How to take advantage of live Forex signals
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Forex signals are an essential part of daily FX trading. There are different types of Forex signals including manual and automated. Live Forex signals serve one purpose and that is to notify traders when to enter a trade on a currency pair. You can of course monitor the markets yourself and watch when to perform certain trade actions, however doing it completely alone can be exhausting and time consuming, and you also risk missing opportunities. Live FX signals help make this task much easier. The goal of our article is not to praise FX signals, but instead to consider the key benefits you can gain by incorporating live signals Forex into your trading.
The introduction to the main FX live signals
We know how important it is to make the right choice when choosing FX signals, especially as there are lot of scams and dishonest providers on the internet who want to take advantage of your position. Signals from these sources like these are likely to be false and of no use to you at all - and they will usually come at a price too. Considering all this, we would like to present you with some live Forex trading signals which can benefit you and help you in your trading:
- MQL Signals
- ZuluTrade Signals
Let's look at these in more detail.
MQL is the developer of the prominent Metaquotes Software products MetaTrader 4 and MetaTrader 5. They have over 10,670 closely monitored signals accessible for subscribers as at January 2015. The community also has one the biggest numbers of FX users with approximately 550,490 members according to April 2015 statistics. This encourages Forex professionals to share and also offer their trades through Forex free live signals or paid ones that are automatically carried out on the client's account. These signals are integrated into the new MetaTrader 4 build 500 upwards, which in fact simplifies the process of subscription for a signal service right from your Forex trading platform. There are some free live Forex signals online, whilst others want payments in weekly, monthly and or even flexible plans. Prior to describing the list of our top four MQL live signals, we should make on thing clear. You have to understand that the past performance of any signal does not guarantee success in future results, regardless of how reliable they may be. Forex signal providers, including MQL, are exclusively responsible for any issues that might result in uncertain or unwarranted circumstances. We are not trying to shift the responsibility of introducing the following Forex signals live on to providers completely, but you should understand that choosing one should be your own decision. Our top four are:
- Candle Light
- ForexStay Light
- Good Profit
JMLAGRESSIVE can be regarded as one of the best free live Forex signals. This signal provider has a profit factor of 34.55% and details from its trade history reveals that this system trades only the pair of EUR and USD. The statistics provides us with the information about an account started with an initial deposit of $1,645.00 with an additional deposit of $194.69. The account has grown to $4.161,69 with a current profit of $2,322.00. All-time growth has a rate of 135.85%, while the monthly growth is - 2.77%. In addition the annual forecast is 33.66%. In turn, the win rate is very high - 98%, although the maximum drawdown is 16.44%. By using this FX signal, there are 363 trades taken so far.
Candle Light possess an excellent profit factor - 302.95%. This FX system which took nearly nine years to develop, and relies on a trading logic that identifies profitable entry-exit points. An account that began with an initial deposit of $2,300.00 and an additional deposit of $4.321.20 has in fact grown to $25,688.88. The total amount withdrawn so far is $10.155.00. The current profit of this example of Forex live signals is $29,222.46. Since its inception, Candle Light has had a growth equal to 1,529.01%, - the monthly, in turn, is 60.01%. Furthermore, the win rate is even higher than the previous one, equalling at 99%, which is an impressive result. Nevertheless, the drawdown has a rate of 52.39%, with the annual forecast at 728.14%. Additionally, there have been 351 trades taken so far. This live FX signal is not free, but the price is a modest $39.
What is peculiar with this one is that the author here fully applies an EA called the ForexStay Light EA. According to the information provided by the developer, this EA has quite an intelligent expert system, which works with ten strategies and ten filters, that can open and handle up to 100 trades in one second. Whilst trades are bound to a maximum of five trades a day, this still isn't bad for trading signals live. Now onto the actual statistics. An initial deposit of $100.00 with the supplemental deposit of $12,600.00 grew to $20,757.00, which is the absolute amount withdrawn. In addition, the current profit is $18,158.05. Now we will present you the following - all time and monthly growth equal 2,545.08% and 21.57% accordingly. As for the annual forecast, it is 261.75%. The win rate equals 99%. Moreover, this live signal possess the max drawdown of 7.64%, which is more than just a positive result. In addition, 874 - is the number of trades taken for all the time. ForexStay Light has a price of $20.
The last in the list comes with an excessively high subscriber's fund running into the millions. This explains why it does not belong in the group of live Forex signals free. Nonetheless, this definitely shows a solid form of confidence. What's more, the signal provider has retained a win rate of 100%. The system is based on technical and fundamental analysis with the task to preserve and therefore increase the capital. The initial deposit of $3,017.75 with an extra deposit of $111.21 has eventually grown to $44,008.86. The current profit rate is $40,879.90. The statistics outlines that the all-time growth is 1,341.09%, while the monthly one is 9.92%. The annual forecast rate is 120.40%. In turn, the max drawdown is 48.82%. 177 trades have been taken so far. Good Profit does not belong to free Forex live signals, and has the price of $34.
If you're looking for a reliable social trading platform that can supply you with live FX signals of a good quality, ZuluTrade may offer you what you need. We would like to make the overall list of advantages and disadvantages. Let us start with the positive things first:
- You can access a free functioning demo account to save your real money.
- You may choose traders or signal providers from the wide variety to follow and copy their signals.
- A trader may choose brokers of many other countries.
- Trading data is readily available to view.
- Commentary on the signals provider's profile page of either free Forex signals live or paid ones is available.
- Low ongoing cost.
- No more low minimum deposit demands and entry costs.
- Money management and advanced risk features.
- There are good mobile apps available.
The disadvantages of ZuluTrade are:
- There are as many bad providers of either Forex live signals free or paid signals as there are good ones - sorting through them can prove to be a time consuming task.
- Signal providers don't have to trade with their own funds.
- Money management can be an obstacle for novices.
- Requires frequent monitoring before the appropriate mix of live FX signal providers is selected.
We talked have about various live FX signals, as well as live Forex signals free, and provided you with a list which you may apply in your Forex trading every day. Be careful not fall for scams. Consider what your options are carefully, and you will undoubtedly be able to take advantage of live FX signals. We hope that the article has been useful and we wish you good luck in your future trades.