What are forex trading signals?
Forex trading signals benefit both novice and experienced traders alike. This is because, ultimately, they are after the same thing – profit in the fastest and easiest way possible. A trading signal is a trading idea or theory that is to be executed if a set of specific parameters are met. Forex trading signals are basically a trigger for a particular action – chiefly, to buy or sell a particular asset.
Forex trading signals are particularly effective as a time saving mechanism – especially handy in the 24/5 marketplace that is the forex market – and traders can take advantage of trading opportunities without having to concentrate on the markets. Signals are all about automation and some trading signals automate the trading process by providing a trader with all the necessary information to execute a trade.
The best trading signals – including free trading signals – should include an entry point, stop loss, and take profit order. These parameters are the bare minimum for an acceptable free trading signal from any provider, even FXgrowth.
Trading signals are typically based on technical analysis – charts of price movements – but often fundamental data can play a large role as global and domestic economics and politics can affect so many currency pairs. Free forex trading signals can be both manual and automated trading signals available and may be delivered by a huge number of providers, all reviewed at TradersBest.
How to read forex trading signals
We at TradersBest highly recommend that novice traders spend some time learning and understanding the forex market, including technical analysis basics. With a basic grasp of technical analysis and how forex trades are conducted, you’ll be able to read forex trading signals fully. To get a grasp of what a forex signal may look like, we have provided one below:
Sell EUR/USD at CMP 0.9414 – SL 0.9424 – TP 0.9400
What you are seeing is a trigger to buy EUR/USD at the current market price listed at 0.9414. A stop loss is in place at 0.9424 – this is an important risk management component of a trading strategy. Finally, we see a take profit order set to 0.9400. This is quite simple stuff and even a trader with a very basic knowledge of trading can understand this trading signal. Further training on forex trading signals can be found at FXgrowth – the TradersBest pick for best trading signals app available in 2021.
Using forex trading signals
Forex trading signals can be used to seriously enhance a trading strategy. After all, they are real-time trading alerts to execute an important trade in order to take advantage of market movement or momentum. There are a couple of ways to use forex trading signals. The first is via copy trading platforms such as FXgrowth. Copy trading is where traders can simply follow the trades of another that they trust. This is a form of automated trading and isn’t too dissimilar to a trading bot.
The second forex trading signal is an automated trading bot. Essentially the bot runs rampant on your charts until it finds the parameters that you have set. Traders that use automated bots typically instantly follow that lead and execute a trade upon alert. Automation is a huge part of modern trading and forex trading signals are key to successful automated trading.
The third way to use forex trading signals is by implementing manual trading signals provided by experienced traders. Experienced traders are common users of this type of forex trading signal and will typically create their own signal to try and find support for market sentiment that they have researched themselves through fundamental and technical analysis.
What is a free forex trading signal?
Free trading signals can actually be no different to paid trading signals. Service providers such as FXgrowth still offer free trading signals in real time. That means the data is relevant right now and traders can act upon those signals immediately. A free forex trading signal is provided for no charge. Typically, a service provider will offer a free forex trading signal as a way to advertise the quality of their service. In these instances you’ll often only receive part of the information and be required to pay to receive the full signal.
However, some free trading signals – such as those provided by FXgrowth – are complete signals. These types of signal service providers are willing to issue a full free signal as they generally provide a significant number of paid signals throughout the day. A free trading signal will contain the same important information as a paid signal – entry point, stop loss, take profit, and a clearly defined trading strategy.
How to get free reliable forex trading signals
There are quite a few different ways to obtain free and reliable trading signals. No longer are we in the dark ages where only serious, big money players could turn a profit. In 2021, anyone in the world can obtain free, safe and reliable trading signals that cater to a variety of different markets. There are quite a few platforms in which traders can obtain free trading signals. If you head to TradersBest, you’ll find reviews of excellent signal providers that usually offer free trading signals during their free trials or offer a limited number of free trading signals each month.
These trading signal service providers operate on several platforms such as Telegram groups, online websites, and others even have dedicated mobile apps. It is usually a good idea for traders to have access to multiple platforms, so that they are not limited in how many free forex trading signals they may be offered each day.
Where to access free forex trading signals
To get free trading signals that are reliable, search for reputable providers on TradersBest and sign up to their services. Be sure to make use of free trial offers to increase the number of free signals available to you. Don’t limit yourself to one platform. Some trading signal providers will provide signals on different platforms throughout the day, so frequently observe all of them. Another TradersBest tip is to set up notifications if a trading signal group or app releases a free signal.
Finally, one last way to access free trading signals is to checkout groups on social media and messaging apps like WhatsApp, Facebook and Telegram. Some of these groups are incredibly active and you’ll see a mixture of experienced trader signals and those provided by traders who are learning to generate signals. Always be sure to test the signals in a demo trading account first – this is the best way to make sure a trading signal is viable and contains the required information, such as risk management strategies.
Advantages of free forex trading signals
Trading signals are of great advantage to traders of all varieties – this we all know. But receiving free forex trading signals has its own perks too. We found two distinct advantages to using free forex trading signals over its paid counterparts. The biggest drawback to free signals, however, is the frequency in which they are available and some limitations that may be imposed by certain providers.
