How to Make Money Using Forex Signals

Players in the forex market often have to grapple with all sorts of different terminologies. If you are a newbie, you may not have a good understanding of the term ‘forex signals’. Yet, forex signals could make your trading easier and more profitable. No need to worry. In this article, it’s our intention to explain what forex signals are and their significance in forex trading. We will show you how to apply them and why they are necessary. In the end, you should be in a position to choose the best forex signals and use them when trading.
Forex signals for buying and selling
Forex signals help you make buying and selling decisions

What Are Forex Signals?

Forex signals are basically trade ideas meant to show the direction of the market in real-time. They are generated by human analysts, trading robot or trading software. Signals usually contain key information to help traders enter a solid trade on a given currency pair, while bearing in mind the time and price. They may include the type of position (sell or buy), stop loss, and take profit levels. Since they run in real-time,forex signals come with different notification methods including email,RSS, websites, Twitter or SMS. Apart from forex pairs, signals are available for cryptocurrencies, commodities, and indices.
 

Types of Forex Signals

There are two types of forex signals depending on their function and how they generally work. They include manual forex signals and automated forex signals. While each of these signal types have their own benefits, they work better when used at the same time. It is possible to buy both the manual and automatic signals online. The best are those that offer free trials. We discuss each one of them in greater detail below:

1. Manual Forex Signals

Manual forex signals involve a trader searching on his or her computer for signals to decide whether to sell or buy a given currency pair. As such, getting manual forex signals can take a long time sitting in front of a computer. Because of their nature, these kind of signals are mainly used in manual trading.
 
In their own unique way, this kind of signals are better, given the human ability to notice when things are moving awkwardly or unpredictably. It is, therefore, much easier to pull out of trades before things go really wrong. A trader is able to use his skills, experience, and intuition as opposed to programmed automated systems.

2. Automated Forex Signals

To access automated foreign exchange signals, all a trader needs to do is to command a computer software to look for certain signals. Here, the trader doesn’t have to apply himself or herself mentally and psychologically. It is up to the software to automatically interpret the options to pick (whether to sell or buy) a currency. If you are using an optimally-designed program, this will definitely work.
Use Forex Signals for Daily Trading
Use Forex Signals for Daily Trading
 
Apart from software that can be commanded by human beings, forex trading bots may also come in handy. The bots have the ability to process huge amounts of data within a very short time. Also, they make it possible for one to manage multiple currency pairs at the same time.
 
These computer systems have the ability of presenting all kinds of charts for the trader’s consumption on a 24/7 basis. Unlike humans who may get tired to follow up on the minute details, bots are unlikely to miss any important signals.

Types of Forex Signals Services

To reiterate, most traders (whether experienced or newbies) need help to succeed in the forex market. There are a number of forex signals service that remove the need for having to exercise your mind to make trading decisions. It could be anything from the human-generated manual forex signals to the automated variety. Regardless of the type of forex signals you are referring to, they are likely to be paid or free
services. We delve into that deeper.

1. Paid Forex Signals Services

Paid signal services could be generated through the efforts of a human analyst or those done by bots and computer systems. Additionally, paid signals may also be sourced from various systems or software working in tandem with bots of various types. As a trader, you can choose among any of these options.
 
Regardless of the forex signals services you choose, all of them have features that run across. Characteristically, most paid forex signals services
offer account management. You can access assistance with forex signal analysis together with supporting graphs for further interpretation. In addition to educational resources, most are likely to have a free trial period. You also get to interact with the provider in comments and special forums.
 
It is good to be careful when picking a paid provider, given that some provide unreliable and fake forex signals. To avoid losing your money unnecessarily, it is important to do some research before subscribing to a signals service.
paid forex signals
You may also use paid forex signals
Paid forex signals services may exist in any of the following forms:

Investor services

Since they are high-end in nature, investor services are expensive. They usually operates as investment house or fund management services.
Apart from having very high minimum requirements to join the service, they require to invest some money for a specified period so as to earn periodical returns. If you have something like $50,000 to invest, then this is the kind of service to subscribe to. Before you enroll for such a
service, pay close attention to the fees, returns, and any available guarantees.
 

Signals provider

If you are a retail trader, this is the kind of signals provider you may want to work with. They charge fees on a monthly, quarterly or performance-based. The amount will depend on the level of services offered. You will be able to get the signals from a dashboard including the sell or buy price. Additionally a signals provider can execute trades for you in a timely way. When looking for a signals provider, be careful to choose one with a proven track record with a clear indication of volatility.
Copy trading
The other name for copy trading is mirror trading or social trading. It allows you to copy the actions of the more successful traders and try to replicate their every moves in the hope of making a profit. This is not a free service, given that you have to pay a small fee for it. Based on the platform you are using, copy trading can be manual or virtually
hands-free. Once you have set aside the amount to invest, the trading platform will do the rest for you.

Are MQL Signals Any Good?

MQL signals are a form of copy trading available on the Meta Trader 4 (MT4)platform. With these signals, traders can copy trades made by FX signal
suppliers right there on the MT4 trading platform. In addition,experienced traders can share signals with other users inside the community.
 
Given that MT4 is the most widely used trading platform, these signals are accessible to all online traders. In each and every MT4 account, there is the tab ‘Signals’ which you can turn on after signing up to the MQL5 community. Every time you log into your MT4 account, you will get easy-to-use forex signals. You can follow these and use them when making trades.
saving time with forex signals
With forex signals, you save a lot of time
Since this is copy or social trading, it is necessary to get authorization before using the signals. Once that’s done, you can go to your trading account and make use of them. Unlike other sources, social trading makes it possible for traders to get accurate forex signals. Great savings are made in terms of fees and the risk diversified. MQL works very well if you have your own expert advisor.
 
