Trading with forex signals is an easy way to make money with the currency market. The pro trader who issues the signals will do all the market analyses and decide on which currency pair to trade, when to trade it and how to trade it. You will just get the forex signals via email or sms. All you need to do is enter the buy/sell order with the stop loss and the take profit as provided by the forex signals provider.
Many Traders Don’t Know How To Enter The Forex Signals
Now, here comes the tricky part. Many new traders don’t know how to correctly enter the signals. They enter them wrongly. So, no matter, how good the signals, most of these new traders end up losing. They blame the signals provider. For example, I give you one example. Check these Forex Signals from two top gun traders Bob Iaccino and Vladimir Ribakov.
Both of them are considered to be amongst the best forex traders in the world. Bob Iaccino regularly appear on CNBC, Bloomberg and other financial media and is considered to be an expert on the forex markets. Vladimir Ribakov has been trading forex successfully for the last ten years. Both of them have teamed up together in this forex signals service. Both issue their own signals that you get via email as well as sms. There is a trade copier software available that you can use to copy the trades automatically onto your MT4 account.
Learn How To Enter The Forex Signals Correctly
What you need to know is that these signals are valid only for a limited time. The more delay there is in entering the signals, the more chances are of these going wrong. So, first practice entering these signals correctly on your demo account. Don’t rush. Do it for one month. The most important thing that you will need to learn is how to calculate the proper position size according to your risk appetite. Once, you start entering them correctly and those signals start producing winning trades for you consistently, open a mini account with a $250 deposit and practice with them correctly. Once, you are satisfied, you can use them on your standard account.
Try the Trade Copier Software
Also if you are interested, you can try the trade copier that will automatically enter the signals without you. But again, first test the trade copier on your demo account and then on your mini account. I say mini account because it is good for practice. 1 pip on a mini account is equal to $1 so even if you lost 50 pips, you only lose $50 instead of $500 as you would on a standard account.