Every novice trader on the Forex market has to learn a lot of things at once. Each little mistake is a potential loss, so you have to do a lot of research and adjust your mental state to avoid any hurried decisions. That’s why many traders resort to using trading alerts that tell you what deal you should make and when. In this article, we explain the basics of using Forex signals.
But what if you don’t feel like wasting time on analyzing complicated graphs or monitoring a dozen news sources? Many novice traders feel this way, and there seems to be a way out, after all: just try using trading alerts. These alerts tell you when you should make certain trades on the Forex market to maximize profits. Let’s find out how they work and where to get them.
How alerts work?
Being successful in Forex trading means knowing the exact time when you should initiate the next deal. Forex alerts make the process of looking for the opportunity much easier. Basically, you receive an instruction that tells you what currency pair you should trade, when you should do that, and how much profit you can expect to earn. It may be very profitable and time-saving.
There are two kinds of alerts: manual and automatic. Manual alerts are provided by real experts and experienced Forex traders who analyze the market while considering the overall economic climate. Forex brokers usually have their own internal experts who produce recommendations for their clients. However, sometimes you may be charged extra for the access to these alerts.
Automatic signals are generated by complex algorithms which analyze incredible amounts of data to predict the most profitable deals. However, the outcome depends on the quality of such an algorithm, so it’s crucial that you follow only the signals made by reputable brokers. There may also be an option to receive alerts for certain currency pairs or customize the spreads.
Where to find these alerts?
Both manual and automatic alerts are provided by the majority of Forex brokers. You can also find many independent experts and specialized platforms which share their own signals. While following an expert on Twitter is free, it’s usually more useful to actually sign up for an alerts provider. Check out Learn2Trade or eToro if you need a respected source of Forex signals. If you want to receive alerts on the go, there are also many mobile apps for just about any device.