Apart from having an expert advisor, you may opt to follow a trader who you consider experienced and trustworthy. On the MT4 platform, the decision to follow another trader does not mean you have surrendered the control of your account to someone else. In fact, the sign in credentials remain
your hands.
Since MQL signals are by their nature automated, they come with a number of benefits to the traders including the following:

1.Quick Building of Trading Strategy

There’s no need to waste a lot of time trying to build a trading strategy. Once you have picked a trader to follow, the trading platform will be able to ape every one of their actions on your behalf.

2.Saving Time

Traders save a great deal of time since they do not have to manually place trades and monitor happenings in different markets.

3.Risk Diversification

Ability to diversify risk more objectively. Through social trading, you can select a number of forex strategy providers. By diversifying strategy providers, you are able to spread out the risk.

4.Supplementary Strategies

You will have access to choose supplementary strategies in addition to your current Expert Advisor. All you have to do is pick any of the automated forex signals.

5. Saving on fees

A major advantage of social trading is that it costs less than the other paid-for money management services.

6.No Barriers to Entry

Limited barriers to entry. With this option you do not need to pay have a minimum amount in your account to start. For as long as you have a MT4 account, you can start out getting forex signals through social trading.

7.No paperwork

With social trading, you get to totally avoid boring
paperwork. As such, you don’t have to authorize anyone to sign on your behalf.

8.Firm Control on Your Account

Having firm control on your account. One thing traders should know about MQL accounts is that they are opened in the trader’s name. That means every trader have firm control on what happens with your account.

9.Protecting Traders

Traders are well protected. Once you have picked a trader to follow,you can choose the amount you want to place on their strategy. Where necessary, MT4 allows you to place a stop-loss on your account just in case the strategy doesn’t perform as expected.

10.Sharing With Other Traders

Once your strategies begin to work, you can share them with other traders on the MT4 trading platform. Just because social trading is open to anyone with an MT4 account can engage in social trading does not mean you pick just about any signals provider. It is important to assess a signals provider by carefully assessing their profile. To know if you are dealing with a professional or not, the following are some of the things to look at:
  • The signals provider has a real trading account.
  • Also consider the number of trades they have done so far. From their track record, you can know if the trader is worth emulating.

  • The trader should essentially have a minimal drawdown, preferably less than 30 percent.

  • Steady growth. A trader who has been in the business for the longest time should be able to show what they have done over the years. If the growth is drastic, the provider’s way of trading might be too risky to emulate.

  • It the signals provided are paid-for, then they are likely to be more authentic than the free ones.

What Are Free Forex Signals And How Do They Work?

In addition to the paid-for forex signals, there are free versions that you can take advantage of. Providers of free forex signals may send them via email, SMS, and posts in online forums. The signals state whether it’s intended for a long (buy) or short (sell) move. Together with the currency pair, the signals may also contain the price at which it is being offered.
Forex Factory
Forex Factory is a major player in the forex market
Some free forex signals may feature the order type such as limit order (LO), pending order (PO), and market order (MO). However, these signals are not uniform and may vary depending on the provider and the broker’s platform. Some may have two abbreviations and quotations after the starting line. For example, BUY EUR/USD @ 1.2565 and SL @ 1.2545, TP @ 1.2595, which essentially implies the stop-loss (SP) is 20 pips away and TP 30 pips away from the price.
There are some forex signals which have the abbreviation TS at the end. However, only a few brokers and platforms support orders of this kind.
In forex trading, TS is the short form of trailing stop. Even though a nice feature, not all traders can use trailing stops. What it does is to give traders greater flexibility.

Sources of Free Forex Signals

Did you know that you can source free FX signals online? A simple Google search will reveal numerous websites dedicated to this kind of service. If you check on social media, you can find lots of shared information on the available signals. No matter where you find them, these signals are likely to be sent out by traders, affiliates, and scammers.

1. Traders

There are a number of forex traders who have no problem sharing their ideas of great trading strategies with their acquaintances and friends. Most of them want to build a reputation as a good trader, help other people, and enable trading platforms to support newbie traders. One of the most popular forums where traders share free FX signals is Forex Factory. After doing an analysis on their own, traders can get reliable trading strategies, which they can then share with others.

2. Affiliates

Although not as reliable and trustworthy as traders, affiliates are another source of free forex trading signals. To get signals, all you need to do is to open a trading account with a broker via an affiliate link. While the affiliates will keep making a commission on all your trades, the FX signals will be available free of charge. Since affiliates may have no time to trade and at the same time dabbling in an affiliate program, they aren’t very reliable. So, you shouldn’t fully trust signals from affiliates even though they are better than having to come up with your own strategies. If they have a demo account, you can use it to test the free FX trading signals.

3. Scammers

Apart from being very unreliable, scammers only want to make affiliate commissions from traders. Some only want you to buy “free” signals. They are likely to entice you with a few free signals so that you can start purchasing premium signals. Once you sign up for the free FX signals, you will keep receiving additional signals for sale. Through their trickery, scammers may provide ‘buy’ orders to some and ‘sell’
orders to others. Once the scammer splits the audience into two, he or she is assured of making a profit from one group even if the other is making losses.

Should You Or Should You Not Use Free FX Signals?

