How to take advantage of live forex signals
In this article, you will learn how to identify the best free forex signals, how to copy these live signals from your MT platform, the traps & risks you need to be aware of when selecting which live forex signals you should follow and how you can sell your own trading signals to other traders!
What are forex signals?
Forex signals or forex alerts are recommendations for trades in the fx market. Trading signals may cover all markets, such as stocks, commodities, and indices, forex signals are the most commonly used. These FX signals are produced by a human trader or a trading algorithm.
Why use trading signals?
There are several reasons why forex signals are used.
-Education: watching how other traders enter and exit trades can help beginner traders to learn more about the markets and various trading strategies.
-Time: beginner traders simply do not have the time to trade throughout the day. Having the ability to copy the trades of more active traders can give you more exposure to the currency markets.
-Diversification: there is a diversity of signal providers to choose from. The variety of types, tools, timeframes, and methods can help with portfolio diversification.
-Earnings: as you develop your skills as a trader, there is no reason why you cannot sell your own forex signals to other traders, providing another possible income stream.
How to Identify the best live forex signals?
When showing the signals window in your MetaTrader platform, there are multiple data points that can be useful to analyze, such as:
-Growth: is the percentage growth the trading signals have reached in the lifetime of the account.
-Weeks: is the number of weeks the trading signals have been operating for.
-Subscribers: is the number of subscribers that copy these trading signals.
-Funds: the amount of cap that follows these signals.
-Max DD: The max percentage drawdown the trading signals have produced.
-Profit Factor: This displays how many times the gross profit exceeds the gross loss. The bigger the value, the better. Read More.
About Marketsbloom:
Markets Bloom is a trading academy consisting of former trading industry professionals. Our aim is to help all types of traders looking to trade in the financial markets.
By registering with us, you will gain amazing insights into common issues traders face as well as how to instantly improve your trading approach. Our team of experts will be with you every step of the way on your journey to becoming a better trader.
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