One of the most powerful ways of profitable trading in the market is the use of forex trading signals. Forex signals may be a new concept for you, but if used properly, the use of forex signals can potentially grow your trading account at a steady pace. Of course, these forex trading signals must be issued by a reliable and skilled trading signal provider, such as an FX leader.
Thanks to the expertise of seasonal traders and analysts, FX Leaders ’free daily forex signals have achieved consistent and impressive results across a wide range of assets and market conditions. These forex signals are easy to use and can be easily copied to your personal trading account.
How to find signals in the signal terminal?
Traders need to be familiar with how to use terminals for forex signals, which is really easy. The first step in taking advantage of FX Leaders’ free daily forex signals is to open a trading account with a reliable forex broker. Take a look at the forex brokers recommended by FX Leaders to find the best broker for your specific needs.
The next step is to take a look at our forex signal terminal where all the details of our daily forex signals can be found. You can find the signal terminal on our forex signals page. This is what a forex signal terminal looks like:
The forex signal terminal contains all trading signals that are active or could soon become active. In the terminal you can find signals for forex, commodities, cryptocurrencies and stocks.
In the terminal you will see all the necessary information such as a specific instrument (eg EUR / USD, BTC, Gold), status (“Prepare” or “Active”), stop loss and profit level. Premium members also see the entry price.
When the status flashes “Active” (just below the instrument symbol), the trading signal is ready to be copied to your personal trading account.
How to manage the risks of Forex trading?
While using FX Leaders ’forex signals on a daily basis is really simple, there are certain trading basics that need to be adhered to in order to get the most out of them, like proper risk management.
- Position Size: When using FX Leaders daily trading signals, an important step to take is to use the correct size size. When you risk too much of your trading account (e.g. 25%) in one trade, the odds may turn against you, even when you use our profitable trading signals. Conversely, by risking a small portion of your trading account (e.g., less than 1%) on each individual trading signal, you put yourself in the perfect position to grow your account and protect it at the same time.
- Exposure: We are talking about the level of risk that comes with holding your trading capital in a particular currency. Any fluctuations in the value of the currency you hold or the exposure you have may result in gains or losses on your equity, depending on how a particular currency moves. Regularly monitoring the level of exposure in the various currencies you have in your portfolio is a key aspect of risk management. Without regular checkups, you may not be able to carry out adequate risk management in your businesses and you could lose considerable money in the process.
- Plot Sizes: In the world of forex trading, a lot refers to the smallest available trading size for transactions in the forex market. When you start, we recommend that you stick to smaller lot sizes to better manage risk and avoid losing a large amount of money in one store. Once you feel confident and manage to overcome the fear of losing a trade, you can gradually increase the size of your business series so you can potentially make more profit.
- Restriction on the use of leverage: Leverage is the amount of money that your forex broker will allow you to trade and is many times greater than the capital you have in your trading account. With leverage, you can trade 10 times or even 100 times the amount of money you have in your account, basically “borrowing” an additional amount from your broker. The greater the impact you choose to use the greater your earning potential; however, higher possible losses may also be in case the trade does not go your way. It is safer to start with a lower leverage to limit your losses and maintain your trading capital. While your profits may decline as well, remember, it seems to make you safer in the long run.
- Variety: That basically means, don’t put all your eggs in one basket! As a forex trader, instead of spending your capital to trade one or more selected currency pairs, you can better manage your risk by diversifying your portfolio and testing your hands with multiple currency pairs. Diversification by putting trades into various forex pairs limits your losses in case some transactions fail you. Even if a few fail, it is very likely that some of your trades will continue to profit and give you money back, and keep your losses on the downside as well.
Proper risk management is vital! The good news is that it’s really easy. All it takes is simple math and of course discipline.
How do trading signals close?
FX Leaders’ free daily signals are closed in three ways:
- By achieving a profit taking order.
- By reaching an order to stop the loss.
- Closing by a team of analysts in case certain factors require an early exit. In this case, it will be noted in the comments box that the signal was closed manually, as well as at what price it was closed.
- Before you start trading forex with our daily daily signals, you should be familiar with these important terms.
- Entrance Price – This is the level at which you enter a trade, whether you buy or sell a particular currency pair. A good entry price is a crucial building block that helps in a successful trade.
- Stop Loss – This is the level you can place in your trade to limit losses on a potential trading idea in case the markets become volatile and the currency pair moves relative to your original plan.
- Take Profit – This is the level recommended by the forex signal at which, when achieved, it automatically closes the trade and brings you a certain amount of profit.
In addition to these terms, you can learn more about other key forex-related terms in our dictionary. Read more about the FX Leader Forex Dictionary.
And now it’s time to trade!
You can open a trade at the market price with a preset stop loss and make a profit according to the signal parameters. It is always safer to at least set a stop loss before opening a store, just in case a sudden market shift suddenly shifts against your store before you can place a stop loss order.
Once the store is open, it will automatically close when the price reaches either a stop loss or a profit.
In certain circumstances, our analysts can close the position manually, in which case the following comment will appear just below the box in which the price of stop losses is displayed: “The signal was closed manually at the xxx price”. FX Leaders analysts can also adjust the profit-taking and stop-loss parameters, in which case the adjustments will be published in the same space. If this happens, premium members receive instant notifications via cell phone and email. Other comments may appear in this space, for example, “Signal closed with profit gain”. Check out the screenshot below:
When the status flashes “Prepare,” our analysts look at a particular trading setting and prepare to open a live trading signal. This message gives you time to open the chart of a particular instrument and the order entry box while analysts go through the final checks.
If you want to be notified (via email and mobile) as soon as the signal terminal appears on the signal terminal, you can subscribe to our premium signal service. This will ensure that you never miss a trade again.