What are Forex trade signals? They are paid services offered by brokers and forex analysts. Their job is to observe and evaluate, then alert you on their data regularly.
When preparing data, several factors are taken into account. They will do a technical analysis of market conditions and use different indicators to detect trends and identify time to buy and sell. They will then send this data to you in any form and place you choose. It is up to you to act on the information given, or let it pass.
Most of the signal services offer the more popular currency pair such as EUR / USD. However, it is possible to subscribe to the less popular traded pairs from specialty services.
Forex signals can be rather expensive, over 100USD a month. The benefit of having this service is that the forex data would be analyzed on your behalf, saving you a lot of time. However, this service is no substitute for knowledge of forex market. They can only provide data; the decision is still in your hands.
Finding a suitable signal service may be tricky. You should request their historical data, so you can view their success and failure record yourself. You must not however, be put off by failure as you must bear in mind that forex signal services also have losing trades. They are purely additional help, not your decision makers. You must not expect the presence of a signal service will ensure profits. View it as another member in your trading team.
