signals are free to subscribe to, but most of them cost $30 per month, and some even more. There is no upper limit on the cost.
Be sure to check through the trading history of these accounts on the MQL website first, so you feel confident about subscribing to their signal.
We recommend to always have more than $500, but rather even start with $1000 in your account before following a signal. This is because some traders will open too many positions as once, and this will generate a margin call for you if you have too little funds.
SMS, E-mails and Twitter Signals
Most brokers provide free trading signals from a variety of providers like “Claws and Horns” and the more established “Trading Central”.
These can be received by either SMS or E-mail.
For Trading signals on twitter, there are a multitude of providers, some more serious than others. If you go to twitter and just search for “trading signal” you’ll find multiple options.
One of the original platforms when it comes to Copy Trading is ZuluTrade who were established in early 2009. ZuluTrade allow you to follow any trader in their system and simply copy their trades on to your own terminal. Payment is done either by subscription fee or via profit-sharing.
ForexSignals.com is a company that is actually a live trade-room, where you can be active in chats, discuss what’s going on in the market, as well as follow some of the most profitable traders in the world. You can invest with these traders and potentially earn a lot more than from other signal providers. But most importantly they teach you how to be profitable and trade successfully on your own. They’re a very good bunch from Australia and have a proven track record of profits.
But don’t take our word for it, read up on the subject and head over to ForexSignals right away and learn more about their great service and why we think they are one of the best at what they do.
Here is a link to them: ForexSignals.com
Following trading signals is a very simple and useful way that enables faster profits than going through the long process of learning to trade on your own. The more experienced you get, the more personalised your trading can become.
Other ways to gain potential profits without trading on your own are PAMM and MAM systems, and for example FXTM Invest.