Posted by forex at 8:58 AM
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1. Open an FXCM account at the FXCM website. The trading signals provided by the company are available for account holders only. FXCM provides a free demo account in order for you to try the platform before officially enrolling.
2. Download and install the FXCM trading software available from the FXCM website.
3. Open the FXCM trading platform and log in with your account information provided to you after you signed up.
4. Locate the 'Alerts' pane at the top of the software window. Click the drop-down menu titled 'Strategies' and select which of the three main strategies you wish to activate. 'Breakout,' 'Range' and 'Momentum' are available. The 'Breakout' strategy alerts you to a currency ratio that has risen above recent high points to enter new pricing territory. The 'Range' strategy identifies currency pairs that are trading back and forth between two price areas, and alerts you when the pair has reached one of these turning points. The 'Momentum' strategy is a trend-following system that identifies a currency pair that is clearly moving in a consistent direction.
5. Select the Forex currency pairs for which you wish to receive trading signals. These are available for selection in the 'Currency Pairs' drop-down menu at the top of the 'Alerts' menu. For example, a euro-yen pair will rise if the euro becomes more valuable as the base currency measured against the Japanese yen.
6. Watch the 'Alerts' window to see if any signals appear. Signals can appear at any time, but there may also be a delay of many minutes or even an hour if no signals were found by the system.
7. Choose the currency pair noted in the alert by selecting the pair in the trade window at the bottom of the screen. These pairs are available in a drop-down menu. As soon as the pair is selected, the 'Trade Details' window will change to reflect all the recent trading signals for this currency pair.
8. Buy into the currency pair if the 'Trade Details' window indicates that the signal is still valid. The phrase 'Enter Now' will appear next to the name of the strategy that caused the alert. If the 'Enter Now' signal is no longer present, do not enter the trade.