Disclaimer: I am employed by a Forex Signal Service Provider and past results can’t guarantee future results.
Forex Signals are something that most people haven’t herd of and wonder why would companies provide a service like that. The sort answer to this is that it takes the brightest people a long time to learn how to become a profitable short term trader. That is why there are companies like Forex Entourage who have experienced traders finding ou profitable setups. I am going to give you a short guide and review on how you can use their signals in your own trading to become a more profitable trader.
What are Forex Signals?
Forex Entourage is leading the industry with their signal service. They actually send them to you through an app, email or SMS messaging. What happens is a trader will spot a good market setup then input the signal into the FXE app. After that you can copy and past this into you meta 4 trading account. That is why Forex Entourage has the company motto copy, paste and profit.
Why are Forex Signals Popular?
There are actually many companies that provide a Forex signal service and many of you reading this are wondering, Why are signal services getting so popular? The simple explanation I have for the growing popularity of this product is that Signals are the cheat code to trading. Most people don’t have the time to be an active trader.
The second reason is that most people don’t have access to the FX market any other way. There are hedge fund traders that actually take control of your money and trade it for you; however, the average person doesn’t have enough money to get involved with this type of fund.
Last, You control your account using one of these services. Everyone has a different tolerance for risk and investor profile. You control your own trading account which allows you to trade larger or smaller lot sizes in order to control your risk appetite. With any mutual fund, ETF, or other account you have someone else controlling your risk and capital even if it’s not unique to your needs.
Techniques to Trading Signals
With Forex Entourage’s signals, there is a simple way to trade them that I will share with you. When you receive a notification it will look like this in the app. The trader will send you a Stop loss price, Entry Price, and 3 take profit levels.
The most simple way to make the trad is to take 3 different positions in the trade when it is called. For my own risk management I give myself the ability to trade .20 lot size per trade.
The first position will normally be 50% of my allowance of .10 lot size. This will be set to take profit one because it is considered the least risky trade. This is normally 10 to 20 pips from the original entry price.
The next two positions are .05 lot size. These are set to the take profit 2 and 3. The further away from the entry point you get, generally the more risky the trade is considered. Using this technique you are locking in profit in case the trade turns the opposite direction.
Repeat steps 1 through 3 for best results.
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