How To Use Forex Signals From A Provider
If you decide to purchase forex signals, they may be delivered in various ways. It is most important that you enter the trades as soon as possible so that you don't miss any entry points. Obviously, the signal provider will have their set of past results which are based on trades that are executed without delay. This means that over time, there will be discrepancies between the signal provider's results and that of your own.
This doesn't neccesarily equate to you losing out. It's entreily possible that a missed trade on your end due to time differentials turns out to be a losing one, in which case you were lucky to miss the entry. However, you've placed your trust and money into a provider who probably had a good enough trade history for you to get on board so it's important that you get the same trades in regardless of the outcome.
Forex Signals By Email
If your provider sends out their signal via email, the best thing you can do is to be prepared for when you are out and about. That means using a broker with a fast & reliable mobile trading app which will let you get your trade in as quickly as possible. Additionally, you want to set up your e-mail client on your mobile phone to be constantly checking your inbox for new mail. I would suggest setting up an e-mail account just for receiving forex signals and also using a different notification sound for that particular inbox so that you will know when a signal comes through.
Forex Signals By SMS / Messaging
If signals are delivered to your phone via an SMS or instant messaging program, again you will want to make sure that your broker provides a fast trading app. Your choice of phone carrier may also affect the speed at which you receive the messages so do a little bit of research on your current mobile network.
Automatically Converting Email Signals To Trades
Here's one for the advanced users. It's possible with some programming to set up a trading platform like MT4 to automatically place the recommended trades from the signals. In short, you would need a piece of code that continously checks the inbox where the signals are delivered and upon finding a new signal, correctly parse the e-mail to extract the currency pair, entry price, take profit and stop loss levels. The obvious advantage is that you don't have to manually place the trades but the downside is that there is always a slight risk in automation. The provider might change their e-mail format or they might make a spelling error, causing your code to not recognise the trade. These are just some scenarios where automation might fail.
Read through our reviews of the top forex signal providers.