Those involved in Forex trading know that the foreign exchange market provides a lot of opportunities. If you have the right intentions and are ready to monitor the market 24/7 in searching for trades you would like to perform, then you will most likely be successful in FX trading. But this may be too time consuming for some. In the world of trading, time is too precious to waste without gaining a decent profit. It's important that you ask yourself - do you really want to succeed in Forex trading? It does require time, preparation and commitment. That being said there are tools available which can help make the process a bit easier.
Automated trading systems are popular with those who want to save time - they will check all of your options every second and make decisions for you. Only a few of them can be regarded as professional. If you want to be a pro at trading, it will take more than just a $50 dollar investment. The automated trading system can help you and make your work easier, but you cannot solely rely on it being the one factor in your success. You should strive for something more by monitoring risks strictly, as well as performing money management diversification.
This leads us to the use of automated Forex signals, which is the main focus of this article. Technically, this signal is a suggestion for entering a certain trade on a currency pair, most often at a particular price and time. It can be generated both by an automated Forex robot and a human analyst, further supplied to you as a subscriber of the FX signal service. There are still a number of services that supply signals of a very debatable quality, so you should be careful and attentive when you choose your signal provider. We prepared this article for you in order to help you choose the best automated Forex signals.
To start, we're going to introduce MetaTrader 4 Forex trading signals and explain how to apply them in your trades. MT4 trading signals permit you to automatically follow or copy the trades of FX signal providers directly from MetaTrader 4. In addition, signal providers are capable of sharing their signals within the global community of millions of users. They can also earn a fee, if anyone decides to follow them. The signals are very easy to follow and are easily accessible from your MT4 account under the 'signals' tab. To enable them, you simply have to sign up for an MQL5 community username and enter it into the settings in your FX trading platform. The benefits of social trading auto Forex signals for Forex traders are:
What are the characteristics of a good MetaTrader 4 provider of auto Forex trading signals? The signal provider's profile plays a significant role and it may help to distinguish whether he or she is a professional or not. The characteristics you will want to look out for are:
As you can see, the MT4 service has a lot of benefits. Importantly, MT4 Forex auto trading signals do not require you to change brokers, because the signals are directly in your current MT4 account.
Moreover, you will have a similar spread as you do in normal account - other signal providers will charge you by widening the spread. This can not only cost you considerably more per trade, but you will most likely have less winning trades over a long period of time. Finally, you have access to the MT4 community, as there are millions of MT4 users throughout the world. You have the opportunity to tap into the huge existing MT4 base of traders and expert advisors.
ZuluTrade is a popular social trading network and automated Forex trading platform. It is open and accessible to all internet users and offers a free functioning demo.This openness means that everyone is able to become a trader or 'signal provider' of automated Forex trading signals on this network. The amount of signal providers is massive - more than 10,000. However, you can search according to your own preferences.
Users also have access to a table of performance in which ZuluTrade rank all signal providers, according to their rate of success. Ranking can be a good place to start, but be wary. We have seen at least more than one of these signal providers make an appearance in the top five in a certain month, just to consequently make a large loss and drop out of the top ZuluTrade ranking table the next month.
For every signal provider, you can view a range of performance indicators and graphs to help you evaluate them. ZuluTrade is totally transparent concerning the access to the history and information about every single trade users have performed in the past. You can download all historical trades in Microsoft Excel to make your own analysis. Looking for trusted and consistent signal providers demands to have some skill, as well as regular fine tuning, especially if you want to find the best Forex automated signals.
ZuluTrade allows you to use a wide range of brokers. There are more than 50 supported brokers in the USA, UK, Russia and New Zealand.
The advantages of ZuluTrade are:
However, there are some drawbacks:
Overall, ZuluTrade is a good social trading platform and network deprived of entry costs and has low ongoing costs. However, basic knowledge of money management is required.
We have come to an end of our article. We have talked about Forex automated trading signals, how to choose them and reviewed two different systems in which you may find and apply the best FX automated signals. We hope that this article has been helpful for you placing future trades.