If you are a new trader, the temptation of using any FX signals you find online can be overwhelming. However, you shouldn’t pick just any signals. Online forex trading works well when you get to master how it works. But they will take you long hours and lots of hard work. The fact that you have the most profitable FX signals doesn’t mean you are becoming a master of online forex trading. What’s happening is that you are fully dependent on another person.
Of course, you will get returns albeit short-lived. When you come to think of it, this is not the same as charting your own long-term journey in forex trading. By performing the trades yourself, you are by extension taking time to learn the workings of the forex market. If you must get free FX signals online, you are better off looking in forums. It is best to work with traders who are experienced and have a proven trading history of more than 6 months.
Don’t trust anyone that promises results without showing what they have done previously. A trusted signals provider has nothing to hide and will be very glad to share his or her history with you. Besides, it is possible to verify signals by checking out the trader’s history through their MT4 account. You can find such information on forums such as MyFXBooks.

How to Pick the Best Forex Trading Signals Provider

Given the many options available, settling on one FX signals provider can be a daunting task. That’s why traders are advised to take time and research certain aspects of the signals provider. The following are some of the things you should look out for:

1. The profitability of the Signals

If the signals have no profit potential, why should you use them? Don’t be fooled by the claims made by certain traders about catching thousands of pips in a month. Check out their track record. Not that profits can be guaranteed. Rather, they are risky ventures which may result in losses. According to industry experts, the higher the reward-to-risk ratio, the more profitable it is.

2. Verified Trading Results

A trustworthy signals provider should have no problem showing you his or her verified results from the previous trading. It’s only with a verified track record that you will be able to know whether the trader’s claimed performance is real. These results should be verified by an entity like ForexFactory, FX Blue, MyFXBook, and so on.

3. Signals with Charts and Comments

A good provider of forex signals should include charts and comments. It is not enough to send the entry price, take-profit level, and stop-loss level. Traders need high-quality forex trading signals complete with charts and comments so as to be sure why they are taking a short or long position. Because of the way this information gives insight into the workings of the market, it is easier for you to learn your ropes.

4. Availability of a Free Trial

If the signals provider is transparent, he or she should have the option of a free trial for traders. During the free trial period, traders get the opportunity to check out the quality of the forex signals. After that, you can choose if you want to go ahead with the subscription. It doesn’t matter how long the free trial period is. What’s important is that they help you know the signals provider better.

5. Whether You Use the Same Broker

An important consideration is that you and the signals provider must of necessity be trading through the same broker. With that, you won’t have to worry about the execution speed or your profits being affected by the spreads and slippage. When you use different brokers, you are likely not to hit your targets.

6. Whether You Need Automated Signals

Whether you pick a signals provider who emails you the signals or one whose processes are fully automated is a personal choice. If you have an MT4 trading account, you can make use of Expert Advisors, which work automatically. Despite the type of signals you choose, stay fully in control of the risks and possible equity.

Conclusion

Clearly, forex trading signals are important for both the seasoned and newbie traders. You can get these signals from paid-for providers as well as the free ones. Among the paid ones, we have those which require you to open an account with a high minimum balance. The rest are nearly free.
If you must use forex signals, know where to find them. But as you use them, also learn the intricacies of forex trading. Nothing is as fulfilling as being able to do some things on your own.

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How to Make Money With Forex Factory

The forex market has grown so big in the last decade that websites have emerged to connect traders and help them make sizeable profits.One of these websites is the Forex Factory. It is a forum where traders take advantage of several features to enjoy a more fulfilling trading experience. Forex Factory was launched in 2004 with unique features that help traders to perfectly time their trades. As such, it has features such as Forex Factory News and Forex Factory Calendar to help traders make timely trading decisions.
 
Their website is a great tool for both the experienced and newbie forex traders. Its popularity emanates from the fact that it provides members with the market intelligence they cannot find elsewhere. The website has a forum when traders can place their reviews and help others make better trading decisions. With the information sourced from this site, traders stay ahead of the pack with great investment strategies with guaranteed profitability.
However, some online reviews have cautioned traders against scammers who could prey on them on the Forex Factory website. Thus, traders have to be careful not to end up losing their hard-earned cash. In this write-up, we delve into the features of Forex Factory that are bound to make your FX trading experience profitable.

Why Do People Love Forex Factory?

When it comes to presenting content in a simple, uncomplicated manner, the Forex Factory truly stands out. The designers of ForexFactory.com understands that it is not having great content but how you present it to the users that really matters. By and large, Forex Factory delivers quality in an intuitive easy-to-understand way.

Quality Services

Traders like it that way. When they are able to get quality without having to sacrifice on elements of design, the user experience is heightened. The website is geared towards making it easier for forex traders. Getting all the necessary details is possible within no time. Some online reviews consider it the easiest to navigate and most accessible forex-oriented website. It is possible to access troves of information without the fear of making unnecessary errors. With this information, it is possible to improve your ability to trade and make greater gains.

User Interface

When it comes to the user interface, the website has
easy-to-master operation procedures. It is easy to trade and authenticate market news before using them to trade. Using the navigation tool, you can easily move between tabs without much of a hassle. The website has quick hyperlinks to give you access to the latest information first.

Responsiveness

Despite having been in business since 2004, ForexFactory.com continues to be responsive to the growing needs of forex traders worldwide. Every year, they keep introducing fresh elements to make the trading experience even better. Right from the home page, you will get all kinds of data and information concerning exchange rates, latest news, and updates.

Features of Forex Factory and How They Work

The best way to gauge Forex Factory is to critically analyze its key features and how each one of them plays a role in helping you to make more profits. The following are the features that define ForexFactory.com as a forex website:

1. Forex Factory Forums

Forex Factory forums are one of the best features of this website. The forum is full of activity with various traders making contributions to the conversations. World over, this could be the most active forum with huge numbers, a variety of topics, and in-depth discussions. On this platform, you have the opportunity to become more knowledgeable when it comes to forex trading.
It is estimated that ForexFactory.com forums have
audiences from all over the world. The forums bring together traders from all over the world making the information available current and in conformity to
prevailing market trends. Apart from being interactive, Forex Factory provides very useful lessons on forex trading.

