Tag: Forex Signals

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Forex Signals

How to Correctly Evaluate Forex Signals Prior to Using Them

Trading signals are becoming big business, really big business. People come into trading these days looking for the easy option and often signals are that. They can be both automated, whereby you simply sign up and that is it, they will do all the trading for you, simply copying the exact same trades as another […]

Trading signals are becoming big business, really big business. People come into trading these days looking for the easy option and often signals are that. They can be both automated, whereby you simply sign up and that is it, they will do all the trading for you, simply copying the exact same trades as another […]

Trading signals are becoming big business, really big business. People come into trading these days looking for the easy option and often signals are that. They can be both automated, whereby you simply sign up and that is it, they will do all the trading for you, simply copying the exact same trades as another account. The other option is a more manual style of signals, these signals are there a trader will put them up somewhere, like on a site or in a chat channel, you then need to copy them manually into your account, putting in the trade and the stop losses yourself, a little more work but you have a lot more control over your trades and accounts.

With so many different options out there, there are of course some good signals provided, but also some not so good ones, ones where if you were to follow them, there is a very high chance that you will probably lose most of your money. How do we know which is which though? From the outside, they all look pretty similar, it is someone giving a signal and you are either automatically copying it or manually copying it. Either way, you aren’t doing the hard work. So we need to work out how we can tell whether they are good signals or not, and that is what we are going to be looking at today, how we can evaluate the forex signals that we are looking at before we are actually using them.

Results

The first thing that will be obvious to us is the results of the signals, this is something that we need to be wary of, think about it, if a signal was making a lot of bad trades, would they advertise this? We would highly doubt this. Instead, they would either hold off on showing new results, freezing the results page with the most recent winning trades, they may also simply take out any losing trades from the results, or for the even more dishonest signal providers, they may make up the results entirely. This is something that some of the more shady ones do who only have the intention of stealing your money and not providing you with a good signal service.

One way of getting around this is to look for signal providers that have their results hosted on an independent site, there are various sites out there that can host accounts with their data streams coming directly from the brokers and accounts. This gives you a little extra reassurance that the results are real, but just be aware that some of the really sneaky ones can still manipulate the results, even on one of these verified sites through creating multiple accounts or managing to change the results that are sent to the site.

History

While the current results are great to see, it is also important to work out how they have done in the past, one thing to avoid is a signal provider that is not giving their history, this is most likely due to the fact that they have not done so well, and so they do not wish to show those results. The history of the results is what lets you know how long they have been going and also how consistent they are as signal providers. Once again, these can easily be manipulated and modified so you need to be aware of what is real and what is not, and which ones seem to be a little too good to be true.

Price

Price is a big thing for a lot of people, and it is for signal providers also. There are a number of different payment styles available, where is the one-off payment where a single charge is made for lifetime signals, the subscription model where you pay monthly or yearly for access to the signals, and a profit share, this is where you are expected to pay a percentage of your profits art the end of the month. All three methods have their pros and cons, but which you prefer to use will be up to you.

You also have to look at what the rice actually is, if you are paying $100 a month for a signal that is putting out a single trade signal per month then it is not exactly worth it, you will be spending more money on the signal than you will be making from the trades that it is putting out.

Trade Frequency

Consider how often the signal provider actually gives signals, there is no point in paying for a signal that is only putting out one or two trades a month, this simply won’t make you enough to cover the costs, and the work being put in may not be worth it. You also need to consider those that are putting out too many too, if a signal provider is putting out 10+ trades per day, then this may mean that they are simply throwing out loads of trades in the hope that the majority of them become profitable, both of these styles are ones that you want to avoid, instead looks for ones that are giving out the right amount of trades for the sort of strategies that they are using.

Communication

How are they communicating or is there even a way to get in contact with them? If you have questions, how will you ask them? It is important that there are ways to get in contact with the person that is giving out the signals, they need to be there in order to offer support for those using their signals. If there is not any way to get in touch with them, they are probably not serious about building up their signal or userbase, which probably means that they are not serious about their signals. This is a red flag for us and we would never join one without a way of contacting the provider. If they have methods to contact them, try asking a question or two before signing up, to ensure that they are around and willing to offer.

Other Requirements

You should also consider any other potential requirements that the signal provider sets, some of them put things in place like you needing to use a specific broker under their affiliate link, things like that can be ok, but we prefer to avoid them as it can lead to potential issues, especially as they may be able to manipulate things this way. If they try to put requirements on your accounts or you as a trader, then we would always use a little extra caution.

Those are some of the ways that you can evaluate a forex signal prior to actually using them. As with anything when it comes to money, you will need to ensure that you are aware of what you are doing and who you are giving money to, there are some fantastic signal providers out there, but also some awful ones.

Categories
Forex Signals

GBP/USD Ascending Triangle Breakout – Brace for Buying! 

Today in the early European trading session, the GBP/USD currency pair managed to maintain its bullish bias through the first half of the Asian session and remained bullish around above the mid-1.3500 level. However, the bullish trend was mainly sponsored by the selling tone surrounding the US dollar, which fell to fresh multi-year lows amid increasing bets about the possibility of additional financial aid in the US. Apart from this, the losses in the greenback were further bolstered after the US registered the first case of the covid variant, which instantly put doubt over the US economic recovery and undermined the US dollar. 

Today in the early European trading session, the GBP/USD currency pair managed to maintain its bullish bias through the first half of the Asian session and remained bullish around above the mid-1.3500 level. However, the bullish trend was mainly sponsored by the selling tone surrounding the US dollar, which fell to fresh multi-year lows amid increasing bets about the possibility of additional financial aid in the US. Apart from this, the losses in the greenback were further bolstered after the US registered the first case of the covid variant, which instantly put doubt over the US economic recovery and undermined the US dollar. 

Today in the early European trading session, the GBP/USD currency pair managed to maintain its bullish bias through the first half of the Asian session and remained bullish around above the mid-1.3500 level. However, the bullish trend was mainly sponsored by the selling tone surrounding the US dollar, which fell to fresh multi-year lows amid increasing bets about the possibility of additional financial aid in the US. Apart from this, the losses in the greenback were further bolstered after the US registered the first case of the covid variant, which instantly put doubt over the US economic recovery and undermined the US dollar. 

Meanwhile, the Federal Reserve showed readiness to maintain low-interest rates for a too long period. This, in turn, put additional pressure on the greenback and was seen as one of the key factors that benefitted the GBP/USD currency pair. Across the ocean, the currency pair got an additional lift after the UK health department announced that the government had accepted the proposal by the MHRA to approve the vaccine for use in the UK. On the contrary, the escalating market concerns about the continuous surge in new coronavirus cases and the imposition of new restrictions in the UK keep fueling the doubts over the UK economic recovery, which could cap the gains for the GBP/USD currency pair. At a particular time, the GBP/USD currency pair is currently trading at 1.3573 and consolidating in the range between 1.3494 – 1.3579.

As per the latest report, the UK said that regulators had authorized the use of the AstraZeneca/Oxford coronavirus vaccine. The UK health department declared that the government had accepted the recommendation by the MHRA to authorize the vaccine for use in the UK. This progress remained supportive of the already upbeat market mood, which continued weakening the US dollar’s safe-haven demand and contributing to the currency pair gains.

Apart from this, the bearish trend around the US dollar was also sponsored by the rising bets about the likelihood of additional financial aid in the US. It is worth reporting that US Congress members keep struggling to deliver $2,000 paychecks after Senate Majority Republican Leader Mitch McConnell showed a willingness to block the payments earlier in the day. Despite this, the policymaker put forward the bill as a part of the procedure. Meanwhile, the US Treasury Secretary Steve Mnuchin’s announced that the qualified US residents could start receiving the direct stimulus payment of $600 soon, which boosted the market trading sentiment. The market trading sentiment got an additional lift after the President-elect Joe Biden showed readiness for more support measures, which puts additional pressure on the US dollar. 


The GBP/USD pair has also violated the resistance level of 1.3520 level, and on the higher side, the next target remains at the 1.3580 level. On the lower side, the GBP/USD pair may find support at the 1.3520 level now. We can expect a continuation of an upward trend in the Sterling today as the MACD and RSI suggest a bullish trend. Alongside, the GBP/USD pair may soar until the 1.3620 level today as the 50 EMA also extending bullish bias for the Cable.

Categories
Forex Market Analysis

Daily F.X. Analysis, December 14 – Top Trade Setups In Forex – European Events in Highlights!  

On the news side, the market is expected to report a low impact on economic events, which may have a very slight or no effect on the market. The German WPI m/m, Industrial Production, and German Buba Monthly Report will be released from the European economy. Still, I suspect there’s not going to be any significant movement in the market.

On the news side, the market is expected to report a low impact on economic events, which may have a very slight or no effect on the market. The German WPI m/m, Industrial Production, and German Buba Monthly Report will be released from the European economy. Still, I suspect there’s not going to be any significant movement in the market.

On the news side, the market is expected to report a low impact on economic events, which may have a very slight or no effect on the market. The German WPI m/m, Industrial Production, and German Buba Monthly Report will be released from the European economy. Still, I suspect there’s not going to be any significant movement in the market.

Economic Events to Watch Today  

  

EUR/USD – Daily Analysis

During Monday’s Asian trading session, the EUR/USD currency pair succeeded in extending its overnight winning streak and remained well bid around the 1.2140 level mainly due to the risk-on market sentiment. That was supported by the optimism over treatment for the highly infectious coronavirus, which tends to weaken the safe-haven U.S. dollar and contributes to the currency pair gains. 

