Forex signals come in short messages that particularly contain important information that helps a trader make significant trading decisions.
These Forex signals are mostly sent through SMS, emails, and other communication apps.
There are also forums and some social media sites that show free forex signals.
But, you cannot accept everything that’s laid to you.
These free Forex signals must be tried first on demo accounts so you won’t end up risking your capital. These demo accounts are offered in MetaTrader 5.
How Forex Signals Appear
Most of the time, the signal first appears according to the direction of the order. It can either be a Buy (Long) or Sell (Short). After that, the trading instrument is seen.
It may appear as a currency symbol ‘EUR/USD’ or the nickname of the currency, i.e Cable or Aussie. Then, the price quotation follows which can either be four or five digits after a dot.
There are also instances in which a free Forex signal appears as a type of order. It can be a limit order, a pending order, or a market order.
There are also other types of orders that you may encounter and this depends on the trading platform provided by your broker. You can see further abbreviations and quotations after the first line.
Authors of Forex Signals
Nowadays, there are several websites that share Forex signals online and it takes a few clicks to share them on social media.
This makes sharing easier that even premium signals are not impossible to be found. Nonetheless, three main groups of people take full responsibility for sending Forex signals.
Traders
Why do other traders share Forex signals? They want to be recognized as a good trader.
In fact, these traders are not hard to find nowadays. They want to share their ideas and help out new traders take over the world of Forex trading or they may simply want to support their community by proving signals.
Unfortunately, you will find it hard to obtain FREE forex signals from forums but it is entirely not impossible.
Although these trading signals sent by traders are the most reliable ones since it has been tested by their own analysis, it is still important to check its efficiency in a demo account before you test it in the live trading environment.
Affiliates
They are another group of signal providers next to traders. Most of the time, you can get free signals from these people after signing an account with a Forex broker through an affiliate link. Affiliates get a commission through your trades, the reason why signals are free of charge for you.
Scammers
Of course, there are people who will try to take advantage of you. They are the scammers. They are the people who shouldn’t cross with.
They are not interested to help you but to make money from you. They will either make you purchase something in exchange for a ‘free’ signal or make money through an affiliate. But later, they will only ask you to buy premium signals.
The Forex signal that you will use in MetaTrader 5 helps you achieve good results in trading and will help you avoid making mistakes.
As much as possible, choose properly the source of your free Forex signal so as not to lose instead of win.
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