Forex signals are extremely popular amongst both new and experienced traders. Forex signal services take a lot of the footwork out of forex trading and allow you to focus on making money. Some forex signals are completely automated; others require you to place the trades yourself. Automated signals are great if you have less time on your hands and just want to make money, manual signal are better for people who still want a little control over which trades they take and/or want to learn to trade themselves.
In this article we will take a look at the various forms of signal services available to Vantage FX clients on the MT4 platform.
These are completely automated signals which are actually built into your MT4 platform. The MT4 platform automatically replicates the signal providers trades on your account. The majority of signals charge a modest monthly subscription fee, though there are some free signals available too. In fact, if you are just getting started with forex signals, it is probably a good idea to try out some of the free signals on a Vantage FX demo account. When it comes time to actually make some money though, you should focus on the paid signals, as they are very reasonably priced and generally of a higher quality.
To get started with the inbuilt MT4 signals, just click the Signals tab at the bottom of your MT4 terminal and have a browse. You can sort the various signals by number of subscribers, return, drawdown etc and each signal has its own dedicated page with growth charts, basic stats and a reviews tab. No matter what type of signal you are thinking of subscribing too, it is always a good idea to take the time to read through customer reviews first.
If you are wanting to sign up for an automated signal, it is a good idea to rent a VPS or Virtual Private Server, these virtual computers allow you to run a copy of MT4 24/7, ensuring you don’t miss any trade opportunities or exits.
Social or copy forex signals
Social or copy trading signals are similar to the MT4 built in signals in that they are completely automated – you simply select a trader or system you’d like to follow, link your account and the social trading platform takes care of the rest, replicating each and every trade. The main advantage of social or copy trading, is that subscribing to services like these is often free, the social platform and signal providers make their profits from commission rebates paid by participating brokers.
A great example of a free social signal service that works well with Vantage FX is the myfxbook Autotrade service. Not only is this social trading platform completely free, you also get the advantage of being able to analyze prospective signals with myfxbook’s industry famous analytical suite. There are some really great signals on the platform so it is definitely worth having a browse through if you are in the market for a completely automated signal.
Once again, as social trading platforms are completely automated, it’s a good idea to setup a VPS so you don’t miss any trades.
Manual forex signals
Don’t feel comfortable blindly following an automated signal service? Or perhaps you are in the process of learning to trade yourself and just need a helping hand? A manual signal service might be the right option for you. These services will generally send out regular email newsletters, sms notifications, give you access to a members only area of the site, or even a private twitter feed. Exactly how the signals are provided can vary a lot between different providers and so can the quality of the service. You should avoid services that only offer analysis (as opposed to actual trade ideas) as quality analysis is relatively easy to come across for free anyway.
Manual signal services also tend to cost a bit more than automated signals, as manually communicating and detailing trade setups is much more time consuming. On the other hand, you will be learning to trade along the way and will receive a level of personal, priority service that cheaper automated signal providers simply can’t offer. You also retain complete control over which trades you actually take, though when you’re just starting out, it’s probably best to take each and every trade your service recommends, after all you are paying them for their expertise!
Time to make some money
We hope you have enjoyed this brief introduction to forex signals. Forex signals are a great option for both new and experienced traders. Whether you’re a little short on time and looking for a completely automated solution, or keen to learn the ropes yourself and just need a helping hand, there are so many different signal providers out there, you are bound to find a solution that works for you and your trading goals. If you are looking at subscribing to a completely automated system, you should seriously consider renting a VPS solution, a VPS is essential for consistent automated trading. Vantage FX offers a free VPS service to all clients who trade at least 10 standard lots per month.
Remember to carry out due diligence before signing up with a signal service: read reviews, analyze the system’s past performance and see if the service offers a free trial. It’s also important to remember that past performance doesn’t necessarily guarantee success in the future, and all systems have their ups and downs and drawdown periods. Whether you are trading by yourself or following someone else’s system, patience is the key to successful and consistently profitable trading.