The contemporary forex is a fast-moving, dynamic environment. The robust participation produces daily exchange rate volatilities, which afford traders many opportunities.
One powerful way of engaging the global currency trade is through a 14-day trial of FXCM's free forex trading signals service.
Trading signals are actionable trade ideas that may be readily applied to the open market. Their foundations are typically rooted in technical and fundamental analysis, or as a hybrid of both methodologies. Novice and experienced traders alike frequently look to trading signals for guidance on whether to buy or sell in the live market.
Trading signals can be used in isolation or as a complement to nearly any strategy. Due to their inherent value, legions of forex, futures and equities traders frequently incorporate trading signals into their financial gameplans.
A trading signal performs three essential functions.
The signal identifies a trading opportunity and provides the user a queue for market entry.
The signal outlines a clear plan for exiting the open position, typically through the use of take profit and stop loss orders.
Trading signals automatically align risk to reward by predetermining market entry and exit price points.
In addition to furnishing currency traders with a measured approach to the market, forex signals are user-friendly.
To illustrate their functionality, assume that there is heavy intraday volatility the EUR/USD near the 1.1100 level. At first glance, price action in the EUR/USD appears chaotic, which then makes trading seem risky. However, your third-party signal provider recognises a potential buying opportunity and sends you a real-time recommendation to buy at 1.1106. There's also a suggestion of a take profit at 1.1142 and stop loss at 1.1094. Before the trade's execution, the signal has assigned a concrete risk to reward ratio of 1:3.
Perhaps the single largest benefit of trading signals is that they remove the guesswork from entering and exiting the market. Signals promote consistency and the development of strong trading habits. Upon their implementation, the human element is effectively removed from active trading. All that is left is P&L, free of any ambiguity.
The best way to get acquainted with the power of FXCM's free forex trading signals is to observe them in action. FXCM offers forex signals applicable to 39 individual currency pairs. No matter if you are trading the majors, minors, crosses, or select exotics, you will never be without fresh trade ideas. The FXCM Plus Exclusive Trading Signals service is free for Live Accounts, or available courtesy of a complementary 14-day trial.
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