Best Forex Signals

What Are The Best Forex Signals In Nigeria In 2022?

The best way to define forex signals is to think of them as precise trade advice or ideas. The greatest forex signals are usually provided by experienced traders. For a price or even for free, a slew of online companies offer forex trading signals. But where do you look for the best?

How do they function?

Because a forex signal is essentially a short bundle of text-based information, it can be transmitted through a variety of means.

Live messaging, email, Skype, and a variety of specific apps will be used by forex signal providers to provide their “product.” There are even Telegram channels dedicated to forex signals.

The trading signal ecosystem has also resulted in the development of full-featured, dedicated trading platforms. Signal providers can employ interactive charts, stream video, and monetize their activity with such signal-based trading platforms.

Many people consider profitable trading to be the Holy Grail. The most basic approach to these rewards for most traders is through forex signals.

If you’re seeking for a dedicated forex signal source, go no further than the list below. Some traders do not require a full broker to accompany their forex signals, such as if they are already registered with a broker with whom they are satisfied and only require the trading signals. There are professional signal providers who just generate forex signals in certain situations.

The Basics of Forex Signals

Forex signal systems are one of the most significant weapons in a successful trader’s inventory. They are used by both beginners and skilled and experienced traders.

Trading signals and various trading advice are in fact the subject of a whole industry.

What is the most important factor to consider?

When it comes to forex signals, quality should always take precedence over quantity, just as it does with most other products.

Quality forex signals do more than just inform you when to enter a transaction and in which direction to enter it. They also contain extensive instructions for setting up your Stop Losses and Take Profits.

Going for the free option on a Demo account is the greatest approach to ensure that you are dealing with trustworthy trading signals. This manner, if your signals turn out to be mediocre, you will not lose any actual money.

Time Limits

Time frames should also be taken into consideration. Trading signals do not function effectively for methods like scalping because of their nature. The scalping opportunity will have passed you by by by the time you receive the signal.

Nonetheless, there are still scalpers that employ a signal service.

Every FX signal system reflects the signal provider’s particular methods and preferences. As a result, each of these systems is unique.

Nonetheless, there are two broad categories into which they all fall:

  • based on technical analysis
  • Focused on fundamental analysis.

TA-based forex signal systems get their trade ideas from historical price movements and a variety of mathematical tricks.

The second type includes signal providers that analyze current events and derive their trade opportunities from the expected impact of such events on asset prices.

Locating the Most Effective Forex Signals

The quality of your forex trading signals will determine whether you succeed or fail. Because using these signals does not require much talent, the only variable in the equation is which forex signal service to use.

Before you take any action in this regard, you should always go over this quick checklist.

  • Time Zone — Before you begin, look into the provider’s time zone. You’d like your trade signals to arrive when you’re still awake. Otherwise, they aren’t very useful. Sign up for a free account if there is no other way to learn this crucial information.
    Sign up for a free taste test or trial period. This will inform you about the service’s quality without needing you to pay “tuition” in the form of losses experienced as a result of bad signals.
  • Compare – Don’t settle for the first service that appeals to you. Continue your search and compare the FX signal providers that you believe are most appropriate for your trading style. Finally, choose the finest one.
    Examine your forex signal provider’s track record carefully. This should provide you with all of the information you require regarding the setup’s performance. Only third-party certified track records should be considered. is one such verification service.
  • Complete Analysis – Opt for the complete package. Low-effort signal suppliers should be avoided, such as those who merely give you the entry price and the SL/TP. You must understand why your signal is supposed to function. To that aim, you’ll need your FX signal source to provide you with charts as well as thorough market analysis.
  • Focus On You – Ensure that the signal’s style is appropriate for your trading demands. Aside from the two fundamental forms, Forex signals come in a variety of formats. Short- and long-term signals, intraday breakout signals, and so on are all available. Profitability should always take precedence. Using signals that match your personal style, on the other hand, will be easier and more pleasurable.
  • Extras — Select a signal supplier that provides other services if at all possible. These services can be instructional or focused on social trading. Such benefits might add a lot of value to the setup if you’re dealing with good trading signals.
    It’s a different scenario when it comes to finding MT4 forex signals. There is a Signals tab in the Terminal window. This section includes a number of trading signal providers, as well as graphs showing their trading performance.

Signal Provider Comparison

It can be time-consuming to compare forex signal providers. It will, however, pay off handsomely because every bit of value you uncover as a result of this approach will boost your profits.