Moreover, the upbeat market tone was further boosted by the increasing expectations of a further U.S. stimulus package, which boosted the currency pair. On the contrary, the fresh jump in infections and death toll in Europe keeps fueling the doubts over the Eurozone economic recovery, which becomes the key factor that kept the lid on any additional currency pair gains. The EUR/USD is trading at 1.2134 and consolidating between 1.2116 and 1.2145.

The global equity market has been flashing green since the day started and is supported by the further stimulus package’s renewed possibilities. As per the latest report, the U.S. Congress members are still progressing over the much-awaited stimulus talks. In that way, the latest talks suggest the partition of over $900 billion of aid package with $748 billion and $160 billion likely figures for each bill. Across the pond, the optimism over treatment for the highly infectious coronavirus has also been favoring the market trading sentiment. These hopes were sparked after the U.S. Food and Drug Administration’s (FDA) officially authorized the Pfizer-BioNTech covid vaccine for emergency use. Thereby, the upbeat market mood has been playing its major role in underpinning the currency pair.

The broad-based U.S. dollar declined to obtain any positive traction and drew an offer on the day as doubts persist over the global economic recovery from COVID-19. That was witnessed by the U.S. previous week’s downbeat U.S. data. Meanwhile, the risk-on market sentiment also weighed on the U.S. currency. On the other hand, the U.S. dollar losses were further bolstered by the Fed’s expectations to keep interest rates low for an extended period at its last policy meeting of 2020. However, the losses in the U.S. dollar becomes the key factor that kept the currency pair higher. The U.S. Dollar Index Futures that tracks the greenback against a bucket of other currencies dropped by 0.17% to 90.773 by 9:48 PM ET (1:48 AM GMT).

On the contrary, the intensifying coronavirus woes across the globe and intensifying lockdowns restrictions in Europe and the U.S. keep challenging the upbeat market performance and become the key factor that kept the lid on any additional gains in the currency pair. As per the latest report, the growing virus cases recall the local lockdowns in the U.K. and the U.S. In the meantime, Germany also extended national activity restrictions. Meanwhile, the fears of a full-fledged trade/political war between the West and China also challenge the market’s upbeat mood. The tension between the two largest markets in the world was fueled after the U.S. imposed back to back travel restrictions over the Chinese Communist Party members and their families.

Looking forward, the traders will keep their eyes on the U.S. employment data for November along with Euro German Factory Orders data, which will likely entertain market players amid a light calendar. All in all, the updates surrounding the Brexit, virus, and U.S. stimulus package will not lose their importance. 

Daily Technical Levels

Support   Resistance

1.2044       1.2133

1.2006       1.2186

1.1954       1.2223

Pivot point: 1.2096

EUR/USD– Trading Tip

The technical side of the EUR/USD is trading choppy at the 1.2131 mark, meeting immediate resistance at 1.2160 and 1.2196 marks along with a support mark of 1.2085. Formation of candles beneath the 1.2103 level can send the EUR/USD pair further lower until 1.2080 and 1.2040. Industrial Production and German Buba Monthly Report will remain in highlights. Let’s wait to trade a breakout setup during the European or the U.S. session today. 

GBP/USD – Daily Analysis

During Monday’s Asian trading session, the GBP/USD currency pair managed to stop its previous week’s bearish bias and refresh the intra-day high around above the mid-1.3300 level, mainly due to reports suggesting that the UK PM. Boris Johnson and the European Commission (E.C.) President Ursula von der Leyen agreed to extend the Brexit talks for one more week, which eased fears of a no-deal Brexit and contributed to the currency pair gains. On the other hand, the broad-based U.S. dollar fresh weakness, backed by the market risk-on mood, also played its major role in underpinning the currency pair. At a particular time, the GBP/USD currency pair is currently trading at 1.3325 and consolidating in the range between 1.3291 – 1.3354.

It is worth recalling that the U.K. Prime Minister Boris Johnson and European Commission President announced that they discussed the key issues and decided to go for another round of discussions to reach a historic trade deal, which in turn, boosted the sentiment around the British Pound and contributed to the currency pair gans. In contrast, the British PM Johnson repeats, “I’m afraid we’re still very far apart on some issues.” However, this negative statement failed to leave any meaningful impact on the Pound. 

Despite the lingering doubts about global economic recovery and the intensifying tension between the world’s two biggest economies, the market players continue to cheering the optimism over a possible vaccine for the highly infectious coronavirus disease. These hopes were fueled after the U.S. Food and Drug Administration’s (FDA) officially approved the Pfizer-BioNTech covid vaccine for emergency use. However, the positive developments over the covid vaccine keep favoring the market risk-on mood. Apart from this, the global equity market was further supported by the further stimulus package’s renewed possibilities. As per the latest report, the U.S. Congress members keep working to give the much-awaited stimulus package ahead of this Friday’s deadline. In that way, the latest talks suggest the partition of over $900 billion of aid package with $748 billion and $160 billion likely figures for each bill. 

As in result, the broad-based U.S. dollar failed to stop its bearish bias and remained depressed on the day. Moreover, the doubts over the global economic recovery from COVID-19 remains on the card. That was witnessed by the U.S. previous week’s downbeat U.S. data. On the other hand, the U.S. dollar losses were further bolstered by the Fed’s expectations to keep interest rates low for an extended period at its last policy meeting of 2020. However, the losses in the U.S. dollar becomes the key factor that kept the currency pair higher. The U.S. Dollar Index Futures that tracks the greenback against a bucket of other currencies dropped by 0.17% to 90.773 by 9:48 PM ET (1:48 AM GMT).

Conversely, the intensifying coronavirus woes in the U.K. and the U.S. and intensifying lockdown restrictions keep challenging the upbeat market performance and become the key factor that kept the lid on any additional gains in the currency pair. As per the latest report, the U.S. and U.K. policymakers were forced to impose the local lockdowns once again. In the meantime, Germany also extended national activity restrictions. 

Looking forward, the market traders will keep their eyes on the developments surrounding the Brexit story for some significant direction in the pair. Furthermore, the updates covering the virus and the US-China tussle will also be key to watch.

Daily Technical Levels

Support   Resistance

1.3338       1.3466

1.3280       1.3536

1.3209       1.3594

Pivot point: 1.3408

GBP/USD– Trading Tip

The GBP/USD is trading at the 1.3313 level, holding below an immediate resistance level of 1.3322. On the upper side, the GBP/USD pair can lead to a 1.3390 level, and support stays at 1.3269, which is extended by a double bottom level. Selling bias seems dominant; therefore, we should be looking for a sell trade only upon the violation of the 1.3265 level. The lagging technical indicators like 50 EMA suggest selling bias. Thus we should look for selling trades below 1.3400 and upon breakout 1.3265 level too.   

USD/JPY – Daily Analysis

During Monday’s Asian trading session, the USD/JPY currency pair failed to gain any positive traction. They witnessed some modest selling moves near below the 104.00 level, mainly due to the upbeat market sentiment, which tends to undermine the safe-haven U.S. dollar and contributes to the currency pair losses. However, the market trading sentiment was supported by the optimism about the coronavirus treatment and progress in the U.S. stimulus talks. Simultaneously, the market’s upbeat mood weakens the safe-haven Japanese yen, which could be considered one of the key factors that help the currency pair limit its deeper losses. In contrast, Japan’s Tankan data for the 4th-quarter (Q4) marked upbeat figures, which boosted the Japanese yen’s sentiment and contributed to the currency pair losses.  

At the data front, Tankan Large Manufacturing Index for Q4 grew from -27 to -10, against expectations of -15, while the Non-Manufacturing Index increased from -6 market consensus to -5 during the stated period. Moreover, Tankan Large Manufacturing Outlook and Non-Manufacturing Outlook also recorded upbeat numbers of -8 and -6 respectively, against -11 and -7 forecasts in that order.

Despite the lingering doubts over the U.S. economic recovery and the escalating tension between the world’s two biggest economies, the market players continue to cheer the optimism over a potential vaccine for the highly dangerous coronavirus infection. These hopes were fueled after the U.S. Food and Drug Administration’s (FDA) officially approved the Pfizer-BioNTech covid vaccine for emergency use. In turn, the New York Times got help to say that the White House staff members will be among the first to be vaccinated. However, the positive developments over the covid vaccine keep favoring the market risk-on mood and contributed to the currency losses by undermining the safe-haven U.S. dollar.

Apart from this, the global equity market upticks were further fueled by the further stimulus package’s renewed possibilities. As per the latest report, the U.S. Congress members keep working to give the much-awaited stimulus package ahead of this Friday’s deadline. In that way, the latest talks suggest the partition of over $900 billion of aid package with $748 billion and $160 billion likely figures for each bill. 

This, in turn, the broad-based U.S. dollar failed to stop its bearish traction and edged lower on the day. Moreover, the doubts over the U.S. economic recovery from COVID-19 remains on the card, as witnessed by the U.S. previous week’s downbeat U.S. data. On the other hand, the U.S. dollar losses were further bolstered by the Fed’s expectations to keep interest rates low for an extended period at its last policy meeting of 2020. However, the losses in the U.S. dollar becomes the key factor that kept the currency pair lower. The U.S. Dollar Index Futures that tracks the greenback against a bucket of other currencies dropped by 0.17% to 90.773 by 9:48 PM ET (1:48 AM GMT).