I mean this is an obvious one, isn’t it? A great benefit of free trading signals is the fact that they are… well free. Many new traders don’t want to spend money to make money – risking your capital for profit is risk enough – and may not want to spend money on insights that won’t pan out for certain.
Free signals are also advantageous as they can act as a “try before you buy” system. Traders can have success with free trading signals and later choose to pay for a subscription for more signals when they confirm the provider has a good rate of success. Since these signals are free, traders won’t have to spend a dime testing whether the signals provided by a particular source are reliable and can be trusted in the future.
While most likely not as frequently as paid signals, some free trading signal providers offer signals of seriously high quality. Just look at FXgrowth; while the paid subscription members receive 15 trading signals a day, the free account holders still receive one that is as good as the paid subscription signals. One of the biggest perks of free trading signals is that many are actually of seriously high quality.
How to find the best trading signal service
You will struggle to find a bigger and better provider of free trading advice, broker reviews, financial news and in-depth guides to using trading signals than at TradersBest. The trading signal providers you’ll find at TradersBest will give new traders a serious advantage starting out and experienced traders will be able to seek new trading opportunities.
Another way to find excellent trading signal providers, is by joining groups that frequently post trading signals. We’re talking Telegram, Facebook and online forums dedicated to individual trading. Because forex trading signals are, in essence, just a small piece of text, they can be on nearly any platform you can think of – there is no harm in shopping around and looking for free signals in places you wouldn’t initially think of.
Ultimately, TradersBest is the best place to find trading signal service providers because of our trusted reputation and history of providing only the very best services and products.
Best trading signal provider
At TradersBest, we have a team of experts with decades of experience across a wide range of financial sectors. Our experts are always on the lookout for best trading signal providers and only signal providers that provide genuine premium and free trading signals make the cut. We update our lists of trading signal providers regularly and audit our selections for continued quality. That is why we can recommend FXgrowth as the best forex trading signal provider with free daily trading signals.
FXgrowth provides traders of all varieties between 5 and 15 trading signals per day and are focused on delivering them with high-speed performance. Non-subscribers will only receive one free trading signal per day though. Trading signals from FXgrowth provide their high-quality trading signals across several different platforms including, email, SMS, on the popular messaging app Telegram, and via the dedicated FXgrowth mobile app – available on both iOS and Android devices. Users of trading platforms like MT4 and 5 can integrate automated trading signals within seconds and can let the bots do the work for them.
One of the biggest draws to FXgrowth is a truly monumental success rate of 70% – we tested this rate using the FXgrowth algorithm forex trading signals. FXgrowth is our favourite algorithm trader and we found that algorithm to be one of the most advanced we’ve ever tested. The algorithm is ideal for forex trading and during our tests we noted that it considers many factors that are unique to the forex market.
There is currently a 14-day trial offer at FXgrowth in which traders can trial the full range of services including all trading signals and trading educational tools. Ince the trial ends, traders will be able to pay for a subscription or choose to only receive the one free trading signal per day.
In 2021, we don’t like having to pay for everything do we? It’s great that many fantastic service providers, like FXgrowth, produce free trading signals for traders of all types to take advantage of. Free trading signals are offered to help traders and to act as an advertisement of the quality of a trading signal service.
It’s not just organisations that offer signals though; you’ll find experienced traders sharing their own trading signals on platforms such as WhatsApp and Telegram. Trading signal providers can be found by heading to TradersBest where only the best services are reviewed and recommended by our experienced trading experts.
Free forex trading signals FAQ
📉 How Do I Subscribe to a Trading Signal Provider?
Some trading signal providers will prefer that you subscribe to their services in order to receive the full range of products. There are many ways in which you may be able to subscribe to a trading signal provider and they will vary depending on the platform utilised. If there is ever any confusion about subscribing to a provider, your first point of call should be TradersBest.
💵 Are free trading signals better than paid signals?
The quality of a trading signal can be determined through a series of important factors and components that confirm whether a trading signal will be of any use in real-time. With that being said, the cost of a trading signal may not necessarily be a factor in the quality of a signal and there is nothing to say a paid signal is any better than a free signal.
📱 What is the best platform for free trading signals?
In 2021, there are a huge number of ways that traders can actually access and receive trading signals. Signal providers may not limit themselves to anyone trading platform and traders may very well find themselves leveraging several platforms to access free trading signals. It really is up to the individual trader to determine which platform is best for them and they will need to use their own criteria to confirm whether a platform is right for their needs.
💹 Can you use free trading signals in real time?
Trading signals are designed to be alerts to trigger a certain action such as buying or selling a particular currency pair. It is important for traders to be able to act quickly upon new information and alerts to trading opportunities. If a trading signal cannot be acted upon in real time, it will not be of much use to anyone.
💲 Are there free trading signals for anything other than Forex?
Trading signals can be generated for any type of financial instrument that you may choose to trade. Not every trading signal provider will produce free trading signals for every type of instrument and the individual trader will likely need to shop around if they do not intend on focusing on one particular financial instrument.