Perform a forex signal ranking search. There are a plethora of sites that compare signal services. Pick a handful from the top and examine them more closely.

Read the reviews of forex signals supplied by the aforementioned comparison sites.

Sign up for the free trial they provide and follow the checklist above to see how they compare. Take into account the providers’ communication routes. Is their “product” delivered via Skype, email, SMS, or Telegram? Do they make use of specialized software?

Choose the option that checks the most boxes on your checklist.

Signals and How to Use Them

It is simple to open a position based on a forex trading signal. It will be a piece of cake to put these signals to use after you have learned to “read” them.

  1. – The first step is to join the channel of the signal supplier. This could be a website, a Telegram channel, or a Skype conversation, for example.
  2. – Take the data that the signal provider sends you and paste it into your account.
  3. – Wait for the trade to close before collecting the funds.

What Does The Best Signals Contain?

A signal should specifically inform you of the following:

  • The instrument/currency pair you’ll trade (EUR/USD, BTC/USD, gold, silver, and so on).
  • The direction in which your business is heading. A BUY or SELL activity is listed next to the real asset price.
  • The current state of your signal. Forex signals might be Active, Get Ready, or Closed depending on their status.
  • As they are, active signals can be used right away. The Get Ready signals are not yet operational, but they may be in the near future. They could also vanish.
  • Keep an eye on them, but don’t do anything about them until they become Active.
  • Signals that are closed have passed their expiration date.
  • The price of admission is self-explanatory. It’s the price point at which the provider advises you to enter the deal.

If the market turns against you, the Stop Loss is where your deal will be instantly closed. This is a damage control feature, and it is critical for long-term profitability. Make sure you remember to set it as instructed by your FX signal.
If your transaction goes your way, the Take Profit is the price level at which it is immediately closed. Taking profits at the correct time is just as crucial as using a Stop Loss to protect yourself.
Comments, graphs, and explanations about the suggested trade arrangement.
It’s important to understand that deals can be concluded in three ways. The provider can close it manually in addition to the automatic closure prompted by the SL or TP.

The supplier will recommend that the trade be closed when the conjuncture is right. In such circumstances, an explanation is offered along with the closing price in the comments area.

In some cases, the signal provider may even urge that the TP be extended in order to improve the profit margin.

What Are The Different Types Of Trading Signals And How Do I Use Them?

Surprisingly, sometimes the best way to maximize the potential of your trade signals is to ignore them. Or, to put it another way, you should fiddle with some of the factors that make them up.

Increasing your take profit is a simple approach to increase your profit potential. When establishing the take profit and stop loss levels, most forex signal systems use a predetermined pip amount. They rarely intervene in the middle of a trade to adjust these variables.

Profit And Loss Stopping

Feel free to adjust the profit level if you believe the trade’s potential is more than what the profit level allows. In other circumstances, deleting the take profit entirely is necessary. Just keep in mind that if your daring moves backfire, the signal service will not be held liable.

In some circumstances, moving your stop loss can save an otherwise fatal trade. The stop loss, like the profits, is set to a predetermined pip number.

It also happens to land right below a moving average or a resistance level on occasion. Moving it above the critical level may be a smart idea in such circumstances.

The cost of admission is also not established in stone. The signal service wants to err on the side of caution in this case as well. As the price rises, a lower entrance fee may become available.

When the asset price is shaken by a sudden real-world incident, manually closing a deal may be the best line of action.

Such incidents are impossible to forecast for the signal supplier. If one does occur, all bets are clearly off.

Size of the Market

Changing the lot size is another way to improve signal quality. Some of the FX signals offered by the program are clearly more reliable than others.

You’ll be able to recognize which trades are which as you gain experience. It makes perfect sense to increase your traded lot size on high likelihood indications. Reduce your traded amount on low likelihood indications in the same way.


It’s common to keep a watch on connected FX pairs. If you obtain a signal for the AUD/USD, for example, you can probably apply the same signal to the NZD/USD pair as well.

Often, the trade “derived” using this strategy proves to be more profitable than the signal’s initial recommendation.

When it comes to establishing stop losses and take gains, traders frequently overlook the spread. Make sure you don’t make the same mistake. Make the necessary adjustments to your automated closure points. Keep in mind that the spread varies depending on the FX pair.

Forex Signals for Free

Free forex signals are commonly used by signal service providers to promote their services. They make them available in the hopes of selling a service or a product later on.