The rising tensions between the United States and China keep challenging the market risk-on tone and might suffer the currency pair into deeper losses. It’s also questioning the market risk-on mood could be the intensifying coronavirus woes in the U.K. and U.S., which leads to the intensifying lockdown restrictions. 

Daily Technical Levels

Support   Resistance

104.04       104.41

103.86       104.60

103.67       104.78

Pivot Point: 104.23

USD/JPY – Trading Tips

During the previous week, the USD/JPY violation of the symmetric triangle pattern at 104.346 faked out as the safe-haven currency pair reversed trade within the same triangle pattern. The current trading range of the USD/JPY pair remains 104.375 – 103.650, and violation of this range can extend the selling trend until the next support area of 103.200 level. Typically, such a triangle pattern can breakout on either side; this, we should be careful before opening any trade. The market is neutral as investors seem to wind up their positions ahead of the December holidays. Good luck

Categories
Forex Signals

Reverse Head & Shoulder Pattern Formation In The EUR/USD Pair

Categories
Forex Signals

Who Are the Best Forex Trading Signal Providers?

The best signal providers are funds and companies that deal with trading exclusively. A team of traders that have proven results over many years is the best one you can find. Now, this is the short, general answer, if you are looking for something that suits your taste, then you might need some pointers and […]

The best signal providers are funds and companies that deal with trading exclusively. A team of traders that have proven results over many years is the best one you can find. Now, this is the short, general answer, if you are looking for something that suits your taste, then you might need some pointers and […]

The best signal providers are funds and companies that deal with trading exclusively. A team of traders that have proven results over many years is the best one you can find. Now, this is the short, general answer, if you are looking for something that suits your taste, then you might need some pointers and more research. To find a good signal provider is hard since you have to find valid data providers that are reliable, not just legit.

The internet is full of noise, false and marketing plagued information that does not match your core interest. The best out of those you find may not the best in the world in terms of gains, but they will be the best for you. Put some effort to find reliable signals and the search might be worth it. However, be sure the performance of a signal provider will not be the same this year as the previous, as it is commonly said, past data does not guarantee future results. We will present how to find a reliable signal provider using some general pointers. 

Before you move on with your decision to trust your money with some other trader, AI, or strategy, consider the costs. Not the unforeseen costs that may come out of a bad decision, but how much you are ready to risk for the service. Signals providers like to create packaged service options, with increasing cost and benefits structure. Sometimes this is based on the deposit amount where the more money you put in the bigger amount of signals or the larger payout percentage you get. Automated solutions behind the signal provider mostly have this offer structure.

Now, you might be a trader that wants to have some additional benefits to an already good trading result. Diversifying to AI and human-generated signals seems like a good idea. Some signals providers require at least a $1000 monthly deposit without a trial, while others require a $20 subscription type per month. Know that if you can afford a deposit type subscription it does not mean they have a better performance over the cheaper monthly subscription. Unconfirmed results and, what’s more, results you personally cannot achieve on a demo account are not worth the deposit, while the $20 might not be risky as much. 

When you try to surf the web for the best signal provider, you will stumble upon many „top-rated“provider rankings. These portals are rarely independent, you will see a lot of these marketing portals that favorite their biggest sponsors first. Or they may even be owned by one of the bigger businesses. You will need more reliable data based on which you can at least get a better picture of who is the best signal provider for you. One forum that might help you on this search is Forex Peace Army, not only for signal providers but for brokerages as well. Here you will find somewhat real reviews and ratings created by actual users. However, stay cautious and take what you read with a grain of salt.

Honest services exist, but your chances of getting one are not that high. Pay attention to signal providers that are only relying on Instagram, WhatsApp, or Telegram. There is a good chance a signal provider is not legit if it does not have any other social media included for their voices. Some lonely trader with a good system may have tried this way, however, there is a good reason why scammers do not like to associate with other main social media accounts. They can only have lots of benefits from networking and opening up to a wider audience right? Well, scammers do not go this way because it is much easier to crack their schemes. They will be in the spotlight after a few users express their distrust, so a fresh start with a new identity is needed. With Telegram and the above-mentioned platforms, it is easy to stay incognito for a while. On Twitter or YouTube, this is much harder to do. 

Pay attention if the signal providers are young people. Young spells inexperienced most of the time, just an observation that does increase your chances of choosing a good signal provider. Youngsters need the experience to get to the top of the forex trading and only then they have a badge to sell your signals. There is a considerable time measured in years to get some trading skill and even then you need a consistent sample that also requires some time. Automated trading solutions are mostly backed up by young coders, however, a good strategy needs an experienced developer to be effective. 

Also notable are the flashy images of wealth and style scammer groups post on their channels. Flashy pictures that should inspire what you will become if you follow the signals are just a good sign you might be dealing with an unreliable signal provider. To the somewhat intelligent people, this will not work. However, they are no after for the intelligent, no need to say more.

You will need to find some proof the signal provider is good aside from the reviews and ratings. Past results add to the reliability but are not decisive. Of course, unethical providers will not share their results even though this is the first thing logically to look at. Interestingly, many providers found on the web will not even bother with their results. They will also try to share something completely faked. 

Even though the signal provider website looks very well made, with 24h support and all, you might be actually looking at unethical business. Do not fall for pretty pictures, some incredible gains numbers, testimonials, and the rest of the marketing for the unaware. 

Websites that are legit and have been founded by experienced people from the corporate world – sounds good, right? Wrong, most of the corporate experience does not mean they are good traders or signal providers. This group went out of business and has now founded the forex signals site as a try to use their backgrounds. If their backgrounds look impressive to you just understand they know how to extract money out of your pocket more than out from forex. The website may have very techy or nerdy wording to present smarts turned to success even though it is common terms in trading. 

If you get a chance to stumble on a signal provider that is willingly sharing their results, ask three questions: What is your net gains for some month or a year, and what is your previous month/year net gain? If the net gain is some ridiculous but attainable 4 digit number, and it repeats, then you can safely assume it is a scam. Then ask was this result on forex only. As you may know, some assets move much more than currencies so their pip movement does not mean more monetary gain. It is easy to attain 3000 pips per month on an index. 

When we said that even with the legit results presented you cannot be sure it is because you may be looking at one account or signals generated from many failed ones. This one just performed the best out of a hundred, for example. It does not mean the signal performance is going to be like this in the future. 

If you ever go into this, you may try legit proprietary firms that also accept traders to qualify for their funding. These companies also share signals from their experts once you subscribe. Normally you can find a cheap trial and a complete list of past trades before the real full-price subscription. We also advise demoing the signals for two months before you are ready to put in the money, the money you are ready to lose completely.

Categories
Forex Signals

What are the Best Forex Trading Robots?

Forex robots or Expert Advisors (EAs) for MT4 appear to be a dream come true for many people, as we can see from various chatrooms and comment sections. Automated trading has emerged as a perfect solution for anyone who finds manual trading to be too hard or resents the process of learning about the Forex […]

Forex robots or Expert Advisors (EAs) for MT4 appear to be a dream come true for many people, as we can see from various chatrooms and comment sections. Automated trading has emerged as a perfect solution for anyone who finds manual trading to be too hard or resents the process of learning about the Forex […]

Forex robots or Expert Advisors (EAs) for MT4 appear to be a dream come true for many people, as we can see from various chatrooms and comment sections. Automated trading has emerged as a perfect solution for anyone who finds manual trading to be too hard or resents the process of learning about the Forex market. Forex enthusiasts seem to love trading robots because they can work 24/7, they are unaffected by emotions, and they are available on the MetaTrader platforming many shapes and prices. The number of forex trading robots seems to be doubling each day, forex is more and more driven by automated solutions and increasingly intelligent AI.

If you just care about the gains and rate robots based on their net gain performance during a month or a year, you could be shocked that the best performing robot suddenly lost a big part of your account one day. Consequently, this leads us to how do we interpret the specs and presented the performance of an automated solution. MetaTrader 4 and 5 platforms have a testing module that could give us some clue if the robot is functioning well on a specific asset, time, or market conditions. The industry and the demand grew so much you now have so many websites selling EAs and investment companies that take deposits for their AI to trade with. Not to mention scalping strategies are mostly automated since they can execute much faster than a human would. The guide of how to find the best robot is likely to be obsolete in one year given the pace EAs are produced. What’s more, the robot could simply stop being “the best” once the market conditions change. So we are going to give you a few evergreen universal pointers for your quest.  

The internet is full of marketing bloated false websites that attach to anything popular. Automated trading is very popular, everybody would like to earn money without knowledge about trading and almost no effort. When it seems too good to be true, it probably is. Now you have really to dig the internet search results to find something about robots without a bias of sponsorships, industry pitching, and overblown robot performance (fake). When you look at the top-ranking lists you will not find the same robots, and even top-ranked robots will not be the best according to reviews sites. Then it gets even fuzzier when you want to find a specific robot type. There are a few starting web portals you may look at first to have an overview of the EA market. 

