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How to find the best Forex signals

Reading time: 50 minutes

If you are new to the world of Forex trading, you may have thought about using Forex trading signals to help you speculate on the currency markets. Indeed, following someone else's Forex signals can clearly save you a lot of time and energy, but it can also help to teach you new trading methods and strategies.

Best free forex signals

If you are an intermediate trader you may have already encountered a number of different Forex signal providers. The main task for any beginning Forex trader is to learn how to trade efficiently and gain an understanding of the Forex market. That being said, the knowledge of what those signals actually mean for a trader in general, and how to apply them, is useful for traders of all proficiency levels.

The most difficult aspect is to find a reliable Forex signal provider. Therefore, in this article, we will go through an overview of the services provided by Forex signal providers, along with some of the current providers on the market and what they offer. We will also explain what Forex automated trading signals are, along with the benefits and potential risks of using them and how to generate your own trading signals and become an autonomous trader. Let's get started!

What are FX trading signals and FX alerts?

A Forex signal is an alert on a trading opportunity, usually in the currency market, but also in other markets. These Forex signals are provided by experienced traders or specialized companies, free or for a fee, through written messages. Trading signals help novice traders with accurate transaction details recommended by real-time Forex signal providers.

Trading signal providers will tell you when to buy or sell an instrument, and where to set the take profit and stop loss to take profits or close the position at an acceptable loss level if the market moves against you. The best trading signals will also explain the reasons for this position.

This means it's a great way to try new strategies and see how other traders make their decisions. Most FX alerts and FX trading signals can be split into two distinct groups:

1. Fundamental FX trading signals

The first entry in the list is the fundamental approach to Forex signals. Fundamental analysis relates to economic events and market news, all of which can influence the price movements of financial instruments. A fundamental signal is simply one of those events - such as an interest rate announcement - which a trader can use to make informed trading decisions.

To access fundamental signals, traders will need to keep an eye on the news and company announcements. They can also use an economic calendar to stay up to date with upcoming events, to ensure they are ready to act as soon as the news breaks. At Admiral Markets UK Ltd, clients can also see breaking news provided by Dow Jones in the MetaTrader trading platform.

Example: If the European Central Bank (ECB) President's speech was favourable for the euro, the Forex signal will then aim to buy the Euro against the US Dollar (EURUSD).

2. Technical FX trading signals

While fundamental analysis looks at news and economic events, technical analysis focuses on historical price movements and chart patterns. By seeing how instruments behaved in the past, traders can predict how they might behave in the future - should similar patterns present themselves.

A technical signal is when a chart pattern indicates that an instrument's price is going to move in a certain direction. Traders can generate their own signals using historical data and indicators, or they can use Forex robots or subscribe to Forex signal services for automated alerts as we go through later on in this article.

Technical Forex signals are frequently issued along with different risk management strategies, in order to ensure minimal losses occur if the current plan does not work out as it was initially expected to. Most online Forex signals tend to fall under this category, which can make the search for the best Forex trading signal provider a much longer task.

Example: EURUSD breaks above a bullish resistance level as part of a bullish trend. This can be a trading signal to take a long position.

Did you know you can see professional traders perform live technical analysis of the markets through the Admiral Markets Trading Spotlight webinar series? Three pro traders offer live sessions three times a week. Some of the topics they cover include how to do technical analysis, how to identify common chart patterns and trading opportunities and how to implement popular trading strategies while helping you to find some of the best Forex signals in the market right now!

To reserve your spot in these complimentary webinars, simply click on the banner below:

Free Trading Webinars


Finding the best Forex signal providers

As one has to trust the provider to follow the received Forex signal it is important to choose a trader who can justify their trading transactions with sound reasoning. You want to receive trading signals from someone who you think has a good strategy and logical reasoning behind their transactions.

There are many signal providers on the market. It is therefore difficult to know who is truly trustworthy and who gives the best Forex signals. However, this article will help you to analyse this more clearly to come to a sound conclusion on which signal provider may prove to the better one.

Types of FX trading signals

There are four main ways to use a Forex signal. The trader's choice will depend on this objective, the time available, the level of activity and control desired and the personal risk profile.

1. FX alerts by message

In this case, the trader always manages their own trading account and simply follows the positions provided by the signals by entering the positions on their own trading platform.

This allows the trader to have a greater level of trust, while not letting a third party have total control over their trading account. However, this trader will have to bear a psychological risk.

Indeed, when the signal provider suffers a series of losses, it is sometimes difficult for the trader to continue to follow them, and thereby potentially miss the moment when the gains will return.

The Forex trading signal is in this case communicated by message, which can be in the form of an email, SMS or via a mobile messaging application - it is then up to the trader to do the rest.

This is often a paid Forex signal service.

2. MT4 signals software and copy trading

An automatic copy trading service simplifies the use of Forex signals by using Forex signal software. Via this method, the account of the Forex signal provider and the trader's account are linked. When an operation is placed by the signal provider on their account, it is automatically entered into the account of the client trader.

The trading platforms MetaTrader (MT4 and MT5), provided by Admiral Markets, offers trading signal software and allows copy trading. This is an intermediate solution as trading becomes automated. The supplier remotely enters positions in the customer's account, using a special password which only allows them to filter through trades and not access any account services like deposits or withdrawals, etc. In this instance, the trader also retains control by being able to intervene freely if they wish.

