Many forex traders today find it difficult to decide their entry and exit positions. Such traders often relied on expert traders to give them signals on when to buy and sell various pairs. While using such signals could benefit the beginner, there are also some disadvantages associated with relying on such signals. This work will therefore help you learn about these advantages and disadvantages of using trade signals as well as the most popular forex signal providers today.
What are trade Signals?
Trade signals are trade ideas that suggest to the trader when to buy and sell a given pair in the market. The signals are often generated using indicators, copy trades services, advanced trading tools, or a signal providing platform. Tokyo-London Overlap: This overlap occurs between 8 am GMT and 9 am GMT. During this period, both the London and Tokyo sessions are open, and it is considered the most volatile overlap session.
Is trade signals important in forex trading?
Forex trading signals are often beneficial to beginners who experience difficulties in deciding when to buy and sell in the market today. Using trade signals makes it easy for such traders to make decisions on when to take positions in the market today.
List of most popular forex trading signal providers today
- Trading View: The trading view is a forex trading social platform that connects forex traders across the globe. The platform provides a section for traders to come together and share their ideas about the market for the benefit of the community. A lot of experts use this platform and often post charts to back up their signals.
- Learn 2 Trade: This is one of the most popular forex trading signal providers platform with over 40,000 users. The platform has a premium telegram group for registered clients and charges some commissions for their services. The cost for their monthly subscription is €40.
- eToro: This is the best forex broker for beginners that provides an excellent platform for traders to share their trade ideas and also copy each other’s trades.
- Forex.com: Forex.com is a popular forex broker based in the US which provides free forex trading signals to support traders using their platforms. These brokers have advanced tools such as the Autochartist tool and Pivot Point which scans the market and generates entry and exit signals for traders using the software.
- ForexSignals.com: This is one of the top forex signal-providing companies that not only give signals to traders but also train their clients on how to generate and interpret signals using charts. The platform has a large community of advanced traders where traders share their ideas.
- Trading Central: The trading Central is an analytical tool that scans the market and generates trade ideas for traders using this tool. The ideas in this software are updated by experts every 6-12 hours to suit the prevalent market conditions.
- 1000pip Builder: 1000pip builder is one of the well-established forex signal-providing platforms that has served traders over the years. This platform claims to help traders gain over 1000pip from the market using their signal services. They also charge traders for the services they provide too.
- FxPremiere.com: This is a popular forex trading signal Providing platform form with a large telegram community. The platform charges a monthly commission of $37 monthly for their VIP signal group.
Advantages of using the trade signals for trading
- Guides the beginner on when to buy and sell.
- Reduces the stress and difficulties involved in analyzing the market.
- Helps beginners to benefit from the decisions of experts regarding the market.
Disadvantages of using the trade signals for trading
- Commissions are charged for signals provided
- The signals are not correct all the time
- Many amateurs claim to be signal providers and use it to scam people.