First, go to Forex Peace Army and read some reviews. The reviews on this site are not made by sponsors, but by real users, most of the time. You will also see some red flags and warning about a particular robot seller, scams also if you want to see how people got scammed, it is educational. Focus on robots with a good number of reviews, having a 5-star rating does have any weight if it is based on 2 reviews. When you read the reviews, try to figure out if they have enough useful information about the product. Something like “great robot!” does not mean a lot to anyone. Check the FPA forum if something grabbed your attention on the internet. For example, Forex Fury is a very praised robot by rank websites, but it is not as great according to users. Of course, robot users are not always good representatives of its quality, so take everything they say with a healthy dose of suspicion. 

Explore how the robot selling portal looks like, who is the author, what is the strategy behind. Check for any flashy content, extremely good performance charts, percentages, and ambiguous claims or explanations about the robot. Any of the mentioned is a bad sign, especially when no trial is offered. Interestingly, demos are not commonly offered. You will notice when the portal is just full of pitching lines, it is wise to stay clear of those. 

Before all, understand where the robot is applicable, its settings, how to set up, and if all this is in line with your lifestyle. It is not comfortable to fund a robot that is overtrading or has a Stop Loss level too far. Most of the time robots will require a sustainable connection with the market 24/7 so you will need a VPS service. Assess how all the costs combine to your preference and how much can it hopefully earn to make everything worthwhile. Some robots are based on subscriptions or work only in very calm market conditions when you are unavailable to put it to run. Therefore, you need to do a lot of o research about a robot of preference, including the performance elements. 

Gains are not important, it is how they are achieved. If you see the robot is allowing for too big of an account drawdown (%) at any given moment, know its risk profile is not optimal. Some robots are just made for high-risk gains and are not meant to be used all the time since they will fail at one moment and bust the account. Robots with risky strategies are sometimes used with small deposits but on multiple leveraged accounts, one that endures a month might have enough gains to cover all the costs. People who want steady income will search for other strategies designed no to risk too much, single-digit gains per month without overtrading, martingale, and cost averaging when things go sour. Such robots/strategies are developed by experienced traders, able to be manually exercised with the right tools. 

If you use the MetaTrader platform, then you probably know about the EA market. Here you can find so many robots, some of them are free. The best trading robot can be free and still make your profits. Some of the very promising robots are not even listed on any website except on the MQL market. Robot authors usually describe the robot strategy and performance charts to the best ability, yet some free robots do not serve really to provide good results and may just be demo versions of the paid variants. When you read the technical specifics presented, know they are not accurate. The high winning rate of some robots could reveal the strategy is based on many short trades with high-risk tolerance hence the winning rate is high. Lossing trades are typically extreme with these, even one is enough to leave you empty-handed. 

Consider robots that are constantly updated. It is hard to devise a strategy adaptive to market conditions. Robots are rigid, simply there are not enough code statements to cope with the ever-surprising forex market. Because of this authors need to update their robots meaning you will inevitably see losses once the conditions are not “right” for your robot. Adaptive strategies are not that uncommon, the market conditions could be recognized by some tools for volatility, such as $EVZ, ATR, Choppiness Index, and similar. Also by comparing past data with the specific events that could drive the market bullish or bearish, for example. Automating strategies is very hard work and requires a lot of testing. The price for complex adaptive strategies robots is high, mostly over $1000, still, it is a small price to pay for something that generates consistent profits. 

Finding the best robot requires a lot of work and luck. The search part is already time-consuming and unfortunately, the time invested in the research might not bear fruits. The promising robot might perform well and then simply stop. There is a lot of factors that could turn the odds quickly the robot just can’t compensate for. The answer to this bread question is unsatisfying – the best robot is the one who gives you at least some profit.

Categories
Forex Signals

AUD/JPY Triple Top Pattern Offering Sell Trade – Quick Update! 

During Wednesday’s Asian trading session, the AUD/JPY currency pair failed to halt its modest bearish moves and remained depressed near below the 77.00 level due to Australia’s downbeat housing data, which tends to undermine the Australian dollar and contribute to the currency pair declines. Apart from this, the reason for the currency pair’s losses could also be attributed to the prevalent Brexit risks and trade tussles between China and the West, which keep challenging the upbeat market mood and undermining the perceived riskier Australian dollar. 

During Wednesday’s Asian trading session, the AUD/JPY currency pair failed to halt its modest bearish moves and remained depressed near below the 77.00 level due to Australia’s downbeat housing data, which tends to undermine the Australian dollar and contribute to the currency pair declines. Apart from this, the reason for the currency pair’s losses could also be attributed to the prevalent Brexit risks and trade tussles between China and the West, which keep challenging the upbeat market mood and undermining the perceived riskier Australian dollar. 

During Wednesday’s Asian trading session, the AUD/JPY currency pair failed to halt its modest bearish moves and remained depressed near below the 77.00 level due to Australia’s downbeat housing data, which tends to undermine the Australian dollar and contribute to the currency pair declines. Apart from this, the reason for the currency pair’s losses could also be attributed to the prevalent Brexit risks and trade tussles between China and the West, which keep challenging the upbeat market mood and undermining the perceived riskier Australian dollar. 

On the contrary, the market risk-on sentiment, backed by the optimism over a potential vaccine for the highly dangerous coronavirus infection, tends to undermine the safe-haven Japanese yen and becomes the key factor that helps the currency pair limit its deeper losses. Furthermore, the risk-on market sentiment could also be attributed to the reports suggesting that the U.S. presidential transition has finally started, which offers political certainty. Across the pond, the downbeat Japanese corporate service price index data added further burden around the Japanese yen and became the key factor that kept the lid on any additional losses in the currency pair. Currently, the USD/JPY currency pair is currently trading at 76.67 and consolidating in the range between 76.64 – 77.05.

Despite the lingering doubts about the U.S. economic recovery and the escalating tension between the world’s two biggest economies, the market players continue to cheering optimism over a potential vaccine for the highly dangerous coronavirus infection, boosts the hopes of global economic recovery and supporting the market trading sentiment. Thus, these further developments surrounding the covid vaccine favor the market’s risk-on mood. However, the perceived risk currency Australian dollar is relatively unaffected by the risk-on market sentiment and remains defensive amid downbeat housing data from Australia. At the data front, the Constriction Work Done for the 3rd-quarter (Q3) dropped below -2.0% forecast and -0.7% previous readouts to -2.3% QoQ.

Across the pond, the reason for the upbeat market mood could also be associated with the on-going optimism over the U.S. economy as President-elect Joe Biden has recently been allowed to receive the President’s Daily Brief, the collection of classified intelligence reports prepared for the national leader. This, in turn, undermined the safe-haven Japanese yen and became the key factor that helps the currency pair limit its deeper losses. Moreover, the currency pair’s losses were also capped by the downbeat Japanese corporate service price index data, which tends to undermine the Japanese yen and helps the currency pair to cap its downside momentum.

On the other hand, the intensifying coronavirus woes across the globe and intensifying lockdown restrictions in Europe and the U.S. keep challenging the upbeat market sentiment, which could also be considered one of the key factors the currency pair down. The reason could also be associated with the long-lasting delay in the much-awaited coronavirus (COVID-19) relief package, which also probes the bulls and contributes to currency pair declines.

Looking ahead, the market traders will keep their eyes on the U.S. economic calendar, which will show the releases of the U.S. Preliminary Q3 GDP, Initial Jobless Claims, Durable Goods, and Core PCE Index. This data will likely influence the USD price dynamics and help traders to take some fresh directions. All in all, the updates surrounding the Brexit, virus, and U.S. stimulus package will not lose their importance.



Daily Support and Resistance

S1 75.57

S2 76.15

S3 76.52

Pivot Point 76.73

R1 77.1

R2 77.31

R3 77.88

The AUD/JPY pair faced resistance at 77 levels, holding below an immediate support level of 76.58. A bearish breakout of the 76.58 level can extend selling bias until the 76.23 level. The MACD and RSI are holding below a double top level of 77, suggesting odds of a selling bias in the AUD/JPY. Continuing a selling trend can lead the AUD/JPY until 76.58 and 76.25 level today, thus we entered the sell trade signal. Stay tuned; good luck! 

Categories
Forex Signals

Forex Robots: Do You Really Need Them? This Will Help You Decide!

A Forex robot is an automated software that executes trades on the trader’s behalf, running as an Expert Advisor (EA) on their trading platform. Do you really need these services? Is there any real advantage to using them? Read this before making a decision. Most of this software is built around the most popular trading […]

A Forex robot is an automated software that executes trades on the trader’s behalf, running as an Expert Advisor (EA) on their trading platform. Do you really need these services? Is there any real advantage to using them? Read this before making a decision. Most of this software is built around the most popular trading […]

A Forex robot is an automated software that executes trades on the trader’s behalf, running as an Expert Advisor (EA) on their trading platform. Do you really need these services? Is there any real advantage to using them? Read this before making a decision.

Most of this software is built around the most popular trading platform, MetaTrader 4. The software usually allows traders to tweak certain settings to their liking in order to change things like stop-loss limits, the times when the bot can trade, etc. Some traders see automated trading software as a great tool because it reduces the need to constantly monitor trades, or it can help beginners to turn a profit without much knowledge about the Forex markets. On the other hand, some traders would tell you to avoid automated trading software because of the associated risks. Below, we will highlight some of the pros and cons of using this software so that our readers can decide for themselves. 