Solutions

If you are looking for solutions to trading issues, this is the forum to join. You don’t have to be an active participant on the forum. By following the discussion thread which runs on a 24/7 basis, you will learn a lot from your fellow traders. For solutions to specific trading issues, all that’s required is to search for a particular topic.
For newbie forex traders, the forex factory forum has
information geared towards sharpening their trading skills to make then professionals within the shortest time possible. To enable ease-of-access to information, the forums are classified as Rookie Talk, Broker Discussion,Trading Systems, Interactive Trading, and so on. All it takes to get specific information is to join any of the specialized forums to interact with like-minded traders.

2. Forex Factory Calendar

Forex Factory Calendar is one of the most popular features for traders on this website. With the help of this feature, traders are able to maximize their profits. According to most of the online reviews by Forex Factory users, the calendar is the biggest reason they sign-up on this website. This is hardly your regular calendar. Rather, it is a comprehensive economic calendar that provides you a lot of useful information.

Innovativeness

Due to its innovative nature, the calendar is hailed by some reviewers as one that has altered existing financial and economic calendars. Some of the unique elements of Forex Factory Calendar include impact ratings,adjustable time zones, economic charts, real-time data release, links to sources of events, and dates of important economic data.

Relevant Filters

Add to that relevant filters and a detailed viewing chart and you have a tool that can make your trading very efficient. It gives you to access timely news which you can filter according to topical relevance.
Given that markets react to news of economic and other environmental issues, it is necessary to have such information. It impacts movements in the money market and can provide key intelligence for traders. Whether you are a professional trader or a newbie, the data and information released to properly position their trades.

Forex Experts

The uniqueness of Forex Factory goes beyond the large
library of information. There are hundreds of highly trained forex experts who not only keep watch but also provide regular updates for the consumption of
traders. Traders will benefit from insights and updates from a group of financial economists working for Forex Factory. Thanks to their work, the calendar is always up to date and reliable. Given its reliability, a number of forex trading websites have adopted the Forex Factory calendar for use by their
subscribers.
Here’s a short guide on how traders can use Forex Factory Calendar:

Step 1. Starting Out

Once you open the Forex Factory Calendar, you will see a screen with multiple activities.

Step 2. Configuring the Time Zone

The first thing to do one you open the calendar tab is to set the time zone. There is a timestamp in the upper corner to the right. On the next page, you can set the time zone. This synchronizes the time for every news event with the local time in your area. Once that’s done, you can toggle the DST (Daylight Savings Time) on or off. You may also change the time format between am/pm and the 24-hour system. 
Make sure you go through all the settings you wish to change before clicking “Save Settings”. If you want to retain the settings for longer, do not clear the cache in your browser. After saving the settings, the correct time will be displayed on the screen.

Step 3. Setting the Event Filter

By now, the Forex Factory Calendar should be fully displayed with all available news events reflecting the local time. Now what needs to be set is the event filter. The purpose is to set criteria for the news and currency types to display. It works well if you are following specific currencies or news events.
Start by clicking “Filter”, an icon on the calendar page.This will take you to a screen where you can filter events by currency, event type, and expected impact. In the expected impact boxes, yellows mean
low-impact news, orange indicates medium-impact news while a red represents high-impact news. To get a complete picture of what to expect in the near
future, you may want to pick the medium-impact and high-impact news. You will get specific news items without the fear of being bombarded with unnecessary
clutter.
Review your options to be sure that you have chosen
everything you want. After clicking “Apply Filter”, you will be able to get only the currencies and events you picked. Whenever you need to change the settings, you can do it at virtually any time.

Step 4. Selecting a Time Frame

By now, you have set your time zone and configured the filter. Next, you should select the time-frame you desire. This is the length of time the calendar will show. Depending on what you want, the time-frame can be a day, week or month. If you want, you can pick the predetermined time-frames appearing on the navigation pane. Most professional forex traders opt for an entire week to enable them to get ready for days to come and not just a few hours.

Step 5. Getting the Most Out of Forex Factory Calendar

Apart from surface content like scheduled time, expected impact, and event name, there is additional information you can get from Forex Factory Calendar. The only problem with this feature is that it can take you to unnecessary details in the news and not just the analysis that aids your trades. Some of the additional details include the event source, history, and frequency. If you are a technical trader, these details may not help much. The things to concern you the most is the news timing and expected impact. 

3. Forex Factory News

News about the forex markets and economic situation has an impact on the direction in which the market moves. The change in the market due to certain news could be sudden or swift leading to a possible reversal in a whole trade.
To be in a position to deal with possible changes in the forex market, it is important to follow up on news and trends in the economic circles. The good thing about Forex Factory News is that the sources of
information are varied, thus, giving you a complete picture of what to expect.
Besides, Forex Factory has an editorial team that ensures that fakes news and the falsely reported ones don’t reach the readers. What that means is that what you get on this platform is fully authenticated. However, before making a trading decision, first, check your accuracy of the news to be sure. 
 
To recap, it is important to follow up on the medium-impact and high-impact news. It is important to follow up on news about Nonfarm Payrolls, Federal Open Market Committee (FOMC), unemployment rates, Final Gross Domestic Product (GDP), monetary policy announcements, and an announcement from the central bank on rates.

