FREE FOREX SIGNALS
Our free forex signals software works directly on MT4, displaying all our live forex signals in a neat table where you can choose to copy with a click (and even auto trade). Your forex signal providers comprise of an award-winning institutional research team that runs the analysis divisions of 14+ forex brokers and advises the trading desks of the largest hedge funds.
What makes a good forex signal?
There are a few things that goes towards making a good forex signal. A good forex signal should always have:
- Automated taking of Forex Signals
- A stop loss level
- Recommended risk based on this stop loss level
- What is the recommended risk % for each of our signals?
- A take profit target
- What is a decent risk to reward ratio
- What is our trading signal hit rate and risk to reward ratio?
- Be flexible to changes in the market
- Proper analysis to back it up (versus plucking random numbers from the air)
What is our forex signal hit rate and risk to reward ratio?
For our trading strategy, we mainly use scalping and day trading strategies. We don’t like to hold positions for a long time.
- Hit rate: 65-75%
- Risk to reward ratio : 1:1 to 1:2.5
- Assets traded: Mainly Forex
- Spread sensitivity: High (this means having a low spread account is important).
- Average length of each trade: from 1 hour (scalping setups) to 15 hours (day trading setups)
Automated Forex Signals
One of the most irritating things is to see a forex signal notification pop-up while you’re having dinner or while you’re playing with your kids. You then need to pull out your MT4 mobile (or whatever platform you’re using) and enter the signal – usually done in a rush and trying to figure out what lot size you should be using.
To solve this, we have created a Forex Signal EA what works on MetaTrader 4 (MT4) which you can install directly on your MT4 terminal and it will automatically take the signals for you based on the criteria you have stated.
The Forex Signal Table displays all the trades in a neat table on MT4. In this picture, we can see the auto trading functionality it has.
One of the key things to take note of when using the auto trade feature of our MT4 Forex Signals EA (expert advisor) is that it needs to be left running on a computer. So preferably you could have it on a Virtual Private Server (VPS).
Customize the asset classes you wish to autotrade
In our MT4 Free Forex Signals EA, you are able to select which category of assets you would like to follow.
On the left, you can see there are various signals that are generated belonging to these categories:
You can select which you prefer to view and which you prefer to auto trade.
Customize the quality of signals you wish to autotrade
Now, we have a lot more 1-3 star signals compared to 4-5 star signals. But of course, our 4-5 star signals are usually more accurate and earn more money than our 1-3 star signals.
So try to strike a balance when you are choosing to customize the quality of signals you wish to autotrade.
Customize the risk allocation for each forex signal you wish to autotrade
This picture shows you how to adjust your risk allocation and forex signal quality for auto trading our forex signals.
The last thing you would want to do is to adjust the risk allocation for each trading signal that you autotrade. Sometimes you might choose to allocate a default risk % per trade and sometimes you might choose to allocate a default lot size. All of this is automatically calculated by the EA for you when you place a trade.
Our preference is that you let the Forex Signal EA decide for you based on how nice a set up is. In order to do this, the preferred risk allocation method is “Multiplier”. A Multiplier of “1” would allow your signal to copy the risk allocation of the main trader exactly as it is.
A good time to use “equity %” as your risk allocation is if you notice the signal provider is using too high risk for your comfort and you prefer to keep everything default at a certain %.
Stop Loss Level
If a trading signal does not have a stop loss level, that is incredibly dangerous as you could wipe out your entire account if the market goes against you. Also, not having a stop loss essentially means the signal provider refuses to admit he is ever going to be wrong.
In our Forex Signal app (created for MT4), you can see that there is always a stop loss and take profit level that is used by the master trader.
The red vs green areas in our progress bar denote the risk to reward of our signal. The less red vs green means the better the risk to reward.
Recommended risk based on this stop loss level
Now that we know that there is a stop loss level in place, that helps us know how much of our account to risk based on this stop loss level.
Not all forex trading signals are equal. Some may be premium forex signals and some could just meet the bare minimum requirements to constitute a trading signal.