Did you know that with the MetaTrader trading platform provided by Admiral Markets, users can access a wide variety of trading indicators and technical tools, trade directly from the chart and access the MT5 and MT4 Signals service to copy other traders or become a signal provider (as we focus on how to do later on in this article)? Admiral Markets offers the following MetaTrader trading platforms which are all free to download:

The MetaTrader 5 trading platform offers traders the ability to trade on multiple asset classes and provides more features than MetaTrader 4 such as a wider range of chart timeframes and styles. Click on the banner below to start your free download which will prove to be very helpful in following through some of the live examples later on in this article.

Trade With MetaTrader 5


3. Automatic FX trading signals

The trader can also use automated trading software such as the MetaTrader platform and its EAs, or Expert Advisors, which will automatically generate trading signals in real-time or even automatically enter positions.

EAs, also known as trading robots, are available for free or for sale on MetaTrader platforms, and can also be sold by Forex signal providers.

Automated trading signals manage the account by entering positions, while semi-automated Forex signals highlight trading opportunities, but it is up to the trader to decide whether to enter or not.

4. Account Management

Slightly different from a trading signal, the managed Forex account allows a sort of 'fund management' opportunity where the supplier, or trading manager, has full control over the trading operations of the account and generally do not communicate much about their trading decisions but rather the reasoning behind positive or negative results in the past.

Admiral Markets does not provide account management products or services.

The best Forex trading signals service

The best providers of free and paid-for Forex signals offer several elements of trading, including:

  • The exact levels of entry, stop-loss and exit positions.
  • Analysis or comments in support of their Forex signals.
  • A history of transactions showing gains and losses, and statistics regarding historical results. Preferably verified by a third-party external service.
  • The ability to interact with them.

While these are the main services of a good Forex signal provider, this is not a complete list.

How to find the best Forex signals?

Finding the best provider of Forex trading signals for you can be a daunting task and for good reason. There are thousands to choose from and there are also often Forex scams within them.

For starters, it is necessary to differentiate between choosing the best free Forex signals and the best paid-for trading signals. This is an important first step because it is actually two different products that are difficult to compare directly.

We can then look at some key data from the signal providers. This will include the subscription price of paid trading signals, seniority, and the existence of a verified track record. This is one of the most important items to look for from a Forex trading signal provider. The results must be verified by an independent third party and made available to the public.

It will also be necessary to read as many opinions as possible on the best provider of Forex trading signals to have the best general idea of what the real users think of the services to which they subscribe.

After compiling all this information, one can begin to understand what could be the best Forex signals. However, caution is still advised. There will certainly be offers that seem too good to be true, which, as you know, means that they usually are. Also, be wary of any grandiose pretence of very high earnings rates and profits. You need proof. Search their websites for verified statistics and be very careful before committing yourself.

Even with this research signal providers should be treated with caution. Before using them on your real account, test them safely on a demo trading account with virtual money. Did you know you can open a demo trading account with Admiral Markets for free? Simply click on the banner below so you can start trading, or copy trading, on a free virtual practice account:

Trade With A FREE Demo Trading Account


Finding the best free Forex signals in four steps

Here's what you need to pay attention to when choosing your Forex signal provider:

  1. The number of positions. A minimum of 100 positions are preferable to give a good understanding of the signal service over a broad range of market conditions.
  2. The risk to reward profile. It is important to make sure that the online Forex signal provider has a positive ratio between the risk taken and the potential profit. As a general rule, a ratio of more than 1: 1 risk to reward is favoured.
  3. The success rate. In order to know the behaviour of the signal service, we want to know if the system wins very often (more than 70% of trades) or less often (50% of the time). This is to make sure the signal provider has not just had one very big 'lucky' trade.
  4. The number of consecutive losing trades. This in order to know the drawdown or potential loss that can occur when following the Forex signal in question.

These 4 elements are the most important to study in order to make a more informed decision on finding the best Forex signal provider.

We will now see some examples of Forex trading signals.

Finding the best Forex signal providers

There is a wide range of trading signal and Forex signal providers. Below is just a small selection. The following list is just an example of some Forex signal providers out there in the marketplace chosen at random. They are not endorsed by Admiral Markets and it is important you do your own due diligence before choosing a signal provider, as you could lose all your capital when trading and investing in the financial markets.

1. Interactiv Trading IVT

With more than 50 years of cumulative experience in the financial markets, InteractivTrading offers:

  • Trading signals
  • Daily coaching by professionals
  • Portfolio tracking
  • Trading plans every week
  • A mobile application to miss no trade

IVT also offers special trader training for beginners. It allows traders to acquire the technical and psychological bases necessary to trade on the markets, and especially to understand and anticipate its functioning and its pitfalls.

2. Trad Online

Trad Online is a trading community founded in early August 2018.

Renowned for its transparency and quality, it provides and shares relevant daily analysis in different markets such as indices, Forex or commodities.

Presenting transparent monthly reports, you will find at Trad-Online the sharing of their personal investments daily through their website and in real-time with a system of notifications.

This trading community boasts more than 2,000 members in 2019.

