Over the years, the forex exchange has become a parallel financial market globally, and its daily covers $5 billion moves through the net trade. Hence, it is more significant than any other stock market business.
The marketplace is created to foster monetary flow, which is made through international trade. And when handled by a professional trader with good experience, it can be a great source of wealth.
Djordje Novakovic, a graduate of HEC Lausanne and a master’s degree holder from Westminster University, London, is the top-rated trader in the forex club. Besides, he is the 23-year-old CEO of Iconix Investment, Switzerland.
Novakovic’s forex company provides financial advice and trade for investors. The masterly trader explained that it’s vital to understand the Forex Signal before getting into a trading pattern.
The signal is an indicator that alerts when to launch your orders in the market without performing an exchange analysis. However, Novakovic added a few points that you need to consider some factors to decide correctly.
According to Novakovic, several signal providers are available on the market with a different range of variables. Likewise, a plethora of brokers provides a similar service. However, the reality is not that everyone can offer a reasonable estimate with excellent precision. Thus, a budding forex trader has to understand the in-depth features of alerts.
The currency pair is one of the vital components of the forex signal. It determines the number of currency pairs that are assessed through the sign. In other words, it means how many currencies you can find detailed information on.
Novakovic suggests that while many systems often provide a considerable number of pairs, we need to focus on the strategies that offer at least six of the most crucial currency pairs.
By so doing, it will help in choosing a sound system. For instance, you should consider Swiss dollar/franc, Dollar/yen, Canadian dollar/Dollar, Euro/Dollar, Pound/dollar, and Euro/yen. According to him, these pairs will come in handy, and any other secondary teams in the system will be a plus.
He added that signal duration is another crucial component of finding the best signal system. It relates to the duration of the alerts.
Djordje Novakovic pointed out that having a signal that provides the opportunity to get information at various periods is crucial. It’s even more critical when we need to execute different strategies, including short and long-term. Thus, signals that offer relevant market data in weeks, days, and minutes are more advisable.
The use of extra tools to analyze market information is also beneficial. With these tools, it’ll be easier to explore the technical aspects of the market, extensive reports about the available assets in the market.
He described that the efficiency of forex trading signals matters a lot. As an expert or budding trader, you need to find out if you can obtain data about the alerts’ performance.
Fortunately, brokers and suppliers usually provide information about efficiency on their websites. Hence, it is easy to view the signals’ status and version. Signal providers like Novakovic allow traders to test the movement. In this way, you can quickly get used to the system and utilize it within a specific period. Ideally, you can try out the alerts within seven to fourteen days.
Quick signal delivery is also essential, and several signals feature different delivery systems. It’s recommendable to use methods that provide alerts through email or text message.
However, we can also check on the website. With a quick signal delivery, you will stay up-to-date about changes in the market and the assets, according to the CEO of Iconix Investment.
As an investor, you need an adequate system that offers a personal assistance service throughout the day. In this way, traders can reach out to the brokers for immediate recommendations and advice. As Novakovic stated earlier, you can either get support from the broker or signal service providers.
Novakovic explained that live alerts are an essential service from brokers. Considering that live alert comes as an extra feature, it usually costs nothing.
As for forex, they only request to make a real account with the broker. A combination of the signals and the support helps get the information from the website, even though you can get alerts from email or text messages.
That aside, reports about market technical analysis usually accompany the alerts. Also, the signs come with multiple indicators about the best moment for entry and exit.
Novakovic added that you could quickly determine when to make a stop-loss order with the information provided by the signals.