To be able to accurately categorize this, we have split our forex signals into 1 – 5 star signals. This lets you know how accurate the forex signals are and their quality (hence their likelihood of hitting the profit target). Some forex signals are really good (they meet 5 out of 5 requirements) but some might just meet the bare basic requirements (eg. 3 out of 5 requirements). Depending on this, we adjust their quality.
What is the recommended risk % for each of our forex signals?
The beauty of our MT4 Forex Trading Signals app is that we actually have a recommended risk % built directly into each trading signal.
If you look at the table below, you can see that for each signal, there is a risk % that is filled in already based on all the factors we have considered before taking the trade.
How this is decided is purely based on the quality of the signal. The better a signal is – the more we should allocate to it, right? 🙂
Usually, this is how it looks like when it comes to determining the risk allocation for trading signals.
- 1 Star Forex Signal = 0.25% of account equity
- 2 Star Forex Signal = 0.5% of account equity
- 3 Star Forex Signal = 1% of account equity
- 4 Star Forex Signal = 1.5% of account equity
- 5 Star Forex Signal = 2.0% of account equity
We try not to risk more than 2% of an account on a single trade because for any strategy to work, we need the law of large numbers to be on our side.
Take Profit Target
Now that we know how much we wish to risk on a particular trade based on the stop loss level, the next thing we need to do is determine where our take profit target it.
An important thing to take note of when setting your take profit target is to know what your risk to reward is.
What is a decent risk to reward ratio?
For example, if your:
- Stop loss = 10 pips
- Take profit = 10 pips
- Final Risk to Reward ratio is 1:1
Assuming you have a hit rate of 50%, this would ultimately lead you to not making much money over the long run (in fact you might lose more money from commissions).
Assuming our hit rate is the same 50%, but our take profit is adjusted:
- Stop loss = 10 pips
- Take profit = 20 pips
- Final Risk to Reward ratio is 2:1
With this strategy, even though you win only 50% of your trading signals, you would still be a profitable trader.
Now that you have a proper understanding that your risk to reward ratio + your hit rate affects how profitable you are, we take a quick look at our trading signals and their expected hit rate and risk to reward ratio.
Who Creates These Signals?
Isaac Lim, CMT, CFTe
Ella Lan, CFA, CPA, MWM
Laura Ursula Tan
Recommended Broker: Vantage FX
We use Vantage FX to generate all our trading signals so if you want to get the best peformance, it is recommended you use Vantage FX.
We have many scalping trades (tight stop loss and tight take profit) so an ECN account is recommended.
Once you’ve received your setup file, launch your MT4.
Follow the instructions below & place the setup file in the correct folder:
Go to file > open data folder > MQL4 > Experts (paste the TFA Signal Table.ex4 file into this folder)
Once the setup file has been placed in the correct folder, you need to enable auto trading.
Just click on this green button as in the image below, and that’s done.
You may need to go to tools > options > Expert Advisors and ensure that the 2 boxes shown in the picture are “checked” if unable to activate.
Double click the TFA Signal Table Expert Advisor (EA) in your MT4. Be sure to change the “Suffix” or “Prefix” to what your brokerage is using.
If your broker has currency symbols like EURUSD.ecn then your suffix needs to be .ecn
- EURUSD.ecn = .ecn
- EURUSD. = .
- EURUSDpro = pro
- EURUSD+ = +
- proEURUSD = pro
- powerEURUSD = power
- .EURUSD = .
Read the disclaimer and click “Yes” to load the table.
How Do I Unlock The Full Version?
The TFA MT4 Signal Table will allow you to see 1-3 star signals. To unlock 4-5 star signals and capability to autotrade, you will need to get the Full Version.
Here is the breakdown of the differences between the free, basic and full version.
|What You'll Get||Free Version||Basic Version||Full Version|
1-3 Star Signals
4-5 Star Signals
1-3 Star Signals
1-5 Star Signals