4. Forex Factory Market

Forex Factory has many innovative features and this is just one of them. The Forex Factory Market has elements such as the Scanner, Chart, and Sessions. This feature collects and displays data from a number of different brokers. The purpose is to show the best instantaneous rates more comprehensively. There is nowhere else you will be able to get rates that are
as close enough to the actual thing as possible.
Due to its accuracy, the MDA (Market Data Application) is hailed by different reviewers as a “True Pricer”. You can use it to compare prices from separate operators and get a centralized rate for your forex trades. The charts and scanners are free-of-charge and can be accessed by all users. They enable even the inexperienced traders to make their trades without much of an effort or glitch.
For traders who are not adequately tech-savvy, there are several guides on ForexFactory.com to enable you to learn how to use these features. Any doubt you had about the relevance of the charts is adequately addressed through these charts.

5. Forex Factory Trade Explorer

One of the major attractions of Forex Factory is the Trade Explorer one of several trading elements on the website. As a feature, Trader Explorer was launched in 2011 to facilitate a seamless trade. It also enables the intelligent analysis of every trade you make. Additionally, it helps to analyze a trade that’s possible to be undertaken up to a given point in time. This dynamic feature is everything you need to have seamless trading experience.

Other Things to Know About Forex Factory

Apart from the features already conversed in this write-up, there are several things about Forex Factory which makes it stand out from the crowded forex market. They include the following:

1. Live Charts

One of the things about Forex Factory is that it has great charts to help you get a detailed analysis of the market. These charts are great indicators of the positioning of the market at any particular time. On
the Forex Factory website, the charts are found by clicking the “Market” tab. No need to log in to your account. Once the page is displayed, you can click on
any chart and view it.

2. Finding Good Trading Strategies

Undoubtedly, Forex Factory brings together traders who depend on each other for the formulation of trading strategies. Every day, people share great ideas that are then used by those in need of some
inspiration. One can take advantage of the discussions on trading systems, trading journals, and trading strategies. While some posts have the general
information, others contain ready-to-use trading strategies.
Apart from explaining their trading strategies, some traders answer all the questions that may arise. Since some of the available threads have been on the site for years, you can use them to find strategies that have actually worked.

3. Finding Bad Trading Strategies

To most traders, this might seem counter-intuitive. However,identifying the strategies that have made traders lose consistently can help you to make better decisions. The idea is to scour the forums on Forex Factory with the aim of finding the worst trading strategy ever. Then flip it over the head. By doing the exact opposite of a bad trading strategy, you should be in a position to get a really good one. Beware of traders who try to deceive others by posting only a portion of their charts and results. If a trader is ever losing on his trades, don’t expect him or her to post that on the site.

4. Finding Indicators

One of the things that make Forex Factory a favorite for many traders is the multiple indicators it offers. Even if they are mostly MT4 indicators, the variety is exactly what every trader needs to succeed. If the indicators are proving hard to understand, you can modify them to do exactly what you want. Some of the indicators on Forex Factory can be accessed by doing a single search on Google. If you are already on the Forex Factory website, you can simply go to the tech platform.

5. Forex Factory as a Journal

Every trader needs to keep a journal of all their activities in the forex market. The journal may contain the numbers involved as well as other details of the trades. It is great if the journal is on the open forum so that you can gauge other people’s comments.
Regardless of whether you get good or bad comments, you will be able to get a better focus on your trades. If anything, it helps when other people question your strategy. It is possible that critics will point out a problem you may not have noticed otherwise. After all, the purpose is to get feedback, which you can then use to re-strategize.
Keeping a journal is also about being accountable to
yourself and others. Once you start having followers to your journal, you will find the time and energy to keep writing it every day. Through the journal, you
have inadvertently made a commitment to others and to yourself.

6. Networking with Other Traders

Given the lonely nature of forex trading, you need a network of other people with whom you can talk and share ideas. It helps when you are able to find traders with strategies similar to yours. The people you interact with on Forex Factory can alert you whenever something of great importance springs up. You will also never miss any trade setups. If you have a problem, you can present it to the forums and find solutions. As you get help, you should also offer assistance to others. As you extend help, you become better at making trading strategies.

7. Finding Trading Firms

Forex Factory is a great forum where you can present your ideas to a wider audience. As you write about trading, you will generate positive interest from trading firms who need people with your skills. Many
individuals have been offered jobs just by exposing themselves online and so can you. As a trader, take advantage of the opportunities on Forex Factory to
get opportunities to work for trading firms.

8. Tracking Your Trades

With Forex Factory, traders can track their trading
activities in real-time. Every time you make a trade, Forex Factory will display it to other users. With time, you will start getting positive attention from your peers on this forum. It is also about being accountable to yourself and others. You can enable live tracking by clicking “Create Trade Explorer” on
the drop-down menu on your username. That simple and easy, you will be able to display your trading to others.

Conclusion

Clearly, joining Forex Factory is a necessity for anyone who is after getting the most out of his or her trading. Apart from the Forex Factory Calendar, there are other features that make the forum worth the while. By tracking current news events and their impact on the forex markets, traders are able to make more informed strategies. Traders can make the most out of Forex Factory by starting a journal or tracking trades. Both of these are ways of sharing trades among peers on the forum. Only that you need to take time and learn how to correctly use ForexFactory.com.

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3 Reasons To Buy Huawei P30 or Huawei P30 Pro

2019 set in with the launch of state-of-the-art smartphones including Huawei Mate X, Samsung Galaxy S10, and Sony Xperia 1. Just like Huawei Mate X,which has folding capabilities, the Huawei P30 and Huawei P30 Pro are flagship products from the giant Chinese technology company.
 
