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Types of Forex Signals

  • May 2014
  • Posted By Ninoslav

A forex signal is a type of sometimes automated suggestion for traders who submit trades on specific currency pairs at a certain price and time period. The signal itself is usually generated by an automated forex robot, though there are ‘human operated’ forex signal services that provide analysis for a fee or through a subscription service.


Since forex signals essentially operate in real time, they’re communicated through several instant notification methods: email, SMS, RSS, tweets, website or other methods. Traders looking for a forex signal service actually several options to choose from, especially when many individualized forex signal services exist nowadays.


Types of forex signals


There are many types of forex signal services, as there are many different types of forex signals. This usually denoted by the type of ‘function’ that a particular forex signal may have.


The most common forex signals, as an example, are buy and sell signals. Even though most forex signal providers use the same type of buy and sell signals, their meaning might change between these same providers. Traders that want to learn more about these signals always have the option to read their forex signal providers’ Help files for more information.


Besides common buy/sell signals, there are forex signals in the form of graphs and/or accompanying analysis for data gathered for the signals. Ultimately, it’s up to the trader to decide what forex signal they feel more comfortable using to better conduct trades.


Forex signal software?


While many forex signal providers offer web-based services, there’s also the option of using client-based forex signal software to monitor trades in the forex market.


Forex signal software is available on most operating systems, meaning that it’s rarely incompatible with  most computers. Forex signal software, instead of relying on a web-based platform, delivers generated forex market data in the form of messages, graphs and charts directly to your computer or mobile device. Thanks to this, traders should have a high speed Internet connection to access most forex signal software.


Having a fast connection essentially prevents the updates from the forex signal software from slowing down or becoming too out of date. Some forms of forex signal software might operate as add-ons to the computer’s operating system; alternatively, others might be delivered to a computer in the form of text and graph images.


Traders should always pick forex signal software that’s comfortable enough for them to use, especially if they want something that fits their trading style. The best forex signal software for traders is usually software that’s easy for them to use, navigate and update.

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