Popular Forex Signals Sites – 5 Trading Signal Providers for 2022

Make no mistake about it – trading forex online and making consistent profits along the way is no easy feat. In fact, the vast majority of traders lose money. With this in mind, it might be worth considering a forex signal service.To get more news about free forex signals, you can visit wikifx.com official website.

Put simply, forex signals services provide you with trading ‘suggestions’. Each suggestion will contain the required entry and exit prices – subsequently allowing you to trade without needing to perform in-depth technical research.
ART637928365874512108_695097.jpg-article598
In this guide, we explore popular forex signals providers of 2022. We also give you some background information on how forex signals work, and what you need to look out for before choosing a provider.
What are Forex Trading Signals?
best forex signalsIn their most basic form, forex signals are trading suggestions that allow you to place buy and sell orders without performing your own research. Instead, you will be signing up to a forex signal provider that scans the markets on your behalf and looks for price action to trade.

This typically comes in one of two forms – human or automated analysis. With human analysis, you will get access to a seasoned trader who performs manual research and then sends you their findings.For example, they might find that EUR/USD is heavily overbought, and subsequently suggest that you place a sell order at an appropriate price.

In the case of automated forex signals, market analysis is performed by a pre-conditioned algorithm. This allows the system to scan thousands of potential scenarios each and every second across dozens of pairs. Then, when the algorithm discovers a potential trading opportunity, it will forward on the signal to subscribers.
What do Live Forex Trading Signals Look Like?
In a nutshell, forex signal providers will send you trading suggestions that contain five key pieces of information. This ensures that you have all of the required information to act on the trading suggestion in a risk-averse manner.As you can see from the above, the forex signal service provides everything you need to set your order up. Let’s explore what each metric means in more detail.

Pair
This refers to the specific currency pair that the forex trading signal is about. In the vast majority of cases, the forex signal providers stick with major and minor forex pairs. That’s because these have significant liquidity and don’t suffer from volatile trading conditions. Sticking with major and minor pairs also ensures that you are able to trade with tight spreads.

Entry
This is potentially the most important piece of information that you will get from a forex signal. After all, if you don’t know what price to execute your trade at, the signal is virtually worthless.What we often find is that ‘free’ forex signal providers will black out the required entry price. In other words, you need to pay a premium to receive it.

Now, it is important to remember that you will need to place a ‘limit’ order as opposed to a ‘market’ order when acting on a signal. This ensures that your order is executed at the exact price suggested by the provider.Crucially, a lot of foreign exchange trade suggestions that you receive by the provider might end up being cancelled because the target entry price has not been triggered. This is because the providers only want to enter the market when conducive trading conditions have been met.

As you can see from the above, a stop-loss order ensures that you can trade while practicing good risk management. It limits the amount that you can lose from any single trade.

Take-Profit
The final metric that the forex signal providers will send you is a take-profit level. As the name suggests, this allows you to lock-in your trading profits automatically. It works in exactly the same way as a stop-loss order, but in reverse.

 

What you will sometimes find is that a forex signal provider give you two take-profit prices. This allows you to set your own trading targets based on your ‘risk vs reward’ profile.