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One of the skills that professional traders have is finding trading opportunities quickly. They can choose products and determine the price level of opening and closing positions in a short time. On the other hand, novice traders usually take longer to find these opportunities. So, this is where the trading signal feature comes to help novice traders.
What are trading signals?
Trading signal or trading signal is a summary of information about the potential price movements of forex products and commodities selected by traders. This signal can be used as a reference to open positions, both sell and buy. At MIFX Mobile, trading signals are called by the name Newest Signals and you can find them on the Home page.
The information contained in trading signals is created by market analysts from third parties, and you can use it as a trading reference as well as to deepen your chart analysis skills and price movements.
What are the advantages of using trading signals?
Trading signals contain some information that can help traders find opportunities and make trading decisions. Information that can generally be found in trading signals includes:
- Potential Sell/Buy. Traders can use this feature as a reference for what positions to open.
- Entry Level, which is the price level reference for the position to be opened.
- Profit Limit, or reference level of profit that a trader will receive. Trading positions will be automatically closed if the price touches this level, to protect profits from unwanted price changes.
- Loss Limit, or reference level of loss that the trader will accept. The trading position will be automatically closed if the price touches this level, so that the trader is protected from excessive losses.
The four features above can be found in MIFX Mobile's Latest Signals. In addition, there are also other supporting features to help you trade more easily, such as Open Position Ratio and Market Updates. The Open Position Ratio displays the percentage of the number of open positions for the product you choose, so you get an idea of the sentiments of other traders towards the product. You can follow the current market sentiment or open opposite positions according to your trading strategy. Meanwhile, Market Updates provides information on the latest financial market news that can affect price movements. This information can also be used as a reference for your fundamental analysis.
Another feature that can help you trade like a professional trader is Execution, where you can copy the Latest Signals and immediately open a position according to the reference provided. With this Execution feature, Order Type, Entry Level, Profit Limit, and Loss Limit will automatically be filled exactly according to the signal reference. However, if the reference does not fit your trading strategy, you can reset the level and price limit as you wish.
You can also learn about MIFX Mobile's other excellent features here.
Do trading signals guarantee a definite profit?
With trading signals, traders will immediately see references to trading opportunities that come from third parties, thus enabling novice traders to trade faster like professional traders. However, trading signals are not predictions that will definitely happen. No one can predict market price movements because sometimes there are events that make price movements deviate from the forecast.
Therefore, keep in mind that trading signals are trading references, not benchmarks or trading recommendations that are definitely profitable. All trading decisions remain the responsibility of each trader, so we should not be careless and just follow the signal. Always use references from trading signals carefully, match them back to your trading strategy and risk tolerance, and make trading decisions wisely, without involving emotions.