Set and Forget Forex Signals
One of the most popular trading signals that are available in numerous platforms such as myfxbook, zulutrade and the MT5 community are based on scalping. One of the reasons scalping gained such an immense popularity is due to the commission structure of the forex signals and the fact it is generating high trading volume for the broker.
We have discussed this in our prior articles on forex signals but the commission structure is a factor that weighs on the trader’s decisions in the market. Fortunately, as we are not commissioned by trading volume or spreads on our forex trading signals we do not need to face such psychological pressures.
Set and forget signals sound extremely convenient for part-time forex traders. A trade is executed and is left open to float in the market with limited updates, perhaps once a day or once a week. The trader that receives the signals does not have to pay close attention to the market while maintaining his or her daily errands.
Set and Forget Signals Flaws
As convenient as it may sound one must first understand what type of technical or fundamental entries are designed for set and forget signals. Technical analysis is often carried on a particular or multiple time frames. In order to attempt a set and forget approach the technical entry must be made on time frame that serves the strategy.
Scalpers often use the 5min chart for example, which is rather intensive. For and set an forget signals the most appropriate time frames are the daily, weekly and monthly charts. By the book a daily entry requires updating once a day, a weekly entry once a week and a monthly entry once a month.
Unfortunately, the above applies if the progress of the trade is inline with the signal provider’s expectations. The market will not always range as initially expected. We are currently in a monetary tightening phase with the brexit negotiations in the background. This is causing the market conditions to mutate at a rapid pace.
Set and Forget Signals Conditions
This phase required the forex signal provider to constantly monitor the markets and issue updates in accordance rather than once a day. Not all signal providers are watching the markets throughout the day, some may issue signals as a part-time job. If the signal provider relies on ‘the book’ and does not monitor the market the results are likely to be in accordance.
Weekly entries have more resilience than daily entries to the intraday noise but even then the market conditions require the signal provider to constantly monitor the Forex market. This is mainly due to the phase we are currently in.
Monthly entries are the most adequate approach to set and forget forex signals. Monthly entries have enough resilience to withstand most market conditions. However, how many monthly entries are likely to have in 1 year? In the best case scenario you will have 6 monthly entries, in a more realistic scenario you may have 4 entries in a year.
As convenient as it may sound, set and forget forex signals can be achieved in the market but many adjustments will be required and the progress of the trade must be monitored throughout the day by the signal provider.
Fundamental Forex Signals
Fundamental entries requires a high level of experience and in-depth understanding of global markets. The signal provider must conduct an extensive research before providing the signal to the traders. The number of fundamental entries may be limited to 2 per month at best case scenario, to be more realistic it is likely to be 3 signals per quarter (3 months).
The reason being is that fundamental entries enter a drawdown while the open profit may constantly fluctuate. One week the trade may be in a +200 pips profit and the following week in a loss of -100 pips. Not everyone can withstand such fluctuations in the Forex market.
Our Forex Signals Strategy
Our forex signals service dates back to 2014. Our approach is very clear and transparent. We use the daily, weekly, monthly and sometimes even the 4hr chart to derive our signals from the market. We first present our strategy so all our members will understand our perception on the currency pair or instrument we selected.
Once the trade is initiated we monitor the markets around the clock and issue daily updates on the progress of the trade and any adjustments that may be required. We communicate via emails as all smartphones are capable of receiving emails and the vast majority of brokers offer mobile trading.
As most of the signals are based on long time frames there is no need to make constant adjustments. In an event an adjustment is required we issue an update via email and document the update that was issued on the website. You may our trading strategies and signals for the US elections 2016 as an example.
This allows part-time and day traders to follow our forex signals and benefit from our trading strategies in the market. We constantly monitor the Forex market and also update our members on any events that had a significant impact on the currency pairs (majors and crosses). We invite you to learn more about we offer in our forex signals plans.