Human psychology is such that we want the maximum gain with minimum pain. Naturally, forex traders are no exception to this general rule. Forex signals tell an investor which is a good time to buy or sell a currency based on technical indicators and fundamental analysis. Thus these signals are the perfect aid for traders, especially newbie traders, to maximize their profits.

What are forex signals?

FX signals are usually short messages, generated either by a human analyst or an automated robot, and sent via emails, SM or social media platforms from the signal provider to the recipient helping him/her to make a trading decision. There are a number of forex signal providers–some of them give free services while others are paid. It is advisable that to get the maximum benefit from the service provider one should opt for a paid service as it has a full range of services necessary to arrive at the correct trading decision.

Key points about forex market

Here is a look at why you need to take a look at the forex signals as a beginner.

The forex market is the largest financial market on the planet with a daily estimated turnover of over 5.5 billion USD.

Nearly 2/3rds of all forex trading activity takes place in 3 centers London, New York and Tokyo.

USD, Japanese Yen, the British Pound Sterling and the Euro are the largest traded currencies.

Why use forex signals?

Here are a few reasons why you need to look for the best forex signal.

1) Simple to use

Forex signal services are very easy and simple to use. A newbie has just to register with a service provider who sends him all the data required for him to choose the correct trade for himself. He can use the free demo account to hone his trading skills without the risk of losing any money. This way the service helps him to learn the tricks of the trade with the minimum of risk.

2) Real-time data

Using a forex signal service gives a newbie access to real-time data and real-time trading facility thus minimizing the chances of anything going awry leading to a financial loss for the newbie due to fluctuations in the market.

3) Automatic trading

A forex signal service can be automated by the trader according to his own priorities. He can state the risk tolerance and leave the buying and selling of currency to the automated system secure in the knowledge that the trade will be carried out to get the best possible benefit.

4) Optimal use of resources

Using forex signal service helps a newbie by automatically analyzing risk and profitability of his selected strategies thus giving him more control over his money. It also helps him to set maximum slippage, custom stop-loss and take-profit etc.

5) Using expert advice to boost your income

You can use the expert advice from your forex signal provider who has got the necessary technical expertise and experience to give you tips on trading that will help you to maximize your profits from the forex market that has grown from USD 5 billion in 1977 to an estimated USD 5.5 trillion in 2017 as given below:

1977 – $5 billion

1987 – $600 billion

2001 – $1.5 trillion

2007 – $3 trillion

2013 – $5.3 trillion

2017 – $5.5 trillion

6) Obviates the need for round-the-clock monitoring

Using forex signals eliminates the need for a newbie to monitor various forex markets around the world which operate at various times. The US forex market session begins at 08:00 hours and ends at 17:00 hours (EST); the London market operates from 03:00 hours to 12:00 hours (EST); and the Tokyo market works from 19:00 hours to 04:00 hours (EST), on the next day. In addition, there are other forex markets that operate at other times. It is quite impossible for a single individual to monitor these diverse markets all by himself.

7) Ability to track trades

The use of forex signals helps a newbie to track his trades and ensures that he does not miss a buying and or selling opportunity just because he did not notice the opportunity.