Free forex signals from the Android application. Can it work?

Wanting to speculate on Forex market you can deal with yourself (which is of course the most reasonable), or support yourself with others, e.g. trading signals. By using the latter method, the role of the investor in market analysis is reduced to a minimum. There are many portals and applications in the network that offer such solutions. Most of them are paid on a temporary subscription basis. We, on the other hand, putting aside our subjectivism and prejudices, will look at one of the free applications for Android and see if it has any potential.

What are forex signals?

These are nothing more than tips that an investor can use in making decisions in the currency market. Most often they represent entry and exit levels for a position. Sometimes they are also equipped with additional parameters like Stop Loss and Take Profit. Trading options can be generated automatically by the system as well as individually by traders.

In addition to dry numbers, it is also worth following macroeconomic data, which also affect the direction of a given instrument, because automatic systems may not necessarily take this "small" detail into account :).

Forex Signals - Where to Find Them?

The network is boiling with great offers from signal providers - both free and paid. They are offered by both websites and applications that are becoming more and more popular. It happens that brokers also offer such solutions and usually do not charge any fees for it. It is worth noting that various types of webinars presenting scenarios for selected values ​​are also signals (though not recommendations). They can complement the ready-made solutions we receive, as long as we have the time to follow them and are aware of the current market situation, instead of blindly trusting data from suppliers.

Check it out: Forex mobile platforms - Summary

All signals or analyzes should be handled with great care. To convince yourself and to reliably check the messages offered from a given "distributor", it is best to perform a test on a demo account first. We will do the same.

To make our test as reliable as possible, we will not use any other additional information. PWith this assumption, we should find out how effective the selected signals are.

We check Free FX Signals

Among the many available applications, the choice fell on one that does not send an excessive number of signals. At the same time, they are focused more on longer trends than on moves lasting a few minutes.

Free FX Signals - this is the name of the app chosen by us, which has been downloaded over 50. times from the Google Store. It also has over 2600 reviews and enjoys a pretty good average of 4,7 out of 5. One of the added benefits is that you don't have to register and share your personal information. This protects us against possible resale :).

The signal includes:

• Entry level.
• Take profit level,
• Stop loss level.

Forex Signals on iOS Android

Testing environment:

• Broker IC Markets,
• Demo account,
• $ 1000 starting balance,
• MetaTrader 4 platform for Android OS,
• Leverage 1: 500.

We start the test  September 7 - it will last 5 weeks. We will conclude all transactions from the level of the mobile application on the smartphone. As soon as the notification appears, we enter the game.