As traders, we all want to be successful. And we all want to start making money as soon as possible. While there are no shortcuts when it comes to trading, there are things that you can to improve your trading decisions and your overall profitability. In fact, one of the easiest things you can do is to try trading signals. And whether you’re new to trading, or if you’re already using one of the best forex brokers in Nigeria, you can still get free access to these helpful little tools.
What is a Trading Signal?
A trading signal, or a forex signal as it’s sometimes called, is a type of notification or alert. The notification are set up by experienced traders. The traders come up with a great trading idea, using their knowledge and experience, then sends out the details you need to make a trade. You receive the notification, and then decide whether or not you want to make the trade.
Types of Trading Signals
There are a few different types of trading signals. Here are some things to consider.
Forex Broker Signals Vs External Provider
This is a classification based on the type of provider. One of the easiest ways to access signals is through your trading account. There are many forex brokers with free trading signals. To access their tools, all you need to do is register with the company and fund your online trading account. Another easy way to access signals is via an external provider – either an established new site, a trading education provider, a dedicated signals provider, or a well-known forex forum. There are also many companies that offer trading signals on social media – usually either via Twitter or Telegram.
Manual Vs Automated Trading Signals
This is a classification based on how the trading signals are created. Manual forex trading signals are created by a person, usually an experienced forex trader or investor. With these types of signals, the company sends out trade information based on individual research and analysis. Automated signals, on the other hand, are generated by computer software. With these types of the signals, the company sends out trade information based on coded algorithms.
Paid Forex Signals Vs Free Forex Signals
This is a classification based on the cost of a forex trading signal service. There are some providers that offer free forex signals and there are other providers that require payment. The free signals are usually available for either a trial period or for an unlimited period of time. The paid signals are usually charged as a one-time fee or based on a subscription model. If you opt for a paid service, it’s important to check both the quality and the cost before subscribing.
Copy Trading Vs Trading Signals
Trading signal services are often confused with copy trading services . With forex signals, traders can decide whether or not to implement a trade suggestion or not. Whereas with copy trading, traders make all the same the trades automatically. There are, of course, some providers that let you customise the trade size, assets, stop loss orders, and take profit orders. But for the most part, you choose which traders to follow and then mirror all their trades in your own account.
How To Choose Your Trading Signals
With so many forex signal providers out there, it can be hard to know which one to choose. If you’re looking for trading signals, there are a few things you should consider.
Firstly, their track record. Unfortunately, there are many companies out there that take advantage of new traders. It’s important to find a reputable provider, with strong past performance, that can show you they know how to trade profitable. Next, their choice of broker. As you may already know, trading conditions vary from one forex broker to the next. It’s important to pick a service provider that uses with the same forex broker as you, as this will ensure you can easily mimic their trades. And finally, their reliability. If possible, read their reviews and try out their free signals on a demo account. That way you’ll know you’ve picked a good service. Read more on what to think about when selecting a forex signal.
Our Recommended Trading Signals
There are a few good websites for trading signals. One of the most well known sites is MQL5.com. 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. All you need to do is find a trader, check their performance and fees, then “connect” your account to their signals. To do this you simply go MT4 and MT5, select the signal, find the signal that you wish to subscribe, and then 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.
Note: 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. Be sure to also maintain a good account balance. 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 several positions at once, and this will generate a margin call for you if you have too little funds.
ZuluTrade is one of the original trading platforms. They were first established in early 2009. ZuluTrade allows 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 with a live trade-room, where you can be active in chats, discuss what’s going on in the market, and follow some of the most profitable traders in the world. You can invest with experienced traders. And you can learn how to be profitable and trade successfully on your own. They have a proven track record of profits. But don’t just take our word for it, read up on the subject, and head over to ForexSignals to learn more. Here is a link to their website: ForexSignals.com
Trading signals offer a potential way to improve your results. Learning to trade profitably can take time, and using expert trading signals can help speed us the process. The more experienced you get, the better your trading will become, and the easier it will be to make the right decisions. Other ways to gain potential profits without trading on your own are PAMM and MAM systems, and for example FXTM Invest. For more helpful content, check out our education section.