3. PassionTrade

PassionTrade provides a daily sharing of positions in the indices, commodities and the Forex market. They provide technical analysis, Forex setups, a discussion group and even a training module which is available on the VIP area.

4. Peaky Investment

Peaky Investment offers trading signals via an automatic copy trading solution based on the account of a particular trader with over 5 years experience in the CFD (Contract for Difference) markets - specializing in European indices.

Free Forex signal service by Trading Central

Admiral Markets offers free access to Trading Central's Forex signals offer, via the exclusive Admiral Markets MetaTrader Supreme Edition trading platform.

To get started, just follow these simple steps:

1. Download the MetaTrader 4 or MetaTrader 5 trading platform for Windows or Mac from the Admiral Markets Trading Platforms page, as shown below:

Trading Central Platform: Forex signal service


2. Then download the free MetaTrader Supreme Edition plugin for Admiral Markets to boost your trading experience by getting free access to the Trading Central indicators, as well as other advanced bonus features such as a large indicator package which includes Pivot Points and Renko charts, as well as a Mini Terminal to access advanced order functions and much, much more.

Watch this video to learn more on how to download and install the MetaTrader 4 Supreme Edition plugin:


3. Once these are downloaded open your MetaTrader trading platform and open a new chart from the top tabs by selecting File -> New Chart on any instrument available, as shown below:

Forex signal service: MetaTrader 5


4. Once the new chart is open, the next step is to open the Navigator window. This can be done from the top tabs by selecting View -> Navigator or by pressing Ctrl+N on your keyboard, as shown below:

Best Forex signal service: Navigator window, MT5


5. This will now open the Navigator window, as shown below. You will notice there are a lot of advanced indicators that have been specially created for Admiral Markets users of the Supreme Edition plugin - all for free as well! Now let's add on the Trading Central indicator in the next step.

Trading central platform view: best trading signals MT 5


6. From the Navigator window click the + icon next to Expert Advisors, this will open up a list of options seen in the screenshot below:

Trading central platform: Expert advisors view


7. From the Expert Advisors window, simply drag the 'Admiral - Connect' line on to your new chart. After pressing OK in the confirmation box that opens up, you now have access to the Trading Central indicators called Technical Insight™ Lookup and Featured Ideas™. You also have access to other bonus tools from the Supreme Edition plugin such as a live news feed, economic calendar and trade analysis section, as shown in the screenshot below:

Best Forex trading signals: MetaTrader 5


Now you have access to the Trading Central indicators directly from your MetaTrader trading platform provided by Admiral Markets, let's review some of them to see what they do, how they help and how to incorporate them into your trading.


Free FX trading signals from Trading Central's Featured Ideas™

Trading Central review: Forex Signals

A screenshot of the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets showing the Trading Central Featured Ideas™ indicator.


The Trading Central Featured Ideas™ indicator helps traders to monitor market movements across a wide variety of currency pairs. Users can customise their settings to tailor the indicator based on individual preference regarding holding timeframes, bar sizes, technical chart patterns or preferred currencies. After clicking the 'Custom Settings' icon located at the top right of the chart, the following window will open:

Forex signals platform: MetaTrader 5

A screenshot of the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets showing the Trading Central Featured Ideas™ indicator, custom settings window.


From this window, users can customise their settings in a variety of ways, such as through:

  • Currency pairs - select your favourite currency pairs to find trading ideas on.
  • Bar sizes - select the chart timeframe you want to find trading ideas on.
  • Holding timeframe - select the desired timeframe for holding trades.
  • Charts/technicals - select the different technical analysis filters you are most interest in trading on such as Bollinger Bands, MACD, Candlestick Patterns, and more.

Once these have been selected, the Featured Ideas™ window will show a selection of currencies that meet some or all of the criteria selected in the custom settings window.

Trading central platform: Forex signals ideas

A screenshot of the Trading Central Featured Ideas™ actionable currencies taken from the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets.


Note that these free trading signals from Trading Central provided free by Admiral Markets are based on EA robots developed by Trading Central and offer trading opportunities without automatic opening of positions. The trader keeps full control, choosing to open or close a trading position following a Forex signal.

Remember that you can test out Admiral Markets services and features such as Trading Central's signals completely risk-free by opening up a FREE demo trading account. If you haven't already, click on the banner below to open yours today!

Trade With A FREE Demo Trading Account


Free FX alerts from Trading Central's Technical Insight™

The Technical Insight™ indicator from Trading Central offers actionable, technical analysis for a wide variety of asset classes such as Forex, Stocks, Indices, Commodities and ETFs (Exchange Traded Funds). This makes it an ideal tool for the multi-asset class trader searching for detailed and proactive analytics.

Trading Central Platform: Best Forex signals platform

A screenshot of the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets showing the Trading Central Technical Insight™ indicator search box.


To search for a market, users can simply type in the name of their instrument in the search box. Let's take a look at an example when searching for currencies.

In this example, we will search for the currency pair EUR/USD, as shown below:

Trading Central platform: Best free forex signals

A screenshot of the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets showing the Trading Central Technical Insight™ indicator for EUR/USD.


At first look, there is a lot of information available for traders to analyse. This includes a short-term, intermediate-term and long-term trend outlook depicted by green up arrows or red down arrows located above the chart, as shown below.