Pros

  • Forex robots help to ensure that traders never miss an opportunity since they can trade 24/7 with no breaks. Any human will need to eat, sleep, and so on, but traders won’t have to be afraid to leave their PC with automated software running. 
  • Automated trading robots do not fall victim to psychology-related downsides as humans do. The robot will not feel greed, excitement, anxiety, or any other emotions, which helps to avoid emotion-based trading mistakes. 
  • Robots can find opportunities and carry out trades in a matter of seconds, thanks to pre-determined parameters. Humans are slower at inputting manual trades and making decisions, which can cause missed opportunities. 
  • Robots can keep up with more complicated trading strategies and are superior at multi-tasking. The bot can monitor several currency pairs at once while keeping up with multiple conditions related to stop-loss orders, entries, and exits, profit targets, etc. Once again, humans are not as capable of doing this and may become overwhelmed with information.
  • Trading robots can be used by beginners without the need for extensive knowledge. Since the robot does most of the work, entry-level traders can spend more time learning, while making a profit in the meantime thanks to the trading robot. 

Cons

  • Many trading robots that are made to be purchased aren’t profitable. A company may promise their product will make you rich before disappearing a short while later. Always research any company or person that is selling a bot before buying to try to avoid this. 
  • Many bot providers advertise the absolute best results they have achieved to make the product look more successful or reliable than it is. They might advertise one successful backtest out of hundreds to fool their potential customers.
  • You’ll need a strong internet connection for trading robots to run effectively, otherwise, the robot may glitch and experience trading errors. 
  • Robots are at a disadvantage to humans because they will only ever work the way they are programmed to. A robot will never be able to learn new things or apply their imagination when trading the way that a human could. 
  • While robots are great at analyzing technical data, like charts and statistics, they can’t take economic circumstances, political events, or other important events into consideration. Traders should manually turn off their trading robot before any such event or else fall victim to errors. 
  • Robots work best when there are positive trends and signals in the market. If the market is trending, then there is no problem. However, a sideways or choppy market can throw the robot off track. 
  • Many robots use a scalping-based strategy, which might not be allowed by every Forex broker. 
  • The best trading robots aren’t going to be available for free, although some can be rented for a low price for a month or so. If the bot can’t be rented or tested, then you’re basically taking a gamble with hopes that the product works.

Conclusion

Forex robots can trade 24/7 with a strong internet connection and are much better at multi-tasking than humans. Emotion doesn’t get in their way and they can perform much more complex trading strategies with less missed opportunities, but they aren’t without their faults. Many of these options are scams, so thorough research is a must before purchasing. Robots also don’t have the capabilities to learn or take things like economic events into consideration the way humans do. If the market doesn’t have positive trends and signals, then the robot’s efficiency will likely decrease. Still, with monitoring and risk-management, automated trading software can prove to be a convenient and profitable option for most Forex traders.  

Categories
Forex Signals

GBP/AUD Trend Pullback

Categories
Forex Signals

Are Free Forex Signals Really Reliable?

A trading signal is a short message that you might receive via email, text message, alert notification, tweet, or other communication methods. The message contains information about making a trade and is meant to aid traders and might mention a specific time and price to enter a trade on a currency pair. 

A trading signal is a short message that you might receive via email, text message, alert notification, tweet, or other communication methods. The message contains information about making a trade and is meant to aid traders and might mention a specific time and price to enter a trade on a currency pair. 

A trading signal is a short message that you might receive via email, text message, alert notification, tweet, or other communication methods. The message contains information about making a trade and is meant to aid traders and might mention a specific time and price to enter a trade on a currency pair. 

“Free forex signals” is one of the most Googled questions by forex traders. The main reason for the signal’s popularity is that it can save you time, which is especially useful for traders with full-time jobs or other responsibilities that take away from the time they can dedicate to trading. Beginners can benefit as well, as finding a good signal provider can be a lifesaver if one is having a hard time making profitable trading decisions. 

You’re probably wondering how much it costs to use these forex signals or if they even work at all. The truth is that there are some paid signals out there, but many providers will allow you to use their signals for free. This might seem a little off – after all, we’ve all heard the saying that “nothing is ever free”. Fortunately, there are other forex traders out there that want to help you. Many traders that have achieved success like to help other traders by passing on advice, creating trading signals, writing books that contain knowledge they’ve learned, sharing secrets they’ve uncovered, and so on. In some cases, you’ll be able to use the services indefinitely for free. In other cases, you might be able to use the service for free through a free trial before being asked to pay. 

When it comes to reliability, you do want to choose your signal provider wisely. Know that free signal providers usually offer some of these features:

  • The entry/exit/stop loss figures for one or more currency pairs.
  • Graphs or other evidence that supports the provided signals.
  • Trading history that might include profits and losses per month, risk/reward ratios, and so on.
  • The ability to speak to or be coached by the provider upon request.

Once a signal has been generated, it is the trader’s decision to choose whether to take the advice or to avoid it. If you receive a signal that doesn’t seem like a good idea, simply ignoring it is the safer option. Online reviews of free forex signals are mixed, but this isn’t surprising. Some traders have had good luck using these services, while others have lost a lot of money. 

If you want to receive reliable signals, you can’t go with the first service provider you find, especially if those services are entirely free. Fortunately, it’s easy to research a potential signal provider online. Check out social media and online reviews for a more realistic look at what you should expect. Never rely solely on reviews or testimony that is listed on the provider’s website, as the very best comments are usually displayed, or you might even be reading something that was written by the provider themselves. This is why second-party review sites and social media reviews give the most honest results. 

Free forex signals can be reliable, as long as you do your research before choosing a signal provider. If you receive an alert with information about a trade that you don’t think you should take, you can simply ignore that signal and wait for the next one. If you choose a provider that provides a few bad signals in a row, it’s best to move on to a different provider with better reviews online to try for better results. Choosing a signal provider is very much like choosing a broker – there are scammers out there, but careful consideration and research can help ensure that you make a trustworthy choice.

Categories
Forex Signals

The Trader’s Guide to Buying Forex Signals

There are many reasons one could start looking for these, even though you are also learning or are already an experienced forex trader. You might want other income options, diversify your trades with some other trading type, have signals when you are not in your trading time, and so on. This option is more appealing […]

There are many reasons one could start looking for these, even though you are also learning or are already an experienced forex trader. You might want other income options, diversify your trades with some other trading type, have signals when you are not in your trading time, and so on. This option is more appealing […]

There are many reasons one could start looking for these, even though you are also learning or are already an experienced forex trader. You might want other income options, diversify your trades with some other trading type, have signals when you are not in your trading time, and so on. This option is more appealing to people looking for a quick fix. They have tried, they have burnt in forex trading. Now they can just skip the learning process and jump in the boat somebody else is driving. Sounds great, nothing to object with a reasonable plan for bonus income.

Unfortunately, this is a very good base for dishonest people, or scammers, to take advantage of that enthusiasm. Again, it seems that there is no easy path to get rich quick. This article will deal with possible scams you can get into if you are not informed and also give you a hint of what to expect when you find a legit service. There are many ways of how a signal service might be an actual scam, we have categorized red flags and scam patterns so you can filter those scammers out in your search.

The task of finding a legit forex signal service is difficult, especially now when the internet is flooded with dishonest ones. Approach this task with a healthy dose of skepticism, it will help you to find inconsistencies. The notion of an income generated just by copying someone else makes a very low barrier to entry, attracting all the people looking for a quick fix, people who are easer to scam. If you question everything the service is promoting, you will have an inherent edge.

Let’s start with the first warning sign. The “service” is available on channels only. Social media channels like WhatsApp, Viber, Telegram, or Instagram. If you find out they require you to pay some fees to enter the channel without any other page or reference, you can with almost complete certainty say they are a scam. This is also a warning for anyone who honestly wants to start this business, find a better way to establish a platform got your signals, smart people will not find or trust you this way. Scammers like these channels. Why not use better and probably the best places to make yourself known like YouTube, Facebook, Tweeter, and many other platforms?

Just have a small group of people following you and by the word of mouth you should snowball followers exponentially. Well, scammers will not last long here, it will be a matter of days before they are exposed and could even become an easy target for criminal prosecution. So even a dishonest business has a risk to it that needs management. Honest signal service providers will still have a reputation to preserve, even if their signals are of high quality there will be bad reviews from people that fail to follow simple instructions (there are so many you would be surprised). Well, we guess this is just the nature of this business with no barriers to entry for consumers, everyone is interested.

Scammers will not be completely anonymous of Telegram or IG, but they have enough obscurity so they can scam a substantial group of people without prying eyes of justice. Whatsmore, these groups are easy to make and the whole cycle can start over. This should not inspire you, it is also a way to make money, you will just belong to the dark side to ruin what good is left about forex trading. Search out for the website or testimonial if they exist about the group, with good results you can check.

We have noticed a lot of these “scam chat groups” are younger, rarely passed the fourth decade. Interestingly, both the victims or customers and the scammers have a similar mentality. They both seek the easy way to gather substantial income in a short time. Although scammers have a plan on how to do it and they have better success than their customers. Another interesting pattern here can be noticed, when we use common sense, would you invest or trust the quality of a signal service run by mature traders in their 40s, or 50s, or rather a young group that rarely passes 35? Common sense says to go with the more experienced ones. We are sure there are talented and devoted trading killers in their 20s, this is just an observation we made. Forex trading, at least on the professional level, requires a long hard work on testing and forging the mindset for this market.