A free forex signal cannot afford to be of poor quality as a promotional vehicle. But, on occasion, this is exactly what happens.


From the beginning, a premium signal service must deliver. Premium forex signals are usually of exceptional quality because they are the bread and butter of the service provider’s offering.

However, keep in mind that no signal provider can ever promise that you will win. No one will ever alone produce winners.

Signals are updated on a daily basis.
Live/Daily trading signals are essentially standard forex signals with a higher frequency of delivery. As a result, such indications are more suited to intraday trading.

Important Services has a 5-star rating. 1000PipBuilder delivers based on user feedback across numerous platforms. Trade guidance on a regular basis, as well as complete, ratified results. – With live broadcasting and cash giveaways, provides both signals and education.
Social Trading and Copying Trades

Using the trading signals supplied by more successful traders is known as social trading or copy trading.

As previously discussed, MT4 has a Signals section that shows the trades and statistics of traders who have chosen to share their data with the community.

The system compensates these traders for their “signal-providing service” by charging their subscribers fees.

The most effective forex signal providers are displayed at the top of the Signals page. In this approach, it takes care of signal service selection for users to a large extent.

There are a number of copy trade services that are similar (and much better). In this way, eToro is a good example.

Traders that use technical analysis can benefit from forex signals.

Using forex signals opens the door to a far more comprehensive trading experience for technical analysis focused traders.

The majority of legitimate forex signals also take fundamental aspects into account. TA traders will expose their trading to the fundamentals by utilising such signals.

TA is typically used to trade short-term price movements caused by supply/demand inefficiencies. Fundamentals, on the other hand, are considerably better suited to long-term, multi-time-frame transactions.

Price Movement

The majority of Forex signal providers’ tips/ideas are based on price trends. The majority of these patterns are made up of support and resistance levels. Other technical indicators, as well as price structures and patterns, can be employed.

This is, without a doubt, the essence of TA-based forex signal generating.

Scalping Signals on the Forex Market

While longer-term trading signals aim for earnings of hundreds or even thousands of pips, other FX signal providers may only accept a few pips at a time. These services provide short-term forex trading signals that are ideal for scalping.

What are some of the most common signal-based scalping applications?

It provides an alternative method during times of uncertainty, when long-term trading indications just don’t seem to cut it. Traders can’t always figure out what’s going on in the market. In such instances, reverting to scalping is a sensible strategy.

However, if you want to take advantage of such signals, you’ll have to spend a lot of time in front of your computer.

Some forex markets are simply broad-based, with protracted periods of consolidation. During these times, the market does move, but only very slowly.

Those who are impatient can turn to forex signal-based scalping once more. They’ll be able to profit from minute intra-day price changes this way.

Markets that are extremely volatile are also not conducive to long-term trading. Scalping is once again a viable strategy in these circumstances.

Scalping signals are not solely dependent on technical analysis, despite their short-term character. They do, however, include a considerable amount of essentials.

They combine economic news, data releases, and announcements with indicators such as trend lines, support and resistance levels, and stochastic oscillators in this way.


The pseudo-science that underpins the forex signals industry is far from precise. As a result, it’s ideal for con artists.

In this vertical, crooked operators have lots of area to maneuver. While we’ve already ruled out any services that appear to be scams, you should be able to recognize a forex signal scam on your own.

  • Scams are nearly always associated with services that have excessively good (and unconfirmed) track records.
  • Fx signal providers who offer to trade in your place, with your money, are almost always scammers.
  • This isn’t signal-based trading, but rather auto-trading on a hacked account.
  • When a supplier employs a variety of obnoxious and deceptive promotional techniques, it raises mistrust.
  • If something about your signal provider doesn’t add up, forget about it and move on to the next one.

Final Thoughts

Hopefully, we’ve covered everything you need to know about choosing and using forex trading signals.

A solid signal service will have an immediate and considerable influence on your profits.

AboutSamuel Joseph
Copy Trading
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We provide clients with a free automatic copy trading. You simply create a broker account with our recommended broker then use the broker's copy trade system to automatically receive trades on your account.

Our recommended broker is Vantage Markets. You must be using Vantage Markets if you want to copy our trades.

The next process will onboard you into our copy trade system. 

You are required to enter your Meta Trader (MT4) login details in this field

Since you do not have an account yet, you will be redirected to Vantage Market client registration portal. 

You are required to register an account, verify your account and make a deposit of at least $500. Once that is done, contact us via live chat, email or on whatsapp.

Click on the Get Started below to proceed.

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