Trading Central platform: Forex signal insight

A screenshot of the Trading Central Technical Insight™ section taken from the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets.


When users click on one of the trend outlooks the chart below automatically shows evidence of that bias. For example, the intermediate-term outlook for 6 weeks - 9 months is bullish, as shown by the green arrow in the example above. If we click on this icon, the chart underneath it will show the evidence of this bullish status:

Trading Central platform: USDEUR Forex signals

A screenshot of the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets showing the Trading Central Technical Insight™ indicator for EUR/USD.


The bullish events are listed as green dots on the price chart of the market being viewed so traders can easily see what happened to price during that event. The events are also listed on the right side where traders can also click the grid view to view the events in a grid format, as shown below:

Trading Central Platform: Forex signals insight

A screenshot of the MetaTrader 5 Supreme Edition trading platform provided by Admiral Markets showing the Trading Central Technical Insight™ indicator event grid for EUR/USD.


Trading Central provides users with FX alerts and FX trading signals in which the trader has full control on what to trade, as they have to place the trades themselves.

For those interesting in following signal providers where trades can be copied directly into your trading account, there is one standout software as discussed in the next section.

Best Forex signals software

MQL5 signals

MQL5 is a programming language that allows users to create MQL5 automated trading strategies. The MQL5 marketplace is a community for traders who use MetaTrader 4 and MetaTrader 5 which was established by MetaQuotes - the developer of MetaTrader. While there are a range of signals built into the MetaTrader platform, MQL5 gives traders access to a wide range of signals that have been developed by others in the community, which can help meet a diverse range of trading needs.

To enable Forex signals, you simply have to sign up for an MQL5 community username, and then enter it into the settings within your FX trading platform. The MetaTrader service has a range of benefits. Importantly, MetaTrader trading signals do not require you to change brokers, because the signals are already in your current MetaTrader account.

You can also open an MQL5 account directly from the MetaTrader trading platform which you can download for free! If you haven't already click on the banner below to start your free download of the MetaTrader 5 Supreme Edition and receive access to copy trading services and free access to Trading Central's signals:

Download MetaTrader 5 Supreme Edition


MT5 and MT4 signals

Since 2013, it has been possible to access the MetaTrader trading signal service in order to automatically copy transactions made by other traders from the MT4 or MT5 trading platform.

How to subscribe to free Forex signal providers

To subscribe to a trading signal provider on MetaTrader, the following steps must be followed:

  1. Open a MetaTrader trading account for free via Admiral Markets.
  2. Open a free MQL5 account.
  3. Go to the "Signals" tab of the "Toolbox" of the MetaTrader platform at the bottom of the screen.
  4. Choose an MT4 or MT5 signal provider.
  5. Select the payment method if the signals are not free.
  6. Configure copy settings for your trading account.

We remind you that it is possible to subscribe to a free Forex signal service from a demo trading account to test the value of a provider.

When you subscribe to a free subscription, the options window opens, as shown below:

MT 5 platform: Best Forex signals

Source: Admiral Markets MetaTrader 5, accessed on 10 December 2019, showing a screenshot of the MetaTrader Signals tab and Options window when subscribing to a new signal provider to follow.


The options window shows the following:

Option windows MT 5: Forex Signals service

On this window you will be able to confirm:

  • The name of the signal provider
  • An agreement to the terms of use of the Signals service
  • The confirmation of the subscription to the signal in real-time
  • The ability to copy Stop Loss and Take Profit levels
  • The ability to synchronize positions without asking for confirmation
  • The percentage of the deposit available for the copy trading part of your account
  • The amount in Euro from which you want to stop following Forex signals in case of loss
  • The maximum allowed slippage in pips

Then the FX signal will be directly copied from the supplier to your MetaTrader trading account! It is important to know that you can view FX trading signals from your own MetaTrader platform before you even choose which provider you want to take.

How to unsubscribe from free Forex signal providers

It's very simple, just click on the red button "Unsubscribe", as in the following image:

MT 5: Forex signals platform

Source: Admiral Markets MetaTrader 5, accessed on 10 December 2019, showing a screenshot of the MetaTrader Signals tab and Options window when unsubscribing from a signal provider.


A simple confirmation is then necessary to confirm the wish to no longer follow the supplier's trading signals, as shown below:

MetaTrader 5: Free Forex signals

Source: Admiral Markets MetaTrader 5, accessed on 10 December 2019, showing a screenshot of the MetaTrader Signals tab and Options window when unsubscribing from a signal provider.


Viewing the best Forex signals in real-time on MetaTrader charts

It is also possible to view a supplier's trading signals directly from the MetaTrader trading chart to study the effectiveness and soundness of the Forex signal provider's strategy.

MetaTrader 5: Best free forex signals

Source: Admiral Markets MetaTrader 5, showing the Signals tab and Visualise on Chart feature.


