If you want to keep track of the FX market and your trades then you may be interested in using the services of a FX signal service
. These types of services will analyze market trends and stop losses and can help you decide when to trade your currency pairs.
Most FX signal services tend to track the main currency pairs though you can find services that also track less popular pairs. At its most basic a signal service will let you know when to trade or sell in the FX market. This can be very useful as it can take a long time to determine which trends are important on your own.
Even professional FORE traders and brokers will use signal services as research tools to help them analyze the markets. They can then decide to make trades or advise their clients to make trades. If you are not using a FX broker then you may want to use a signal service, particularly when you are just starting out with FX trading.
Every trade will have an associated risk and a good FX signal service can minimize this risk. You also will not need to constantly watch over your trades as the system will monitor you when it is advisable to make a trade. Generally those that use a FX signal service tend to better than those that don't.
Many market analysts will offer signal services but there are also automated signal services. Much of the information that is used for the signals is from historical market data. Historical trading patterns and trends are applied to what is going on in the FX market today. There are some free services available though many will charge a onetime subscription fee.
You can determine which FX signal service is the best by reading comments in FX forums and on blogs. These reviews can give you a very good idea of which FX signal services are better than others.