Forex trading signals recap
Forex trading signals are one of the most popular tools for forex trading in 2021. Trading signals solve a traders most difficult task – identifying the best trading opportunity and determining the best time to enter and exit that position. A trading signal is essentially a set of parameters that when met are executed – such as a signal to buy USD/AUD at a certain price and then to exit at another price.
Forex signals are used as tools to enhance trading activities. It allows traders to attempt different strategies and streamlines the trading process by taking much of the research away from the individual trader. That’s why trading signals have been so popular amongst part-time retail investors. Experienced traders can leverage trading signals to confirm their own research and beliefs about market sentiment.
A typical forex trading signal will feature: an entry point, take profit point and a stop loss order. These are the only type of forex trading signals you should ever use, as they consider a risk management system and are best for avoiding serious loss to your capital.
How to use trading signals
To trade using trading signals, you’ll first need to consider what type of forex signal you’ll be working with – manual or automated. Manual forex trading signals are developed by traders who conduct technical analysis and generate a signal accordingly. These signals should come from highly experienced traders who truly understand the markets. Once a trading signal trigger is determined, a manual signal can be completed with entry points, exit points and risk management information.
One of the most popular, easiest to use and advanced forms of trading signals, automated signals, are generated by leveraging highly advanced algorithms. These mathematical algorithms are programmed to find signals in different currency pairs. For example, the FXgrowth algorithm may scour the markets searching for Buy USD/GBP @1.658 and when it does the bot will send an alert to all subscribers and users of the FXgrowth app.
Traders can implement both of these two types of forex trading signals into their trading platform like MT4. Trading signals can be implemented into free demo accounts too, for testing purposes and this is highly recommended.
What to look for in a trading signal app
Finding that perfect trading signals app shouldn’t be the hardest thing in the world. Remember if you’re really struggling, TradersBest is always here to help with trading advice and expert knowledge of trading signal providers. Great trading signal apps all share the same or similar qualities, and it is these qualities that traders can look out for to help identify the best trading signal apps available online.
Whether you are choosing to use a forex signals app on iOS or a forex signals app on android, these key factors will apply to both.
Fast and frequent
You’ll want to look for speedy delivery and regular production of trading signals. No point downloading a trading signals app if you’re only going to see 1 or 2 trading signals a month and they aren’t delivered in an accessible package. If you just stick to a few signals that are offered by an app, you will most likely see your win rate decrease, whereas if you make hundreds of trades using frequent trading signals, you’re more likely to hit that high success rate.
The more trade alerts you can receive from a trading signals app, the better. The other advantage of a high frequency of signals is that you won’t have to wait forever if you miss the window on a signal or two.
Now, consistency doesn’t refer to the frequency of the delivery of trading signals but rather that the app produces consistent quality results. This means that the app leverages a seriously high-quality algorithm – see FXgrowth for a trading signal app that utilises a phenomenal forex trading signal algorithm – and has a team of genuine experts.
To be able to generate trading signals that produce consistent performers, the app must contain traders that understand the markets like the back of their very own hands. A consistent trading signal app can adapt to market changes and won’t just pump out the same trading signals over and over. Consistency is a sign of high adaptability and genuine market experience.
Also, consistent apps tend to provide fewer drawdowns. This means that you’ll see fewer consecutive losing trades. Consistent apps strike that perfect balance between risk and reward. FXgrowth is a trading signal app that operates on a high risk/high reward methodology.
It is possible to come across an app that is truly awfully designed but posts decent performers. Sluggish, ugly to look at and difficult to navigate, but the quality of trading signals is actually useful. This is an app you’ll want to avoid. Firstly, as good as signals are, can they be trusted to maintain that standard when the app is so poorly constructed? You’re best not sticking around to find out.
Trading is generally a fast-paced environment. You haven’t got the time to be wasting trying to navigate through a poorly designed app. The best trading signal apps should have a user-friendly interface that is easy on the eyes and highly intuitive to navigate. There is no excuse for a sluggish app – don’t waste time on apps that take forever to comfortably find trading signals.
You’ll also find that device type doesn’t matter as much as it once did. The same forex signals apps for Android devices will offer the same user experience on iOS devices too. No need for loyalty here – download the trading signal app to the device you’ll feel most comfortable with.
This can mean two things – you want an app that is either highly diversified or is incredibly specific. There are two types of traders; those who stick to one particular instrument – such as forex – and those who seek profitability anywhere it can be found. If all you care about is the commodities markets, then aim to find a trading signals app that is 100% focused on commodities.
However, for those who expand their portfolios you’ll need an app that offers a great variety of financial instruments. FXgrowth produces highly successful trading signals for a range of instruments including forex and stocks.
There are fewer better signs of a great trading signals app than a fantastic reputation, quality reviews and trusted endorsements from sources you trust. One of the most trusted sources of trading information, educational tools and trading signals is TradersBest. If you want to find trading apps with a solid reputation and traceable track record, then head back to TradersBest. Also, remember that a good success rate of trading signals is more than 60%.
iOS or Android for trading signals
The best thing about modern technology in 2021 is that you’re spoilt for choice and personal preference can so closely be suited. Trading signal apps are available on both iOS and Android mobile devices – be it tablet, 2-in-1 laptop, or smartphone. Those who wish to download the best trading signal apps for iOS will want to head to the App Store. Android users after top trading signal apps will find them on Google Play.