This is accessible from MetaTrader 4 and MetaTrader 5 in the "Toolbox" using the "Signals" tab where you can analyze the trading signals in different ways:

  1. The signal provider's history. This is important to make sure that the strategy that provides the Forex signal is reliable in the long run.
  2. The signal provider's statistics. This is in order to know the number of gains and losses.
  3. The signal provider's entry and exit levels to determine the reliability of the Forex signals

From the "Toolbox" area you can also:

  • Register an MQL5 Account. This is an essential step in order to subscribe to FX trading signals provided in the MQL5 Signals tab.
  • Add the provider's profile to your favourites. When searching for your best free Forex signals you can bookmark several profiles that seem relevant to your criteria.
  • Subscribe to the signals directly via the green "Subscribe for free" button. Once your choice is made you can validate it by clicking directly on this key to launch the copy trading programme.

Before subscribing to signals on a live account, it's important to test the quality of a signal provider by first using the signals on a demo account. This allows you to test their services in real-life trading conditions but completely risk-free. To open your free demo trading account, click on the banner below:

Free Forex Demo Trading Account


How to find the best Forex signal provider

The profile page of an FX trading signal provider on MetaTrader has a lot of very useful and practical information to evaluate a trader's performance. It also shows the strength of their approach and trading strategy which is essential in making the decision to copy a free Forex signal service or a paid-for service.

While the "Signals" tab provides a lot of useful and detailed information to evaluate a trader's performance, logging in to the signal providers webpage on the MQL5 website provides much more detail, as shown below:

Find the best forex signal provider

Source: https://www.mql5.com


The following examples are taken from different signal providers and are given for information only and to demonstrate the different sections provided on a signal provider's profile page on the MQL5 website. Past performance is not necessarily indicative of future performance.

Here are a few things to consider when trying to find the best Forex signal provider:

1. Check the numbers

forex signals: numbers

Source: https://www.mql5.com


So what do these numbers mean? Let's take a look:

  • Growth: The gain or loss performance in percentage terms
  • Profit: The monetary gain or loss of the system
  • Equity: The capital amount of the signal provider, including unrealized gains and losses
  • Balance: The balance of the trading account of the trader
  • Initial deposit: The amount originally deposited in the MQL5 trader's account
  • Withdrawals: The monetary value of withdrawals made from the trading account
  • Deposits: The monetary value of new deposits on the MetaTrader account

2. Check the account statistics

free trading signals: Account statistics

Source: https://www.mql5.com


  • Trading Days: The number of days traded by the trading system or by the trader
  • Latest Trade: The date, or time of the last trade
  • Trades per Week: The number of trades per week
  • Avg Holding Time: The average duration of a position
  • Subscribers: The number of registered subscribers to this copy trading signal service
  • Weeks: The number of weeks since the account was opened
  • Started: The date the account started

3. Check the account statistics visual table

paid trading signals: account statistics

Source: https://www.mql5.com


  • Reliability index: A reliability index from MetaQuotes to quickly judge the efficiency and robustness of the trading system or the trader
  • Total funds of real accounts indicate the number and total amount of accounts that follow and copy the trader's transactions

4. Check the trading statistics

reliable forex signals: check the statistics

Source: https://www.mql5.com


  • Algo trading: The percentage of trades executed by an Expert Advisor (EA)
  • Profit trades: The success rate in percentage terms
  • Loss trades: The loss rate in percentage terms
  • Trading Activity: The percentage of time when positions are opened on the account
  • Max deposit load: The maximum deposit amount reached
  • Maximum drawdown: The largest capital loss (drawdown) on the trading account

You will then find a "Copy for XX USD" button on which the price of the subscription is written to track and copy the trader's transactions.

free forex signal provider

Source: https://www.mql5.com


Comparing the profiles of suppliers of MT5 and MT4 signal providers and their statistics provides insights into the best and most successful trading signals available on MetaTrader.

Comparison of the best Forex signals

The comparison of different FX trading signal providers can be further elaborated on by analyzing more data related to the performance of their signals. This additional data can be found by browsing the different tabs related to the trading signal provider directly from the MetaTrader platform, under the "Signals" tab in the "Toolbox" section as shown below:

Best Forex signals comparison

Source: Admiral Markets MetaTrader 5, showing the Signals tab and Profile section of a signal provider.


This section from the MetaTrader trading platform offers a variety of useful statistics and information such as the:

  • Growth: The graphical evolution of the performance of trading signals
  • Balance: The graphical evolution of the account's assets
  • Equity / Drawdown: The graphical evolution of Equity and Drawdown as a function of time

In particular, the "Trades" section is very useful in providing statistics one can use to compare different signal providers, as shown below:

MT 5: Signal Providers

Source: Admiral Markets MetaTrader 5, showing the Trades section from the Profile section of a signal provider.


So what does this information tell us?

  • Trades: The number of trades since the opening of the trading account
  • Profit trades: The number of winning positions and the corresponding success rate
  • Loss trades: The number of losing positions and the corresponding loss rate
  • Best trade: The monetary value of the best trade
  • Worst trade: The monetary value of the worst trade
  • Gross profit: The gross monetary gains made on the account
  • Gross loss: The gross monetary losses realized on the account
  • Maximum consecutive wins: The consecutive number of winning trades
  • Maximal consecutive profit: The maximum run of profit in monetary terms
  • Sharpe ratio: This measures the reliability of the account relative to the risk. It's a ratio used by fund managers where anything above one is considered good
  • Recovery Factor: The amount of money risked by the strategy to make the profit it obtained
  • Long trades: The number of long trades the strategy has taken
  • Short trades: The number of short trades the strategy has taken
  • Profit factor: This shows how many times the gross earnings have exceeded the gross losses - it must be the highest possible
  • Expected payoff: the expectation of earnings at each new position
  • Average profit: The average monetary gain per position
  • Average loss: The average monetary loss per position
  • Maximum consecutive losses: The consecutive number of losing trades
  • Maximal consecutive losses: The maximum run of losses in monetary terms
  • Monthly growth: The monthly growth of the trading account in percentage terms
  • Annual Forecast: The annual forecasted growth

There are also some additional tabs which could be useful to analyse when trying to find the best Forex signal provider. This includes a Risks, Distribution, Description, Reviews and News section as shown below:

MT 5: Profile of signal provider.