Over the years, Huawei has been pushing the boundaries in the mobile phone market and it has succeeded in doing so with the two handsets. To enable smart photography, Huawei was the first mobile company to implement cameras with dual-lens as well as triple-lens.
Hoawei P30
Huawei is a leader in innovative mobile technology
 

 

 

 

Huawei P30 Optical Stabilization

Characteristically,the P30 has a triple-lens camera with a 40 MP F1.8 wide-angle lens, a 16 MP F2.2 ultra-wide-angle lens, and 8 MP F2.4 three times telephoto lens. The P30 Pro has an extra depth-sensing camera together with an 8 MP F3.4 five times telephoto lens, a 20 MP F2.2 ultra-wide-angle
lens, and a 40 MP F1.6 wide-angle lens.
With these phones, Huawei introduces a 5x optical zoom which raises the bar one more time in smartphone photography. As a word of caution, you may have to wait to see how the cameras will turn out in real-world situations. According to Huawei, the phones come with better image processing algorithms, sensor upgrades, as well as optical stabilization
Huawei P30
Great photos for all occasions

Huawei P30 Storage Capacity

Huawei managed to show off some low-light photos in a demo on-stage. The images were not just excellent but they were as good as the night shots from Google Pixel phones. Bear in mind that these photos may have undergone quite some AI processing.
Thenew Huawei phones come with ultra-narrow bezels and a tiny teardrop notch. Given the 6.1-inch P30 and 6.47-inch P30 Pro, the handsets and compact enough for the discerning smartphone owner. The screen resolutions stand at 2340×1080 pixels for both handsets.
One thing you will not see with your eyes but which defines the functionality of the two handsets is the Huawei Kirin 980 processor, the latest in the company’s innovativeness. Both phones have a maximum of 8 GB RAM. The difference is in the internal storage capacity. While the P30 has a capacity of 128 GB P30 Pro has a 512 GB storage capacity.
Huawei P30 camera
Innovative 3-in-1 camera for great photos
 

 

 

 

Huawei P30 Best Phones for 2020

Both phones have a fingerprint sensor on the screens. When it comes to acting as a password, Huawei says they have made the fingerprint sensor even faster. The Huawei P30 Pro has an IP68 rating, which makes it totally dustproof and waterproof. As for the Huawei P30, it has a a less-airtight IP53 rating, which does not make it fully dustproof or waterproof.
Other features offered by these handsets include wireless charging, fast charging, as well as reverse wireless charging. Thus, it is possible to use the phones to charge smaller gadgets wirelessly.
You can get the two phones in Breathing Blue,Aurora, Amber Sunrise, Pearl White, and Black colors. The Huawei P30 goes for $900 upwards while the Huawei P30 Pro goes for $1,130 upwards. If you are looking for a good smartphone to light up 2019, any of these two will do just fine.

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Best Cordless Phone for Home and Office Use 2020

Forex Trading: A Beginnner’s Guide to Higher Profits

Forex trading – What does it entail? Well, every country in the world has a local currency that’s used by its citizens and residents when carrying out business transactions. In order to trade with people in other countries, it is necessary to exchange local currencies with foreign ones. For example, a Germany resident who wants to buy computers from the US must exchange the Euro for the dollar. This is also true for travelers to other countries. It is necessary to get an equivalent of the local currency in order to make transactions.
Forex Trading
Forex trading involves buying and selling currency
It’s the need for currency exchange that has necessitated the existence of the forex market. Also known as currency trading, FX market or foreign exchange market, the forex market is the most liquid and largest market in the world. On average, the daily trading volume in the forex market is more than $5 trillion. No other market comes close.

What Is Forex?

The forex market a global market on which people trade currencies from across the world. It is characteristically decentralized with currency trading conducted over-the-counter (OTC), electronically. Instead of relying on a centralized exchange, traders rely on computer networks to trade
with their counterparts across the world. The forces of demand and supply determine Forex rates or prices. As such, the Forex rate between two currencies determines how much you will get in foreign currency for your money.
Forex markets are open for trading 24 hours a day, 5 ½ days a week with trading happening in the world’s major financial centers of New York, London, Zurich, Tokyo, Hong Kong, Frankfurt, Paris, Singapore, and Sydney. Thus Forex trading takes place around the clock across different timelines. As soon as the trading day ends in New York, it starts afresh in Hong Kong and Tokyo. Since it remains active throughout the 24-hour cycle, price quotes on the Forex market keep changing.

What is Forex Trading?

Forex trading refers to the buying or selling of currencies. Every day, central banks, commercial corporations,institutional investors, corporations, and individual traders exchange currencies. Depending on the organization or individual exchanging currencies, the reasons for doing so could be to make a profit, facilitate tourism and international trade or balance the markets.
Usually, forex trading involves currency pairs in the spot or futures markets. Conventionally, a currency pair changes in value depending on the forces of demand and supply. However, political, environmental, and economic factors such as national elections, natural disasters, and wars also determine the value of a currency pair. Since currency pairs are very responsive to changes in the economy and environment, forex markets are said to be very volatile.

Currency Pairs and How They Work

All transactions on the forex market involve the buying and selling of two currencies, all at the same time. The two currencies for buying and selling are called ‘currency pairs’. One of the most common currency pairs on the worldwide forex market is the Euro/US Dollar. The currency that comes first is the base currency while that which comes second is the quote currency.

Prices

The prices of each currency pair are either either bid price or ask price. For example, in the EUR/USD currency pair, the bid price could be 1.0816, which means you can sell EUR1 for $1.0816. If the asking price is 1.0818, it means that you can buy EUR1 for $1.0818. This creates a spread of 0.0002 (1.0818 – 1.0816) or 2 pips. In the forex markets, the spread is the asking price minus the bid price. This is the cost of trading or the amount of money to be made by the forex brokers.

