One of the greatest disadvantages for the Forex trader is the time that is needed to monitor the often fast moving and volatile currency markets so that advantage can be taken of entry and exit points for trading. For many traders this means sitting in front of their computer screen and watching the markets for hours on end.
One way around this problem is to make use of automation and place limits and stops on your orders. This way, you can walk away from your screen safe in the knowledge that, if nothing else, your losses at least will be kept to a minimum. The problem here though is that you also often miss out on potential profits because your limit order kicks in too early.
So just how do you solve this problem?
The simplest solution is to use a Forex signal service which will both monitor and analyze the markets for you and then notify you when necessary through a variety of different channels including onscreen notification, email, SMS and pager messages.
Forex signals services are provided on a subscription basis, paid either monthly or annually, and can also be provided by your broker as an extra service which can be integrated into their trading software.
Most signal services limited the number of currency pairs on which the service operates but the majority will offer services for the major trading currencies including the USD against the EUR, GBP, JPY and CHF. A number of companies also provide specialist services in less frequently traded currency pairs.