Source: Admiral Markets MetaTrader 5, showing the Reviews section from the Profile section of a signal provider.


This section is particularly helpful in finding the best Forex signals provider review. Learning about other people's experiences can give you a good understanding of the pros and cons of a particular strategy provider.

If you're feeling inspired to start trading, or this article has provided some extra insight to your existing trading knowledge, you may be pleased to know that Admiral Markets provides the ability to trade with Forex and other asset classes, with the latest market updates and technical analysis provided for FREE!

You can start the account opening process here, or watch the video below on how to open a live trading account with Admiral Markets.

Now you know more about how to find the best Forex signals and how to subscribe to them, let's have a quick recap on some of the benefits of using an automated Forex signal provider.

What are the benefits of using an automated Forex signal service?

While there are some clear risks with copying other people's trades, there are also some benefits of using an automated Forex signal service, as stated below:

  1. Save time. You do not need to spend time building your own trading strategy. Developing your own FX trading strategy can be a long process, so you may choose to follow a trader with a similar risk profile to your own. You also save a huge amount of time placing trades and monitoring different markets.
  2. Diversify your risk. You may select multiple FX strategy providers so that your outcome does not rely on the performance of only one strategy.
  3. Highlight more trading opportunities. If you have a current strategy or an EA (Expert Advisor), you can quickly add supplementary strategies to your trading mix by adding Forex automated signals.
  4. Save on fees. Social trading is a low-cost alternative to well-known traditional money management.
  5. Low barriers to entry. You are not obliged to possess a minimum account balance to begin social trading. As a matter of fact, anybody with access to the MetaTrader platform is able to do it.
  6. No paperwork. There is no complicated and boring paperwork to go through in order to get started with copying signals.
  7. Maintain control of your account. The account you use for social trading is in your name, so you do not have to give power of attorney to anyone.
  8. You are well protected. When you decide to follow a trader, you choose how much to distribute to their strategy and can place a stop-loss on your MetaTrader platform and trading account in case they do not perform in the way you expect.
  9. Share your success. You can even share your successful strategies.

There are also some extra features specific to using the MetaTrader trading platform "Signals" service and MQL5 website, as highlighted below:

  • There are thousands of different strategies to follow and copy on MetaTrader
  • The identity of a trader is verified
  • You can test the MT5 and MT4 signals on a demo trading account
  • There is no interface to install, copy trading is possible directly from the MetaTrader 4 and MetaTrader 5 trading platforms
  • You can directly evaluate a trader's history in a transparent and concrete way
  • Comments from other trading signal followers are available to judge the profile of a trader
  • Affordable costs with most around the €30 per month price level
  • You always have control of your trading account from the MetaTrader platform

Of course, there are also some risks and disadvantages of using a Forex signal provider, as discussed in the next section.

Disadvantages of using a Forex signal provider

  • Past performance does not indicate future results
  • It is necessary to stay connected to the MetaTrader platform permanently unless you use a VPS server so that the trades and actions of the supplier are copied all the time to your trading account
  • Performance is not the basis of the remuneration of signal providers
  • You can only subscribe to one signal provider per trading account
  • Note that some trading signal providers use demo accounts
  • If you have a different broker than your signal provider, the actual results on your account may be different depending on the slippage or spread that is different for each broker

Questions to ask before using a Forex signal service

Before following trading signals it is important to understand the strategy and behaviour of the strategy. In other words, do not just look at the end result!

A Forex signal provider can generate a lot of profits, but at what price?

In trading, the more we take risks, the more we can win big, but what we often forget is that we can also lose big too and that's what happens most of the time for many inexperienced beginner traders.

That's why before following any Forex signal, you have to be able to answer at least some of these questions:

1. What type of strategy is it? Is it a breakout strategy, a strategy of range or trend?

This is important as you may be able to identify what market conditions you should follow and not follow a particular strategy.

Example: If the strategy of the Forex signal provider is to trade ranges, then you will know that in times of trend you will not win, or you will lose money, so you will have to be psychologically prepared for that or even consider switching to a different provider during that market condition. Do not forget here that financial markets range 75% of the time!

2. Is it swing trading, day trading or scalping?

Short-term trading is more responsive and takes many more trading positions, unlike swing trading which may only take a few positions a week or even a month. What is your preference?

3. What is the Forex signal provider risking to get their results? Is it a risk that you're ready to take or is it too much money for you?

Example: If the Forex signal provider uses a swing trading strategy with large stop-losses on a volatile pair like the British pound against the Japanese Yen (GBP.JPY) - you need to make sure you have enough capital to take this type of position. If the stop loss is 250 pips and your account is €500, a risk of €20 is not possible on this trade because the stop loss is too big!