Only repetition, learning by mistakes, and swallowing most of the “unexpected” out of forex can make you experienced enough to become a signal provider. The signal whose many accounts depend on. Responsibility only experienced mind can take with confidence. All this, of course, needs time, unlikely to be a part of someone’s life when they are just out of high school. Whatsmore, even young great forex traders are simply better when they get older, their systems are improved, they have more irreplaceable experience and of course more consistent performance. A good and different perspective for young traders comes from the positive traits of a young mind. They are really great with new technologies, they can soak new concepts which in turn make interesting automated trading software solutions. EAs will take control of their early trading psychological challenges and now we have another type of signal provider and “traders”. We can go even further and say experience plays part in the making of EAs too, let’s say a combination of an experienced trader and a youngster who is great at making EAs from expert concepts produces rare masterpieces.

With experience, you will notice marketing tricks which are common flags of a service or product without substance. Have you noticed the marketing elements for signals and other parts of the forex business? Unfortunately, these marketing elements are common. They usually involve promoting an expensive, extravagant lifestyle, featuring supercars, champagne, private jets, girls, and suits. These target men, as they are more interested in forex (more on this topic in Women in Forex). Additionally, they target men who are still affected by this marketing. Be smart to them and they will filter you out, you are more likely to be a problem than a “customer”. Aside from the internet, TVs and mass media channels are full of it. You will see a sharp increase in specialized marketeer numbers for every segment of internet published product or service platforms nowadays. The question is, do you belong to this group of people affected by this type of marketing? If you are now you know better, if not your chances of finding a legit signal provider are very good. So let’s go deeper into other warning signs.

A legit signal provider will promote their results. Common sense says you want to invest into a money-making business, or at least the business with high and probable reward compared to the risk involved. Now you will want to measure the rewards to risks ratio by looking at their past performance. Do you still have that suspicious eyebrow? Good, you will need to check this performance sheet (more on this later). If they do not have one, but they have good reviews, check that too. Is the rating sample large enough to confirm the positive outlook of reviewers? Are the reviews informative and not too short?

If yes, then maybe you have something worth your while, still, your work is not over, most of the websites without the performance track record are a well-obscured scam. These scams are even reputable, a massive amount of marketing campaigns are funded to keep the bad covered and the “good” pushed to your face. The accessibility of the internet makes this easy, making your work to find the truth harder. Summing the elements, the websites would contain a very well and flashy presentation. Optimistic, inexperienced visitors will feel like these “pros” know what they are doing, just look at these charts, animations, pretty customer support girls, and percentages! “With this percentage gains, I could buy…soon!”. This should not be your thinking.

The group has extensive experience within financial institutions and financial investing ventures. Well, does this mean they are great trading forex? The short answer is no. The long answer will tell you why it is probably a “legit scam”. This experienced group has left corporate life so they can maintain their signals service, it is a better business option to them isn’t it? Okay, what about the fact financial institutions can generate mediocre results at best for you. They are not something a professional trader would aim for. To uncover it all in a funny way take a look at the book by Fred Schwed “Where Are the Customers’ Yachts?: or A Good Hard Look at Wall Street”. Put simply, they have experience making money from you more than for you.

Financial flashy words are making them educated, geeky, impressive, dedicated performers. Most websites may choose to go with this language or a simple approach in line with your age. Complex technical expressions will make you believe they know what they are doing for sure, a good place to invest. Well, it is another method of how to make you trust them. If you go a bit deeper, you will find no arguments their AI or algorithms are as good as they are promoted. Pay attention if the phrases tell you anything you can check, refer to, or measure. If not, this is a red flag sign to move on.

Back to the results sheet you need to check. Now, you may see some gain numbers on the page. How easy is to put some number in there? Takes you a second, is it backed up? Go on and inquire about how they attained this number by showing you their trades journal. Is this table legit and matches the data in your MT4 or other platforms? More often than not the table will be completely made up if you are even given one. After reading this it is not likely to be fooled, but know that even true results may not be completely what you want. Here is an example, the signal group could tell you they made an exaggerated figure gain, like 3000 pips per month. This could be true, or better said half true. The 3000 pip gain part is true but the other part about the 3500 pips lost is not mentioned. This is a nice example of wordplay and statistics multi presentation or interpretation.

Nobody told you a lie, you just did not ask, you have assumed the losing in the equation. On top, you do not have arguments to accuse them of lying. Stating the more than 80% win rate is also a sign of this, some of the losing trades are omitted even when every trade matches. Similar is when we look at some EAs for sale, you will see extreme win ratios above 90% but you realize they are made on a very high number of short trades, and those 10% losing trades negated all the gains or worse. Inquire about the net results.

Speaking of net results, there is another interesting way to show great, truthful but deceiving performance. You may see a very high pip gain, for example, 3000 pips per month, including the losses. This is impressive, right? If you have assumed all is made on spot forex, you are deceived. Making 2000 pips on index trading is not great and an average trader can do it consistently. Some assets like Indexes, crypto, or precious metals move at extreme ranges when compared to spot forex. Therefore, pip gains from these assets carry different weights. If the result is all made from forex, know there is even more reason to be skeptical. An additional step to check is the period covered for this performance. Is it just a result of one month while all others do not even come close? Are the trades positions extremely big or only on exotic currencies?

One of the hardest to crack schemes is the dual lines approach and averaging packages. The Dual Lines method applies to many scam services, but let’s focus on results presentation. Scammers open two demo accounts or more. On one they pick a very volatile pair, probably an exotic and go long. The other account has a short position. Now all they have to do is wait, after some time they will have one loser and one winner. If they have more accounts, half will probably be very nice performers. Losing accounts are closed, winning ones are promoted to you or anyone willing to go with their signal service.

The Dual Line can even go trade by trade with their customers. They will tell you to go short and tell some other guy to go long. At the end of a few cycles, they will have one who is absolutely trusting their “service”. If they are using the channels mentioned above, they are still under the radar. Whatsmore, they can close the channel and start a new with a winning account they made in the previous venture. Nothing shady with the results right? Sports betting applies the science of averaging, bringing you various packages that perform but in reality, they are a “truthful half”. Everything is legit here, no lies. Is it ethical? Another debate.

The results are outdated. Many will miss this red flag, even it is obvious. You may see EAs performance spooling gains until 2019, for example. No strong trends in the forex market and the account is shut down after a few losing streaks, but the overall performance is legit and good looking. Well, the website promoting this EA or signal service is still online, surprisingly. Guess what, they will still sell you the signal, like usual. Many do not pay attention to this and it is spreading the scam industry to the point forex becomes regarded as a scam at first thought.

After all of these flags, you may still think a signal service is worth the trouble. Here is what you need to consider, besides looking for the mentioned signs. Every signal service you have paid needs to be tried on a demo account. Assumed that the price of signing up for a service is more than coverable by the gains you will potentially have, you need to be sure the results from this forward testing matches. Since you are going to follow them for a long time, 2 months of demo testing will save you the trouble of risking real money. Note that you will need to have an optimal account size for this service to be profitable in the long run. Besides, you should consider investing only money you can afford to spend and not care about it, like the account is already gone.

Legit signal providers are rare, but it is even more rare to find the service in line with your lifestyle. The signals you are about to get could be at times you are sleeping, at work, or simply not convenient for you. Another reason to demo trade, but know that you are not a master of your account (time) and bound to signals pace.

Categories
Forex Signals Forex Videos

Free Forex Signals App! – Forex Academy’s FA Signals App Now Available For Android & IOS

https://youtu.be/bHdkd101dHw

https://youtu.be/bHdkd101dHw

Welcome to our Forex Academy Signals app!

 

It is a pleasure to announce the FA signals app! Available in iOS and Android, the FA Signals app is a terrific complement to our Forex Academy Signals service, that started on March 20 and which has currently accumulated a total of 3,319 pips and 68.53% winning accuracy.

The FA Signals app will allow our users to get timely signal notifications for them to profit from our pro approach to trading. In this article, we will explain the symbols and working of the app so that you can benefit from it.

The app was devised as a notification tool; therefore, it is quite simple. But we wanted to pack as much information as possible in it, so we created specific icons to compress the information and make it available at a glance.

In the figure below, we can see the main layout of the FA Signals app. We can see a series of icons on the left column that explain the type and direction of the trades. The top of the app shows the legend:

Spot Buy: Buy at the current price
Spot Sell: Sell at the current price
Pending BL: Pending order, Buy Limit
Pending SL: Pending order, Sell Limit
Pending BS: Pending order, Buy Stop
Pending SS: Pending order, Sell Stop

We see also that the app has two tabs: Primary Info and More Info. In the primary Info tab, we have packed the needed information to make the trade:

Assets: The Forex Pair that is the subject of the trade
Entry: Entry price. This value can be the spot price at which the entry has been taken, or, in Pending orders, the limit or stop level at which the order should be placed.
Stop: The stop-loss level
Target: The Take-profit level
Pips: the current pip count of the live and closed trades. In a green rectangle, the pips are gains, in a red one, losses.

The More info tab shows the following information:
Assets: The Forex Pair that is the subject of the trade
Exit Price: The price at which the trade was closed or blank in the case of live signals
Exit Date: The date and time of the close
Method: This is a link to our article explaining the trade setup. We recommend our traders to look at the articles because not only is it a practical lesson on trading, but we also give detailed information on the risk and reward figures of every trade. Position size is critical to succeeding in the Forex markets; thus, it is an integral part of our trade reports.

R/R: The reward/risk ratio of the trade.

Finally, at the top of the page, we present our current total stats: Pips:3,319.99, the pip balance of our trades since the beginning. Gainers: 69.53% the percent gainers since the beginning.

