I still frequently receive an email or comment asking the right set up of an order based on my free forex signal. Well,I thought I supposed to write some articles explaining some aspect related to my forex signal. I have written one that is Order Placing Time .

I use Northfinance data feeds to predict the signal and to trade it either . So, if you use broker other than Northfinance, you will need to compare the difference between your broker data feeds and Northfinance. It’s easily to do by watching the price difference between those brokers for at least 15 minute (longer time is better). As I know Northfinance is giving a life time demo account, so if you are using different broker you can simply download Northfinance MT4 Demo and use it to compare with your broker data feeds.

I place the order at about 05.00 – 06.00 GMT. I usually watch the price immediately before 05.00 GMT to see whether it is possible to place the order or not. It could be a market order or a pending order, whichever possible.

You should consider your broker spreads when placing a buy order. Trigger point written on my signal is always a “Bid Quote”. When my signal telling you to,for example, Buy@1.9835 that means you have to Open a buy order when the “Bid Quote” is at 1.9835. Not the “Ask Quote”.

I always put my stop loss at -30pips. If I have a time to sit in front of my monitor, I will put my profit target to +3opips. If I dont, I will make +20pips as my profit target. Most of the time I dont have enough time to sit in front of my monitor and starring at the price movement. Frankly, starring the chart and worrying of every price movement is not my trading style. I’d rather doing a “Set and Forget” trading technique than “Set and Watch” :)

For you who are relatively new to forex trading and would like to use my signal, I’d recommend to do these:

  1. Give a time to read this article Trading for A Living
  2. Read my signal previous performance, I update it weekly.
  3. Try to do a backtest using your broker data feeds. You can read all of previous signals given at my Free Forex Signal blog. I’ll keep posting the signal there to anticipate if there is something wrong with my own server ( I hope blogger server is better than mine).
  4. After all, do a paper trade for at least a month.
  5. Trade live whenever you feel ready
Tags: forex order, forex signal, mt4, profit target, trigger point
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