4. How many Forex pairs or financial instruments does the signal provider use?

If to earn 20% profit you have to trade 15 Forex pairs and the size of your account does not allow you to do it, is it a good idea to follow this provider?

The answer to these questions will depend on individual circumstances. However, there are also other ways to trade from FX trade alerts and signals, such as using trading signals from the MetaTrader 4 and MetaTrader 5 Supreme Edition plugin, provided by Admiral Markets completely free. If you have not yet downloaded your MetaTrader Supreme Edition, click on the banner below to start your free download:

Trade With MetaTrader 4 Supreme Edition


FX alerts using the MetaTrader Supreme Edition plugin provided by Admiral Markets

MetaTrader Supreme Edition is a special plug-in built by Admiral Markets for the Metatrader (MT) software platform – MetaTrader 4 and MetaTrader 5. The Supreme Edition plug-in hosts 60+ extra features which the standard MT platform does not offer.

The good news is that the SE plug-in is free to download for both MT4 and MT5. This means that you can first test the plug-in without any stress or worry.

The plug-in offers a wide range of advantages. Here is a short-list of all the extra features:

  1. Global Opinion shows the sentiment of worldwide traders for financial instruments.
  2. The Mini Terminal is a handy trade management tool which allows you to open, close and manage trading positions.
  3. The Trade Terminal is an efficient way to manage all of your accounts and orders.
  4. The Tick Chart Trader gives you the ability to see the price move from up close and also allows for trading directly from the tick chart, exporting data, and using different chart types.
  5. Stay connected with real-time news directly within the MetaTrader platform.
  6. The Indicator Package features a large collection of valuable indicators designed to help your trading.
  7. The Trading Simulator gives you the ability to test your strategies.
  8. The Mini Chart allows you to see multiple time frames and chart types in one chart.

As you can see, the MetaTrader Supreme Edition offers many advantages and benefits for traders. You can also trade with famous indicators that have already demonstrated their effectiveness, such as the:

  • Donchian channel
  • High-Low indicator
  • Keltner channel
  • Pivot points
  • And more!


FX trading signals using Admiral Donchian

The free Admiral Donchian indicator measures the volatility of a Forex currency pair. It is also a trend indicator that highlights the highest and lowest points of the Forex market, according to a chosen period of time.

Here's how to add the Admiral Donchian indicator to your trading chart:

  1. Open your free MetaTrader Supreme Edition platform provided by Admiral Markets.
  2. Open the Navigator window (Ctrl+N).
  3. Expand the Indicators section.
  4. Drag and drop Admiral Donchian onto the chart.

MT 5: Forex signal using Admiral Donchian indicator

Source: Admiral Markets MetaTrader 5 Supreme Edition, accessed on 12 December 2019 at 6.30 pm GMT, showing the Navigator window and the Admiral Donchian channel indicator.


The upper band represents the highs reached in the previous 20 default periods. The lower bound represents the lows reached in the previous 20 default periods.

A MetaTrader signal is generated:

  1. If the upper limit is crossed. This causes a rise in prices. A series of consistent upper bands moving higher shows a strongly bullish market.
  2. If the lower limit is crossed. This causes a downward progression. A series of consistent lower bands moving lower shows a strongly bearish market.

You can select a pop-up trading alert when prices reach the upper or lower limit to create your very own FX trading signal, as shown below:

Admiral Donchian Indicator: Forex signals Source: Admiral Markets MetaTrader 5 Supreme Edition, accessed on 12 December 2019 at 6.45 pm GMT, showing the Navigator window, the Admiral Donchian channel indicator and option box and a pop-up alert.


You can use these type of FX alerts to:

  • To take a position
  • Be informed of a change of trend in the market
  • Take profits
  • Start a trailing stop-loss


FX trading signals using Admiral High-Low

The free Admiral High-Low indicator shows the maximum and minimum value of price for a chosen period of time.

Here's how to add the Admiral High-Low indicator to your trading chart:

  1. Open your free MetaTrader Supreme Edition platform provided by Admiral Markets.
  2. Open the Navigator window (Ctrl+N).
  3. Expand the Indicators section.
  4. Drag and drop Admiral High-Low onto the chart.

Forex trading signals using Admiral high-low

Source: Admiral Markets MetaTrader 5 Supreme Edition, accessed on 12 December 2019 at 7.30 pm GMT, showing the Navigator window and the Admiral High-Low indicator.


The representation of maximum and minimum levels over a chosen period of time makes it possible both to determine a potential trading zone in which the price can oscillate during a certain period, but also automatic levels of support and resistance.

You can select a pop-up trading alert when prices reach these support and resistance levels, to create your very own FX trading signal, as shown below:

Admiral high-low: forex signals

Source: Admiral Markets MetaTrader 5 Supreme Edition, accessed on 12 December 2019 at 7.45 pm GMT, showing the Navigator window, the Admiral High-Low indicator and its option box.


You can use these type of FX alerts to:

  • To take a position
  • Be informed of a change of trend in the market
  • Take profits
  • Start a trailing stop-loss


FX trading signals using Admiral Pivot

The free Admiral Pivot indicator shows different lines of support and resistance on the chart. The central pivot point is the most important support and resistance line.

