Best Free Forex Signals – Making it Your Secret Weapon

February 14, 2021

Forex signal companies provide different indicator services to traders to know the market trends and carry forward foreign exchange transactions. These consultancies offer different tools that help traders to crack a successful deal. However, it becomes challenging for a beginner to evaluate from the indicators shown. The secret to fruitful dealing is going in a stepwise manner.

The foremost step for successful trading is to know your proximity to the trade time and invest in indicators that help. There are numerous indicators like trend signals, volatility signals, momentum signals, or volume signals. Dealing with advanced forex indicators might put a newbie in doubt but work well for an experienced professional. Here are some of the best free forex signals that help in determining the trade.

• Forex signals for beginners

o        For a trader who is in the process of understanding the forex market ethics, it is good to start with Moving Averages (MA) tools like Exponential MA, Simple MA, or Weighted MA. The moving average is a simple-to-interpret tool that measures the average of changes in exchange rates in a time interval allowing you to analyze market tendencies

o        Another tool amongst them is the Stochastic indicator that evaluates the market on the principle that ‘rising price tends to close near its previous highs, and falling price tends to close near its previous lows’.

• Forex signals for experienced traders:

  An experienced trader assimilates information from credible sources and does “signal confirmation” from other sources. An expert trader takes numerous factors into consideration which can be indicated using the following tools:

o        Bollinger bands are an ideal and powerful tool for traders who indulge in visual trading. The bands make it accessible to detect the market trend, period of market consolidation and relative market tops or bottoms, and approximate exchange rates

o        Elliott waves are yet another reliable tool to evaluate the present market scenario and indicate where it is likely to be in the near future

o        MACD (Moving Average Convergence/Divergence) is an extension of simple MA that depicts the possibility of trend change with a converging or diverging market