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By: Hatem
Automated forex signals providers are expert traders who are watching the currency pair movement closely and have the power to read the price move and can forecast its later move. On the basis of this forecasting, the trader can with certainty creates trade signals then send it to all member traders.
He carries out his technical knowledge in analyzing the price action on screen to identify the exact buy or sell price, stop price and the exit limit, in order to bring out a good trading signal with the highest probability.
The majority of forex trade signal providers create their trading signals only for the common currency pairs like: EUR/USD, USD/JPY, GBP/USD and USD/CHF. These currency pairs constitute the greatest part of the forex market and most traders trade these pairs extensively.
The individual trader must subscribe for these service on a monthly basis, signal provider services send trade alerts out to their members by emails or SMS.
If you want to become a subscriber in such services, you will be charged a subscription fee, which ranges between $50 and $150 per month according to it's authority and quality criteria and based on their activity volume and number of pairs they analyze.
The forex signal service send its signals which consists of the entry, exit, stop loss, take profit prices. The do not spread out extra information about the used technique to create the trading signal. That will make the individual trader like a blind man while he or she is trading and he or she will not have the capability to tell whether this service is good or not this could happen if the individual trader is not able to make his or here own analysis on the chart personally. So, the trader will not attain the required skills which make him or here can do his or here analysis for the forex market, the only choice available to the trader is to enter or not to enter the market based on the provided signal.
2 Steps to Determine The Quality of Trade Signal Provider:
The first thing you should do is to ask the service support team about their historical data, this will prove or deny their claims, hence, you will decide whether you will join their service or not.
The major mistake many novice traders fall in is blindly following the provided entry forex signal without even trying to evaluate it themselves . By doing this mistake, the trader will not be responsible for his or here trading results, especially when the trades ends with losses.
In fact, signal services save a huge time for the trader watching the market in attempt to pinpoint an entry position.
Using these signal service providers as a confirming method for your analysis is the best technique you should follow. Which help qualify his or her trading decision, in other words, the trader have to apply his or here own analysis for the market profile so he or she may end with anticipation for the price move depending on his experience, then use these signals to approve or deny this decision.
About the author:
Hatem Serag is author of this article on Forex Signals. Find more information about Forex Courses here.
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Monday, February 15, 2010
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