Here's how to add the Admiral Pivot indicator to your trading chart:

  1. Open your free MetaTrader Supreme Edition platform provided by Admiral Markets.
  2. Open the Navigator window (Ctrl+N).
  3. Expand the Indicators section.
  4. Drag and drop Admiral Pivot onto the chart.

Admiral Pivot Indicator: Forex signals

Source: Admiral Markets MetaTrader 5 Supreme Edition, accessed on 12 December 2019 at 8 pm GMT, showing the Navigator window and the Admiral Pivot indicator.


The Forex indicator Admiral Pivot is interpreted as follows:

  • R1, R2 and R3 represent resistance levels
  • S1, S2 and S3 represent support levels

You can select a pop-up trading alert when prices reach these pivot point lines, to create your very own FX trading signal, as shown below:

Admiral Pivot Indicator: Forex signals indicator

Source: Admiral Markets MetaTrader 5 Supreme Edition, accessed on 12 December 2019 at 8.20 pm GMT, showing the Navigator window, the Admiral Pivot indicator and its option box.


You can use these type of FX alerts to:

  • To take a position
  • Be informed of a change of trend in the market
  • Take profits
  • Start a trailing stop-loss


Did you know you can test these indicators completely free by opening a demo trading account? This allows you to trade in a risk-free, virtual trading environment so you can test your skills, indicators or trading signals from other traders. Click on the banner below to open your free demo trading account today:

Trade With A FREE Demo Trading Account

With this knowledge in mind and the ability to create your own FX alerts, some may be asking the question how you can become a supplier of trading signals and set yourself up as a Forex signal provider.

How to become a Forex signal provider?

Any trader can become a signal provider. To do this, they must provide a piece of identification and be aware that their first and last names will be made public as sellers of trading signals.

In addition, each person is subject to a test period, a trial period of one month during which it is not yet possible to have subscribers.

Whether you are an experienced trader with a solid strategy, or not, you can become a trading signal provider and potentially increase your trading income! If you become a signal provider, other traders will be able to copy your trades and pay you in return.

Here are the steps to becoming a Forex signal provider:

  1. Create an account on MQL5.com
  2. Submit your personal data as part of signing up as a signal seller
  3. Register your trading account as a source of trading signals
  4. Set subscription prices

After checking these items, your profile becomes available to all MetaTrader users.

How to create the best trading signals system

Forex trading signals can use a variety of inputs from multiple disciplines. Generally, technical analysis is a major component, but fundamental analysis, quantitative analysis and economic analysis can also be factors. They can also include sentiment measures and even signals from other trading signal systems.

The goal is to give investors and traders a mechanical, emotionless way to buy or sell a currency pair. In addition to simple buy and sell signals, trading signals can be used to modify a portfolio by determining when to buy more of a particular instrument and to lighten another.

There is no limit to the complexity of a Forex trading signal. However, the best traders tend to keep things simple by using only a handful of tools. For practical reasons, it is much easier to manage a simple signal system and test it periodically to see which components need to be adjusted or replaced.

Too many tools would introduce complexity, which would require more time than a trader may have to offer. As markets evolve over time, complex strategies could be rendered obsolete even before the tests are completed.

Forex trading signals template

The possibilities are endless when it comes to creating a Forex trading signal, but traders tend to just want to automate their thinking. Here are some of the most common signals. Traders can combine them as they wish to meet all the criteria they use to select trades.

  1. A chart pattern breakout system: These can be triangles, rectangles, head and shoulders and trend lines.
  2. A moving average crossover system: Many traders track short-term moving averages crossing above or below long-term moving averages. For example, the 50-period moving average crossing above the 200-period moving average is seen as a bullish sign.
  3. Changes in volatility using the Average True Range (ATR) indicator: There are many ways to measure volatility. The most popular is the ATR. Extreme up or down movements of volatility can trigger changes in the trend of the market.
  4. Extreme sentiment analysis. This is used as a contrarian indicator. Extreme positioning on one side of the market (long or short) can end up in very large price swings as markets unwind positions.

You can learn more about trading strategies and different types of trading analysis and indicators by watching the Admiral Markets Spotlight Webinar where three traders host three live sessions a week covering technical analysis of live markets and more! To reserve your spot in these complimentary webinars, simply click on the banner beow:

Free Trading Webinars

How to start trading with the best free Forex signals

This article has introduced you to a very wide range of free and paid-for trading signals that you can start using today. However, a particularly important warning must be issued and taken seriously regarding free Forex signals and those displaying outstanding performance.

It is therefore generally recommended to try and find reputable trading signal providers, which can often be paid signals. However, Admiral Markets potentially offers you another, better solution with some of the offers presented in this article such as using the advanced indicator set from downloading the Supreme Edition plugin for free, where traders can also access free signals from Trading Central.

If you're feeling inspired to start trading, or this article has provided some extra insight to your existing trading knowledge, you may be pleased to know that Admiral Markets provides the ability to trade with Forex and other asset classes, with the latest market updates and technical analysis provided for FREE!

You can start the account opening process here, or watch the video below on how to open a live trading account with Admiral Markets.


About Admiral Markets

Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or recommendation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.