How does this work?

You will receive notifications on new signals, modifications of a live signal, and the close of the signal. The closing will occur by reaching the target, by manual closing, or if the price hits the stop loss. If you follow the instructions, you would have set the stop and target levels at the beginning of the trade; thus, you need only to take care of the modifications and manual closing of a signal.
When you receive a notification and click on it, the app will open and show the referred signal highlighted, so it is more easily identified. By touching the highlighted signal, you acknowledge the notification and will be de-highlighted. Therefore, we recommend that you do that after doing your mods.

We wish you successful trading, helped by our integral signal service. But, please take this as an opportunity to learn and be self-sufficient. Our philosophy is not to give signals, but to help you achieve your own by learning through practical examples, which are supported by our vast educational resources.

Categories
Forex Videos

Types For Noobs! How To Apply Our Free Signals & Make Money For Free

https://youtu.be/EWBpjoLl-Q0

https://youtu.be/EWBpjoLl-Q0

 

How to apply Forex Academy trade signals to your own trading account?

Ok, you have seen the Forex Academy signals table and the incredible success our professional Traders are enjoying, and you want to start copying some of the trades onto your own account, but you are a novice trader and a little bit unsure what to do next.

This presentation is designed to assist you with such tasks. Let’s take a look at a couple of examples of how you can go about applying the trades from the signals table on to your own trading account.


Let’s drill down into this pending order for the US dollar CAD trade at the top of the table.

We can presume that you have clicked onto the Method tab to have a look at the traders’ technical analysis and overview; you agreed with the sentiments and decide that you want to take this trade on by applying the price entry, take profit, and stop-loss on to your own trading platform.


The most common trading platform which is offered by the majority of brokers is the Metatrader mt4 platform, and so we assume that you are using this platform, in which case you should open it up and select the US dollar CAD chart. You don’t have to add technical analysis.


Click on the New Order tab, and an order box will pop up onto your screen.


Click onto the symbol drawdown panel to select the US dollar CAD asset.


The price will then change to the current exchange rate for this pair.
If this was an instant execution, you would simply sell-by market or buy the market by clicking on the relevant price paddles, which are colored red and blue.


However, this is a pending order which we need to select from the type of trade drop-down menu.

Let’s quickly remind ourselves of the trade we are copying. this is a Sell-limit pending order of the US dollar Cad pair, with an order to sell the pair at some point in the future with no specified cancellation date at an exchange rate of 1.41526 with a stop loss of 1.42126 and a take profit of
1.40926. This represents Minus 60 pips or plus 60 pips, where the risk to reward has a ratio of 1:1. So for every unit traded in a standard lot of 1.0, which equals 10 units of the base currency traded, you would win or lose $600. Or if traded with a mini lot equal to 0.1 unit of volume you would win or lose $60 and if you were trading in micro-lots of 0.01 units of volume you would win or lose $6


We now take this information and add it to our order box. Firstly you will need to put in the volume of currency you want to trade. Here we have added a volume of 0.10 units, which equates to around about $1 for every pip in movement.
We then complete the stop loss box by entering in the exchange rate 1.42126, the take profit at

1.40926, and then in the pending order section itself, click on the sell limit for the type of pending order. Enter an exchange rate of 1.41526.


Then simply click on the place tab, and if the server accepts your trade, it will be confirmed by three lines popping up on to your chart. One is the sell limit order with the volume you have chosen at the exchange rate at which the trade will be executed if the price reaches it at some certain point. The second will be the level at which the trade will be stopped out should it move against you, and the setup fail. And the third line is the take profit where the trade will close out if price action moves to this exchange rate level should the trade have been opened having gone to plan.


Should the trade you are looking at copying require a different type of pending order this can be found in the order type drop-down box and will include buy limit, sell limit, buy stop and sell stop orders.


Different types of pending orders are buy-limit, where a trader expects that the current exchange rate will fall lower before continuing in an upward trend, In which case he would use a buy limit order to enter a trade at a lower point than the current exchange rate.
Or the trader would use a buy stop order to enter a trade which is above the current exchange rate, and where he or she might use such an order anticipating that an upward trend would continue.


Conversely, a trader would use a sell limit pending order if they thought that the exchange rate was going to move slightly higher before reversing into a downward trend. This provides them with the possibility of gaining some extra pips. Or they use a sell stop order where they presume the exchange rate will move lower than where it is currently.
Other trading platforms have similar trade order systems, and so if you are not using the MT4, you will just need to research a little to find the trade execution setups.

 


To calculate your risk, most platforms, including the MT4 offer a cross-hair feature which you can drag onto your chart and by clicking on the current price exchange rate, or anywhere else, you can drag the cross-hair to any level on your chart, and it will show you the number of pips that you might lose or gain. In this example we can see that should a trade be executed at the current exchange rate the level to the stop loss we have chosen by the introduction of the red line is 127 pips away, and where one pip typically will equate to one US dollar with a volume of 0.10 units traded.

On that basis, if we were to go short on this pair at the current exchange rate with the current stop loss in place, we would have lost $127 should the pair have moved up to our stop loss. We can also simply drag the cross-hair lower to calculate possible winnings in pip amount values too.

Categories
Forex Videos

The Free Forex Academy Signal Service! Over £18,000 made already! Part Two!

https://youtu.be/NPZAWNX2EFw

https://youtu.be/NPZAWNX2EFw

How You Can Make Money Using Forex.Academy’s Free Trading Signals Service – PART 2

Welcome to how can you make money using forex academies free trading signals service part 2. By connecting to the Forex.Academy website and clicking the tab for our Free Trading Signals Service, you will find this page.
If you haven’t seen part one, please do so because we go into great detail about the usability of the trading signals page, including the various types of the assets being traded, the types of trade setups, and details of the professional traders involved in the signals.
In this presentation we will be looking at how the signals service can help you, the trader, whether you are a novice trader or a seasoned professional, there is something here for you in this superb free signal service.

So for argument’s sake, let’s say you are a complete novice forex trader, and you have looked at the forex space and decided that you would like to take advantage of this 5 trillion dollars per day turnover business machine, which is totally recession-proof. You have a couple of options, one you can go to the trouble of learning every aspect of the forex market, including everything that you will need to know about fundamental and technical analysis, which is no mean feat because there is just so much to learn in order to become a proficient and profitable currency trader. That said, all the educational tools that you will need can be found absolutely free of charge on the Forex Academy website.

You also have the option of using a copy or mirror trading platform, where you link your forex account to a trader based on the scrutiny you have done regarding his/her track record. However, most traders will not give you a biography, and hardly any of them will speak to you directly regarding their trading approach and methodology. Also, there will be a monthly subscription cost to the mirror platform, and also a separate fee-based subscription to the trader. While you may be able to see his/her performance track record, you will not be able to analyze their trade setups, because he or she will very likely not provide that information to you. In effect, you are blindly trusting them to make you money.

Alternatively, you can use the forex Academy trading signals service, which is totally free, And where you get to choose the type of asset which is traded, from a basket of currencies and bitcoins.

And where you are provided with a biography of each trader, including their professional status within the forex market, both past, and present. And where you can find details of the trade, including the name of the asset being traded, the technical analysis name for the trade setup, up-to-date visual technical analysis charts of the setups, and a written description of the fundamental and technical analysis behind each and every trade. Our professional traders only use technical and fundamental analysis setups that are widely used in the forex trading community in order to offer you reliable trading signals.

Trades will either be instant execution or pending orders and where you will be able to keep an eye on the trade table as and when these opportunities are presented, in which case you can pick and choose which trade to copy on your own trading platform. Having looked at the technical set up that the trader has uploaded in the method section, you then simply add stop loss and take profit

levels, or make adjustments to them based on your own risk preferences, and you then copy the entry price bearing in mind that if it is an instant execution you might miss a few pips unless you are monitoring the table continually. However, you would be more likely to get in at the beginning of the trade by copying pending orders such as this buy stop order.
If you would like to be notified by a free subscription service of every single trade set up, you can open up an account with eagle FX, by visiting their website www.eaglefx.com, who are our partners in this venture, and where you will benefit from high leverage and full, STP/ECN, processing which means you will have zero trading conflict with this reliable and respected broker.

Another benefit of having an account with the EagleFX is that you will also be notified automatically of key FX levels, which act as magnets for price action in the spot forex market. You can also find details of these on the forex academy website by clicking on the market update tab and scrolling down to FX options.
So, as you can see, if you are a novice trader, you have the ability to research the trade, and if you like it, you can copy them onto your own platform having confidence in the expertise of the professional trader who set the trade signal up in the first place. This will help you to grow as a trader, as you steadily learn more about trading via this unique option.
Of course, it might be that you are a seasoned trader and hence you are still happy with the methods that you find on our trade table, and perhaps you want to spend a little less time looking at setups yourself, in which case you can copy our free signals in order for you to enjoy that lifestyle choice.

Please also keep an eye out for the relevant marketplace for ‘Signal Academy’ Android and IOS trading signals apps, which we are developing and which will be available to download soon.

Categories
Forex Signals Forex Videos

The Free Forex Academy Signal Service! Over £18,000 made already!

https://youtu.be/2CIchjrSgV0

https://youtu.be/2CIchjrSgV0

How You Can Make Money Using Forex.Academy’s Free Trading Signals Service – PART 1

The Forex.Academy’s Free Trading Signals Service. What is it and how can it help you?

