What are Forex Signals?
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What are Forex Signals?
by Forex Lens – Your Eye Into The Markets
Welcome to the first video of the #ForexSignals Course. In this video, we will explain what they are, how to read and interpret them.
Forex Signals usually follow a similar format with
– Currency Pair (EURUSD, GBPUSD, USDJPY)
– Entry Price
– Take Profit Level(s)
– Stop Loss Level
– Market Order or Pending Order (Buy Stop, Sell Stop, Buy Limit, Sell Limit)
There are also two (2) types of orders for forex signals. Market orders (direct entry) and pending orders (limits order and stop order). In short, a direct market order, is buying or selling a currency pair at the current market price. Pending orders is for execution of a trade at a future price point and can be one of four types: Buy Stop Order, Sell Stop Order, Buy Limit Order, and Sell Limit Order which will be explained int the video.
We will also talk about how to use take profit and stop loss levels. These two levels are key components of a signal as the stop loss prevents further losses, and take profit ensures profits are closed. This brings our important risk management strategy for our forex signals. We believe that every trader should take partial profits and move stop loss to entry (or break even level) for signals once they hit take profit 1 or 25-30 pips into profit. When this is done, profits are secured, and the trade becomes a risk free trade.
We will then go into examples of how to enter a signal into your MetaTrader4 for both pending orders signals and direct market entry signals. After which, we will discuss common mistakes traders make when using forex signals. The next video will discuss the pros & cons of using forex signals where we will go over the good, the bad and the ugly of #forextrading.
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