Position

On the forex market, trade-in progress is a ‘position’. Trading positions can be of two kinds, namely a ‘short position’ or ‘long position’. When a trader takes a short position, he or she sells a currency with the expectation that its value will decrease. The intention is to buy back the currency at a much lower value. Once the trader buys back the
currency – preferably for less than he or she sold it – the position is ‘closed’.
A ‘long position’ is the situation where a trader buys a currency with the expectation that the value will rise. Later, he or she will sell it back to the market for much more than he or she had spent.
That means the trading position is effectively ‘closed’.

Long Position

Say the EUR/USD currency pair is trading at 1.0816/1.0818. An investor can open a long position on the Euro by buying EUR1 for $1.818. In the intervening period, the trader holds the Euro hoping that it’s going to appreciate and later sell it to the market. With higher prices, the expectation can only be that the trader will get some profit. If the trader chooses to go short on the Euro, he or she will sell EUR1 for $1.816. If the Euro depreciates, he or she can sell it back to the market at a much lower rate.
Forex trading currency pairs
Forex trading involves the use of currency pairs
The forex market, has different types of currency pairs. While the major currency pairs are 7, traders can take advantage of other options. The following are the types of currency pairs on the forex market:

1. Major Pairs

Over 80 percent of currency trading involves the major pairs. Because of that, the currency pairs have high liquidity and low volatility. Major currency pairs are from the stable,less-troubled economies. They are less likely to be manipulated and come with smaller spreads compared to other pairs. Examples include the EUR/USD, USD/JPY,GBP/USD, USD/CHF, AUD/USD, USD/CAD, and NZD/USD. As is clear, all the major currencies involve the US dollar.

2. Crosses or Minor Pairs

Currency pairs in that do not include the USD are either crosses or minor pairs. Traditionally, traders had to convert crosses into USD before determiningits value in the desired currency. However, the evolution of forex trading, has made it possible to trade crosses directly. Examples include GBP/JPY, EUR/JPY, EUR/GBP, NZD/JPY, CAD/CHF, and AUD/JPY. Apart from being less liquid, these currency pairs are more volatile than the major currency pairs.

3. Exotic Pairs

Exotic currency pairs are those from the smaller, emerging economies when paired with one of the majors. In comparison to the majors and crosses, exotic pairs are fraught to higher risk, given that they are more volatile, less liquid, and more likely to be manipulated. Apart from being ultra-sensitive to sudden shifts in the economic and political spheres, these currency pairs have wider spreads. Examples include USD/MXN, GBP/NOK, GBP/DKK,CHF/NOK, EUR/TRY, and USD/TRY.

Types of Foreign Exchange Markets

To reiterate, the purpose of the forex market is to enable individuals and organizations to buy currency in a foreign country and do business there. The forex market is not just one but can be of different types depending on the transactions. Below is a look at the three major types of forex markets:

1. Spot Market

On the spot market, traders buy and sell currencies using the prevailing price. This is the price that’s established by the interaction between the forces of demand and supply. Some of the factors influencing this price include economic performance, prevailing interest rates, sentiments on the current political situation, and the expected performance of the currency in the future.
In this market, a finalized deal is referred to as a ‘spot deal’. It involves two traders with one delivering a pre-agreed currency amount to the other party and receiving a specific amount in another currency at an agreed exchange rate. Upon the close of a position, traders do the  settlement in spot cash.
Contrary to its name, transactions in the spot market take up to two days to settle. This exposes traders to losses occasioned by fluctuations in the highly-volatile currency market. In the end, traders may
suffer when prices are either lowered or raised after entering the agreement and before closing the trade.

2. Futures Market

Transactions in the futures market involve future delivery and payment at an agreed future exchange rate. Unlike in the spot market, traders in the futures market do not deal with actual currencies. What they deal in are contracts representing claims to a certain type of currency, a specified price per unit, and a settlement date in the future. Due to their standardized nature, the contracts have elements that are fixed and non-negotiable.
Essentially the transactions in the futures market aren’t prone to the volatile nature of the currency market. This type of forex trading is popular with traders who have no problem making large currency transactions with the aim of making assured returns on investment.

3. Forward Market

While transactions in the forward market are similar to those in the futures market, they are different in the sense that the trading parties can negotiate the terms of the contract. As such, the two are able to
tailor the terms to their specific needs. The transactions in this market may involve the swapping of two currencies for some time after which the currency is returned when the contract ends.
Like the Futures market, the forward market protects
investors against the many risks in the forex market. To avoid making losses due to fluctuations in exchange rates, large multi-nationals often hedge using these futures and forward markets. Due to the entry of speculators in these markets, they now account for over 70 percent of the trading volume in the forex market.

How Hedging Works in Forex Trading

By the nature of their operations, multi-national
corporations do business in different foreign countries. Thus, they are at the risk of losses due to fluctuations in the value of currencies when they sell or buy goods or services outside of their home markets. Luckily, forex trading allows them to hedge their currency risk by establishing a rate at which they complete transactions. As such, a trader may opt to buy or sell a currency in the futures or forward markets that lock in exchange rates and enable him or
her to hedge. Hedging may involve one of two main strategies, which we discuss below:

1. Strategy One

A trader may hedge by holding short and long positions at the same time to protect a current position from unexpected moves in a currency pair. In forex trading, this is a ‘perfect hedge’, given that it eliminates all the possible risks and guarantees a profit for as long as the hedge remains active.
Bizarre as it may sound, considering the opposing short and long positions, this is a strategy that’s commonly adopted by traders on the forex market. This kind of hedge often arises when a trader already has a short or long position for the long-term but opts to open a contrary trade in the short-term to benefit from a momentary market imbalance.

