Forex Trading Alerts As Part Of The Plan

In the beginning … Forex trading alerts were probably not set up to become part of a trading plan. Originally they were meant to give a person with absolutely no knowledge of the Forex markets an opportunity to trade Forex blindly with the help and direction of people that actually knew what they were talking about.

That changed.

The fact of the matter is, most (if not all) Forex trading alerts services have in their employ very knowledgeable technical analysts. Their one and only job is to watch the Forex market; chart said market; pick points of entry and exit; and share it with the class. That being said, why would this effort and knowledge be limited and wasted on only Forex traders who know nothing about trading?

There's an old saying that certainly applies to the situation here: "There's no sense in reinventing the wheel." It's true. There is really no inside tips or knowledge a technical analyst that arrives at his trading alerts has that any other Forex trader has. It's simply time and effort. But when a Forex trader is in the mid of a market, that same time and effort could cost money. So why not have someone else do it for you?

For a trader to subscribe to a Forex trading alerts service as part of his overall trading is like hiring a personal technical assistant with the added bonus of not having to hear how his day has been. The beauty of the whole thing is that because it's part of an entire trading plan, your reliance on the information is not primary; it's support. If the alert reinforces something your own analysis establishes, you can safely say the odds are in your favor.

There is also the option of using trading alerts as an additional system. Something to be utilized outside of your Forex trading plan. You can make comparisons as to the success of one system over another.

There does not have to be an either-or situation when it comes to Forex trading alerts; and it certainly should not be exclusive to the Forex novice. It's knowledge to be mined.