Over the years, forex exchange has become the largest financial market globally. As a matter of fact, about $5 billion moves through the market daily. Hence, it is bigger than any other stock market. The market 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. Notable among the top-rated trader is Djordje Novakovic, a graduate of HEC Lausanne (Bsc. Science and Management) and a master’s degree holder from Westminster University, London. Also, he is a 23-year-old CEO of Iconix Investment in Switzerland.
Djordje Novakovic’s forex company provides financial advice and trade forex for people. The young trader explained that before one can have successful trading, it’s vital to understand the Forex Signal. The forex signal is an indicator that shows when to place your orders in the forex market without having to perform market analysis. However, Djordje added that you need to take into account some factors to decide correctly.
According to the expert, several signal providers are available in the market with a different range of variables. Likewise, a plethora of brokers provides a similar service. But the reality is that not everyone can offer a good estimate with excellent precision. Thus, a budding forex trader has to understand the features of alerts.
To begin with, 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 signal. In other words, it means how many currencies you can find detailed information from. Djordje suggests that while many systems often provide a considerable number of pairs, we need to focus on the systems that offer at least six most crucial currency pairs. By so doing, it will help in choosing a good system. For instance, you should consider Swiss dollar/franc, Dollar/yen, Canadian dollar/Dollar, Euro/Dollar, Pound/dollar, and Euro/yen. According to the professional forex trader, these pairs will come handy, and any other secondary pairs in the system will be a plus.
He added that signal duration is another key component of finding the best signal system. It relates to the duration of the alerts. Djordje Novakovic explained that having a signal that provides the opportunity to get information in various periods is crucial. It’s even more critical when we need to execute different strategies, including short-term and long-term. Thus, signals that offer relevant market data in weeks, days, and minutes are more advisable.
According to Djordje Novakovic, the use of extra tools to analyze market information is also beneficial. With these tools, it’ll be easier to analyze the technical aspects of the market, especially large reports about the available assets in the market. Djordje explained 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 performance. Brokers and independent signal providers like Djordje Novakovic allow traders to test the signal. 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. Several signals feature different delivery systems. It’s recommendable to use systems 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 a trader, 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 he stated earlier, you can either get the support from the broker or signal service providers.
Djordje explained that live alerts are essential services from brokers. Considering that live alert comes as an extra feature, it usually costs nothing. As for Djordje Novakovic forex, they only request to make a genuine account in 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 message. That aside, reports about market technical analysis usually accompany the alerts. Also, the alerts come with multiple indicators about the best moment for entry and exit. He added that with the information provided by the signals, you could quickly determine when to make a stop-loss order.