The word Forex is the abbreviation of Foreign Exchange that means to exchange one currency to another currency.
The foreign exchange market is a “place” where currencies can be exchanged with each other. In simple words, the Forex market is a place where commercial banks, central banks, companies, traders and investors come to exchange and speculate on different currencies. There is no central marketplace for the Forex market. This market is not like stocks market where there is a central marketplace (stock exchange).
Forex is a product quoted by all the major banks, and all banks can quote the different price for the same currency. Different data feed providers take these quoted prices and provide an approximate average price to the brokers. Now it’s the broker who put this data feed into an online trading platform and offers online Forex trading.
Forex market is the most liquid market with a daily turnover of 3.98 trillion USD, open 24 hours a day and 5 days a week. Forex market is also known as the currency market or FX market.
Forex trading means exchanging of one currency with another currency. If one trader thinks that value of British Pound will go up against US dollar. He will exchange his US dollars with British Pounds and when he will feel that now US dollar will go up against British pound then he will exchange his British pound with US dollars. Technically in the first phase, he bought GBPUSD (selling US dollar and buying British Pound) currency pair at the low price and then he sold GBPUSD (buying US dollar and selling British Pound) currency pair at a high price.
A Forex signal is an advice or recommendation to trade in a currency pair at a specific time with some particular entry and exit price. Time, entry and exits levels and selection of currency pair are most critical decisions making in Forex trading. This decision making requires comprehensive knowledge and continuous market follow-up. One wrong decision will end up with heavy loss.
During the last 10 years, FOREX Signals have really grown in popularity which led to having many desktop and mobile-based applications, however, finding a right application is a real challenge. An app with a higher accuracy rate is ultimately a trader’s choice. FX Einstein is a mobile-based app that is built on the mantra of providing trade recommendations that simply generate profits.
The app is not just a fine piece of code by developers it is fully backed by a team of highly experienced traders who spent years in the industry perfecting the art of investments for their organizations and investors.
Signals are based on “set and forget” strategy. It means traders only need few minutes to place the orders and forget about it. Positions will be held overnight, perhaps even for several days to weeks, depending on the type of signal (daily, short-term or long-term).
Unlike other apps that give only basic signals FX Einstein goes deeper into the trading world and separates the signals into two different trading strategies which are” Grid Signals” and “Straight Signals”.
Grid signals are a great a way of spreading the trades into four different steps. Each step has its own entry, take profit and stop loss. Grid signals spread the risk and generate maximum profits from an upward or downward rally.
On the other hand Straight signal is a one-stop trade with an entry, take profit and stop loss. Straight signals are typically for a shorter period and suitable for the traders who like to enter and exit in a couple of sessions.
Well, that’s not all FX Einstein also tags signals as daily, short term and long term trade signals so that a trade has a clear picture before placing a trade.
Risk management is an essential part of Forex trading. Investors can lose money if they do not manage their risk. Lot size calculator is a unique feature of the FX Einstein Mobile App. Lot size calculator allows deep analysis of each currency and commodity and then provides exact lot size to be traded depending on client investment size, client trade types (starlight/grid), client trade behavior (conservative/Aggressive) and selected product. The lot size calculator is recommended to maximize positive trades and is offered free as part of the App.