2. Strategy Two

It is possible for a trader to hedge with the aim of
protecting a current position from a negative move in a currency pair. Here,forex options are used to protect a short or long position in what’s known as
an ‘imperfect hedge’, since only part of the risk is eliminated by the hedge. Also, a trader has a guaranteed of part of the possible profit from that
particular trade.

Imperfect Hedge

A trader may create an imperfect hedge from the short or long positions. If in a short position on a currency pair, a trader could reduce his upside risk by buying call options or reduce his downside risk by
buying put options contracts.
Traders make imperfect upside risk hedges using call options contracts. Here, a trader has the right to buy a given currency pair at a stated price on or prior to a specified date from the seller of options in exchange for an upfront premium. Take a forex trader who is short on the EUR/USD at 1.0945 with the expectation that the pair will move lower. However,
there is a concern that the outcome of a presidential election could make it move lower. To hedge using a call options contract, he could place a bid with a price slightly higher than the prevailing exchange rate, say 1.0985 with an expiration soon after the elections.

Short Position

If the GBP/USD pair moves up soon after the election, the trader knows he has limited his risk to 40 pips (1.0985 – 1.0945) together with the premium paid for the options contract. At a price of more than 1.0985, the trader can only lose at least 50 pips and the premium since he can cover his short position by buying the GBP/USD pair from the seller of the call option at a 1.0985 strike price. It doesn’t matter what the prevailing market price is.
On the other hand, imperfect downside risk hedges are done using put options hedges. With these, the trader has the right to sell a given currency pair at a stated price, before or on a pre-determined date, to the buyer of the option for a premium.

Bearish Economy

Say you are long on the EUR/USD at 1.3255 in anticipation that the pair will eventually move higher. However, you are worried that the pair could move lower in case of an announcement of a bearish economic situation. You have the option to buy a put option contract to hedge a portion of your risk. The strike price should be below the prevailing exchange rate,say 1.3205. As for the expiration date, it should be soon after the
If the EUR/USD doesn’t move lower after the announcement of the economic situation, you will be in a position to hold onto your long trade on the EUR/USD. As it rises high, you will keep making profits, the only cost being the premium you had placed on it.
However if the economic announcement causes the EUR/USD to start moving lower, then you don’t have to worry about that since you know you have limited your risk to at most 50 pips (1.3255 – 1.3205) plus the premium you placed. That’s because you can sell your long position to the seller of the put option for a 1.3255 strike price no matter the prevailing market price of the pair.

Forex Trading As Speculation

Forex trading is entirely depended on environmental factors such as geopolitical risk, economic strength, tourism, trade flows, and interest. These factors have an effect on the demand and supply of currencies
and determine how volatile forex markets are on a daily basis. While this creates a risk, it also brings about an opportunity to benefit from changes
leading to the appreciation or devaluation of a currency. Thus, a trader could put his money on the fact that a currency could increase or decrease in value.

Extreme Profits

In that regard, forex trading is a largely speculative exercise. That’s especially as concerns day trading which  can yield extreme profits while exposing you to very high risks. Every time a trader places a trade, he or she is speculating that it will result in profits within the time interval of placing the trade and getting out of it. Together with traders in the stock market, position traders, as well as hedge funds, are all speculators.

Currency Devaluation

Many people view speculation in the forex market as controversial owing to the high likelihood of negative actions such as currency devaluation. Yet, according to economists, the forex market needs speculators. That’s because hedgers can find a group of individuals willing to take on the risk. To the naysayers, currency speculation relies on the basis of external factors such as the political situation and not free-market economics.

Interest Rates

Even though speculative in nature, forex trading is still a respectable way to make money for traders willing to risk. Say, you expect a rise in interest rates in the US, compared to Australia when the value of the AUD/USD pair is 0.80. As a result of increased interest rates in the US,the demand for the USD may increase. This will cause a fall in the AUD/USD exchange rate since traders will require fewer USD to buy the AUD.
Forex trading
To start forex trading, you have to invest cash
If the prediction of a rise in interest rates in the US turns out to be true, the price for the AUD/USD pair could decrease to 0.60. A change in value will lead to a profit is you hand gone long on the USD and
short on the AUD. Since that’s purely speculation, it could go the other way if the interest rates in the US don’t increase.

Currency as an Asset

Forex trading gets interesting when you look at currency as an asset. Currencies are called assets, given the possibility of earning the difference in interest rates between currencies in a pair. By going long on currency in a country with high-interest rates and short on one with low-interest rates, a trader can make a considerable amount in profits. Players in the market call this ‘carry trade’. Also, it is possible to earn profit from any exchange rate changes.
Traditionally, hedge funds, high-net-worth individuals, and multi-national corporations, dominated the forex market. That’s owing to the high capital requirement back then. Today, individuals can invest in forex markets through brokers or banks. Only that a majority of the online traders offer higher than average leverages, especially with individual traders who are only able to maintain a small balance in their accounts.

Is Forex Trading Worth Trying?

Despite the risk it involve, forex trading is worth trying. After all the major determinant of prices in the market are the forces of demand and supply. Thus, it is not possible for individual traders to manipulate currency prices. This is especially true for traders with access to the interbank dealings.
For those who rely on the forex dealers or brokers, the risk is in their either unregulated or semi-regulated nature. Even when with proper regulation,forex dealers may lack the safeguards, exposing traders to possible losses. Before you start it out in the forex market, check is the registration and regulation status of the broker whether in the UK or the US. Always work with a broker with the right account safeguards, just in case of insolvency declaration.
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