Forex.Academy has recently launched its free trading signals service which can be found under
the Signals tab on the Forex.academy website.


The webpage lists many open and pending orders relating to trades in several assets, from currency pairs, gold, and bitcoin.


And the trades are managed by professional traders, some who have come from an institutional background, having trading with institutional size deal tickets running into $ billions. Biographies of each trader will be added to the technical analysis for every trade and you will be able to access this information to help you decide which trades to copy. You wont be disappointed. These guys really know their stuff.


Each individual trade is listed on the table, and comprises of several components parts, including: Insert 1: The date the trade was listed: Insert 2: The type of order, which could be an instant execution, or spot trade, or a limit order including a buy limit or stop buy order or a sell limit or stop sell order, Insert 3: the type of asset, which could be a number of major or cross FX pairs and gold and bitcoin. Insert 4: the method where the each trader gives a detailed analysis of the thinking behind each trade, which, incidentally, most other signal providers do not offer, and where we will come back later in this video to take a more detailed look, Insert 5: the entry price for the trade, Insert 6: the stop loss for the trade, Insert 7 : the take profit level, Insert 8, The risk to reward level, Insert 9: the price level at close; Insert 10:
The closing date and time, if applicable and insert 11: the amount of pips won or lost or in the event of an open trade the fluctuating level of pips in play.
Now lets drill down a little further into the trade methodology as promised earlier.


The platform has a cool feature called the method, it allows total scrutiny of all trades by third parties, such as yourself, who want to know about the thinking and methodology behind the set-up of each trade. This is not about tossing a coin and hoping for the best, it’s about incorporating all the methods and techniques which are employed and incorporated by professional traders and institutions which have a high for this type of technical and fundamental analysis, which tend to offer a high success rate.

And so in this spot EURUSD trade, the trader had based his assumption that the pair should move lower and entered a short position as an instant execution trade at the exchange rate of 1.0798 with a stop loss of 1.0838 and a take profit target level of 1.0758 with a risk to reward ratio of 1.00 and where the trade was manually closed out on the 23rd 04 2020 at 12:06 PM with a profit of 23.8 pips. This tells us that the price action was reversing and unlikely to achieve its target exchange rate at 1.0758 and therefore the trader decided to close out. Followers would have the same option, and remember, this is about making money, and that markets can change direction and things can therefore change.


So let’s now click on the Method tab, and drill down further into the trading methodology behind this trade. Now you will be presented with a detailed analysis of this train set up. In this instance, the trader is Ali.B, who has elected to use a technical and fundamental analysis approach, based on a symmetrical

triangle breakout and while preferring the 4-hour time frame. Ali has incorporated several support and resistance levels, and has keenly observed that price action was forming a squeeze, and that a symmetrical triangle breakout had occurred and this was the set-up that he had incorporated as the backbone of this trade.
Ali provides detailed clarification from a fundamental basis, which is backed up by cool headed technical analysis.


By scrolling down we can see that more detailed information has been provided and where copy traders can also calculate what their profit and loss would likely be in the trade was allowed to go all the way to the targets and stop levels, based on the incorporation of using a standard or micro lots for those who decide to copy the signals.

This is the trading signals service table in a nutshell, it’s completely transparent, fully detailed, easy to follow with trades that can be copied by others, including new traders, or even experienced ones with a limited amount of time to set up their own trades, or those who wish to supplement their trading portfolios.
So what is the catch I hear you say? Other signal providers want to charge me a monthly subscription fee, often quite expensive, so there must be a catch or there must be something wrong with this service. Well just because it’s free, it doesn’t devalue the product and Insert J
just look at the success story so far, in just a few weeks our team of professional traders, many who will be trading these setups themselves, with their own funds, has bagged a very impressive amount of pips won of 1841.41, and that equates to $18,410 less fees and spreads for traders who copied all these signals with risking one standard lot size, and even a still impressive $1,841 less fees and spreads while risking a mini lot. All with a win to lose ratio currently running at over 65%.
As for the trading signals service being free; well it is all a part of the commitment by the owners and team here at Forex.Academy to offer free professional, comprehensive educational and related services within the world of financial trading.

Join us for part 2 to find out how this brand new free service can help you.

Categories
Forex Signals Forex Videos

Free Signal Service! Forex Academy Are Putting Our Money Where Our Mouth Is!

https://youtu.be/HONObvLNczg

https://youtu.be/HONObvLNczg


Welcome to our Brand-new Live Signal Table!

 

In its effort to help traders learn while profiting from the Forex markets, Forex Academy is proud to offer its users our premium Live Signal table at an unbeatable price: 100 percent free!

The fact it is free to all who subscribed to our notification service does not mean ours is a C-quality service. We have a team of top traders who will continuously watch the market to deliver top-quality trade ideas for you. The resulting trades can be monitored live in our signals section, which will show you the current situation of live trades and the total pip count gained or lost by our traders.

 

 

Table guide

In the image, we can see the information provided:Date/time shows the Date and time when the trader created the signal. But that does not mean the signal is live. That will depend on the order type of the signal.

We can create several order types. These are shown in the Order Type column.

The different orders are the following:

Spot buy, Spot Sell: these two are market orders. In this case, the signal is live at the moment shown by the Date/Time column.

Buy Stop, Sell Stop: These are pending orders meaning the order is pending until the price reached the stop level. The price on a buy-stop order is placed above the current market level, whereas a Sell-Stop order is placed below the current market price. a Stop order is a usual way to capture a breakout.

Buy Limit, Sell Limit: These are also pending orders.  In this case, a limit order intends to capture an entry at a pullback of the price. That means a buy limit order is usually below the current price, and a sell limit is above the current price.

To recap: If the order is spot, the signal becomes live immediately. If the order is pending, it is, well, pending, and it will be live at the moment the stop or limit condition is fulfilled.

 

The Asset column tells the information of the currency pair

The Method column will link to the article explaining the trade idea, which will describe the technical details and main levels. We also will include the risk per lot, mini- and micro-lot, so you can adapt the position size to your current trading account balance.

Then the table shows the price entry, stop-loss, and take profit levels. This will completely define the trade.

The R/R  column is the Reward-to-risk ratio. This is a key metric for the long-term profitability of any system, and we like our signals to show ratios higher than one, preferably two or more. However, if the likelihood of the trade is high, we can present R/R of 1.

 

Price shows the current live price of the assets of the table. Closing Date/time will show the closing time of the trade. If the trade is closed, the price column will display its closing price. If the trade is still open, the field shows nothing.

The Pips column shows the total pips gained or lost.. If lost, the price box is red-colored. On assets with positive pips, the box is green-colored. The figures shown are updated in the current live trades. On closed trades, it shows the final pip count.

 

The Notifications

Our interested users can subscribe for notifications for free, as said earlier. The members of our subscription list will receive push notifications for the following events:

When a new signal is published

When a pending signal becomes live

When a stop-loss is hit, and the trade is closed

When the take-profit is hit, and the trade is closed

When we manually close the trade

 

How to subscribe

The subscription is quite simple. You don’t need to supply any information. Just click the notification bell located at the bottom right of the Signals page and you’re done. It will touch you every time there is a novelty in the Signals section, as mentioned earlier.

Do not doubt and subscribe!

Categories
Forex Market Analysis Forex Signals

Upward Trendline Supports the EUR/USD – Who’s Up for Buying?

The EUR/USD is showing sideways trading in between the narrow trading range of 1.0885 – 1.0770. On the hourly chart, the EUR/USD has formed an upward channel, which is a key setup right now. If the EUR/USD manages to break below 1.0775 area, we may see further selling in the pair until the next support level of 1.0720. Conversely, the closing of candles above 1.0770 can drive a bullish trend until 1.0850 and even higher towards 1.0885. 

The EUR/USD is showing sideways trading in between the narrow trading range of 1.0885 – 1.0770. On the hourly chart, the EUR/USD has formed an upward channel, which is a key setup right now. If the EUR/USD manages to break below 1.0775 area, we may see further selling in the pair until the next support level of 1.0720. Conversely, the closing of candles above 1.0770 can drive a bullish trend until 1.0850 and even higher towards 1.0885. 

The EUR/USD is showing sideways trading in between the narrow trading range of 1.0885 – 1.0770. On the hourly chart, the EUR/USD has formed an upward channel, which is a key setup right now. If the EUR/USD manages to break below 1.0775 area, we may see further selling in the pair until the next support level of 1.0720. Conversely, the closing of candles above 1.0770 can drive a bullish trend until 1.0850 and even higher towards 1.0885. 

 

Looking at the leading indicators, the MACD mixed bias as the histograms are tossing above and below 0. However, the stronger economic figures from the Eurozone are somewhat supporting the EUR/USD pair. 

 

As per the recent reports from the European Union, the German business activity declined distinctly in March, mostly led by a record contraction in the country’s service sector. But traders understand that this slowdown in manufacturing data is mostly due to the increased number of coronavirus cases, and this will get better as soon as markets resume business activities. 


Considering this, we have opened a buying signal with the following specifications:

 

Entry Price 1.07915 

Stop Loss 1.07515 

Take Profit 1.08515

Risk & Reward Ratio: 1: 1.2

Profit & Loss Per Standard Lot = -$400/ +$600

Profit & Loss Per Micro Lot = -$40/ +$60

All the best ^Stay tuned for more updates!