Training and Education
Time Frame, You should also pay attention to time frames. As a result of their nature, trading signals do not work well for strategies such as scalping. By the time you receive the signal, the scalping opportunity has already come and gone.
That said, there are scalpers out there who still use a signal service.
Every AI TRADING signal system is a reflection of the personal methods and preferences of the signal provider. Therefore, every such system is different.
Still, there are two large categories into which all of them fit:
- Technical analysis-based
- Fundamental analysis-focused.
TA-based forex signal systems derive their trade ideas from past price movements coupled with various mathematical artifices.
Signal providers analysing current events and deriving their trade opportunities from the likely impact of such events on asset prices, are in the second category.
Finding The Ai Trading Signals
The quality of your forex trading signals will make or break your profitability. Since there is really not much skill involved in applying these signals, the only variable in the equation is forex signal service selection.
You should always go through this short checklist before you make your move in this regard.
Time Zone – Before you start, take a look at the time zone of the provider. You want your trading signals to trickle in while you are awake. They are of not much use otherwise. If there is no other way to learn this bit of essential information, sign up for a free account.
Free Trial – Sign up for a free taste/trial period. This will clue you in on the quality of the service, without requiring you to pay “tuition” in the form of losses incurred on bad signals.
Compare – Don’t get stuck with the first service you like. Continue looking and compare the AI TRADING signal services that you feel suit your trading style. In the end, pick out the best one.
Full Analysis – Go for the total package. Low-effort signal providers, such as those only giving you the entry price and the SL/TP, should be ignored. You need to know why your signal is supposed to work. To that end, you need your AI TRADING signal provider to give you charts and proper market analysis as well.
- Your first step is to log into the signal provider’s channel. This can be a webpage, a Telegram channel, a Skype chat etc.
- Grab the data delivered by the signal provider and copy it to your account.
- Wait for the trade to close and pick up the proceeds.
What Is Included In The Best Signals?
More precisely, a signal should tell you the following:
The instrument/currency pair you will be trading (EUR/USD, BTC/USD, gold, silver etc.)
The direction of your trade. Next to the actual asset price, a BUY or SELL action is indicated.
The status of your signal. In regards to status, forex signals can be Active, Get Ready and Closed.
Active signals can be put to use immediately as they are. Get Ready signals are not yet active, but they may become that shortly. They may also disappear. Keep your eyes on them, but do not act on them unless they become Active.
Closed signals are expired.