With technology so well melded together in 2021, you’ll find that the best forex signals app on iOS is also available on android too.
The best forex trading signal app
Since we, at TradersBest, are experts on trading signals and trading education, we have some key insights into the very best trading signal app for forex available online. Based on our criterion explained above, we have produced reviews of three of the very best forex trading signal apps. All three of these forex trading signal apps offer something unique and do it exceptionally well. We, at TradersBest, personally recommend FXgrowth as the very best.
The eToro app is available on both android and iOS devices and features a world-renowned trading platform. Snappy, responsive and very easy to use, the eToro app also features trading signals too. This online broker is famous for, essentially, pioneering copy trading – copy trading being the idea of a program that automatically follows the trades of another trader of your choosing.
The eToro app lets traders receive daily forex trading signals from their favourite traders of their choosing. Traders are able to closely monitor hundreds of online traders and arrange their own parameters when copy trading. That means you can follow other traders’ signals but only invest at your own levels. The app is free to download too.
NAGA Trader, formerly SwipeStox, actually began as a mobile app-only trading platform and is one of the most highly secure trading apps on iOS and Android. The biggest draw of the NAGA Trader app is the unique copy trading signals feature. The feature has been referred to as the “Tinder of Trading” and this feature helped NAGA Trader achieve some immense growth.
Traders can quite literally “swipe left” and “swipe right” on trading signals from members of the NAGA Trader community. Rather than judging on pictures and personalities, traders can view the past performances of each trader, assess the signals parameters, and choose whether to add the trader to their watchlist.
The FXgrowth mobile app is perfectly optimised to provide the widest range of trading signals of any provider application. FXgrowth features the most advanced forex signals we’ve ever seen, and traders can download the FXgrowth app for free on iOS and Android. The mobile app provides traders with real-time forex signal updates and the quality of technology showcases one of the most responsive and user-friendly experiences available.
The user-interface is very intuitive and was clearly designed for new traders as you can access signals without having to look very hard for them. Besides daily signals, the FXgrowth mobile app also possesses an automated copy trading feature too.
Best trading signals provider
TradersBest is the go-to source of all thing’s forex trading. If you want to know where to find the best forex trading signals service providers online, then TradersBest is your best bet. Our experts are some of the most highly experienced in the industry and are dedicated to providing the most transparent, detailed and knowledgeable insights possible. With that being said, we at TradersBest have a recommendation for the best trading signals provider – FXgrowth.
With a tremendous success rate of over 70% across a wide range of financial instruments, FXgrowth is hands down the best trading signals provider available online. FXgrowth has a dedicated mobile app for iOS and Android devices, as well as a Telegram group for daily trading signals. Auto trading through FXgrowth is a standout feature as the algorithms developed are something to behold. We determined the forex algorithms to be among the most advanced we’ve ever tested, and it took into consideration so many variables unique to the forex markets.
In 2021, there are so many unique and effective ways to not only receive forex trading signals, but also to trade with them. With trading signals apps, traders can get high quality trading signals beamed directly to their smartphones and tablets. Even major brokers offer mobile apps that feature unique, innovative and quality trading signals. However, FXgrowth offers the most comprehensive trading signals online.
Mobile and tablet apps are incredibly convenient and they are the best way to receive trading signals. Trading signal apps are a single point of contact for trading signals that have the potential to significantly enhance the trading strategy of investors online in 2021.
Forex trading apps FAQ
📱 What devices are signals trading apps on?
Technology has come so far in the last decade or so. Billions of people from around the world can access more technology than ever before. Very few people do not own a smartphone or have access to a device that is connected to the internet. There are a massive number of devices that can download signals trading apps or access apps that can receive trading signals quickly and easily.
💻 Can I get trading signals without an app?
Trading signals have existed long before technology reached the stage that billions of people had smartphones in their hands. This means that traders do not have to think outside the box to receive trading signals if they choose to not use apps. Many trading signal providers offer signals via methods other than apps and traders, at the very least, need a computer in order to receive trading signals in 2021.
🤼♂️ What is copy trading?
Like everything in the world, there is a natural evolution of things. The financial world is no different and trading signals are also no different. As trading signals continued to thrive, the concept was sure to evolve. Copy trading is a natural evolution of trading signals and copy trading may be considered to be a different type of trading signal. Many different apps feature copy trading, and those apps consider copy trading to be an extension of copy trading.
☑ How do I know a trading signal app is right for me?
There is an endless list of parameters that can determine whether a trading signal app is perfect for you. Traders need to weigh up these various factors and come to their own conclusion on whether any one particular trading signals app will be the right app for them. Traders should sometimes consider their device type as well, since some apps may work better on iOS devices than android devices.
📶 Does my device type matter?
Traders will really struggle to find a trading service provider app that isn’t available on all device types. Regardless of whether any one particular trading signals app is available on any one type of device, traders can be sure that they will have access to a huge number of trading signals apps. While they may not have access to every app on the market, the number available certainly makes up the difference. You’ll often find the same forex signals app on android is available for iOS devices too.