Even if you prefer not to follow forex tips to the letter, you can still profit from their trade idea.
For example, if you receive a forex signal trading the GBP/USD long with a 40 pip stop loss, but on analyzing the charts (following your attendance on a forex training course) you feel more comfortable placing the stop loss let's say 63 pips below entry, giving the stop protection below a visible area of recent and prior support, which happens also to be below the weekly pivot point, and in doing so are happy to have a longer range target - then go right ahead and do so.
The point is though, that without the forex market alert, drawing your attention to that particular chart at that particular time you would never have seen that trade idea.
This also makes the point that while it may at first seem temping to let a signal provider trade your account for you, if you have the time you may actually prefer to control it yourself. If you have been through a good forex training course and understand the concepts of support, resistance, pivot points, trends, etc. you should always use this knowledge to perform your own due diligence.
Comments
3 comments to "Using Forex Signals as Trade Ideas"
June 7, 2010 at 2:33 AM
Forex market can be intimidating and confusing for beginner and forex signals can help them well in critical situations.
June 29, 2010 at 11:34 PM
Traders should select signals from sellers who give a free trial.
July 6, 2011 at 4:06 AM
Thank you so much for sharing some nice tips about the Forex trading. I like your tips. Keep it up.
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