It was a great relief to many after forex trading was made possible to the entire public as opposed to what it used to be before; traded only by banks, and individuals or firms that have huge amount of money. With progress in technology, it was also made possible to trade the forex market with your mobile phone, and many people are enjoying this today. As helpful as these innovations may be, it is still very important that traders understand the use of forex signals; particularly now that it is gaining more and more popularity in the forex community.
WHAT IS A FOREX SIGNAL?
It does not matter if you are trading with your android phone or not, a forex signal serves the same purpose to forex traders. It is a trade alert that notifies one of when it is best to enter or exit a trade for the purpose of avoiding risk to the barest minimum while making as much profit as possible.
TYPES OF FOREX SIGNALS:
Generally, there are three types of forex signals.
- General trade signals
- News signals
- Technical signals
Three of these signals are aimed at news, technical analyses, and general matters that concerns trading forex.
Android forex signals can be any of the types of forex signals mentioned above; just designed to be compatible with android enabled gadgets. All that needs to be done is to download the android app from the website, install it to your android device, and trade with android forex signals.
Just as is the normal procedure that should be followed, users of android forex signals should take their time to understand the app before downloading and trading with it. Here are some questions traders should ask themselves before trading with android forex signals
- Are there desktop versions of the signals just like there is the android version of it? Most people will trade with their phones only because they are away from their work station. Make sure the signal can be accessed both ways.
- It may be similar, and in some cases, it may be exactly the same thing to trade with android forex signals just like with a desktop, but you need to be really sure they are the same, and that it works for you. To do so, trade the signals on a demo trading platform first before going live with it.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.