If you are new to trading, it is important that you make the right decisions. One wrong trading move can drastically harm your trading account while a good move can bring great profits.
There are two key components which are necessary from the start: a combination of a winning equity management strategy and a well-planned trading system when trading forex. The absence of these two factors will ultimately spell disaster for you as a trader.
ForexOpeningBell.com provides you with an important key feature to the above factors, the access to "Profitable End Of Day Signals (PEODS)". PEODS are generated off the daily price candlesticks after the trading day is finished. Using PEODS in your trading system has some distinct advantages over shorter term day trading signals. The primary advantages are Significance, Flexibility, Time to act and Higher profit per trade.
Profitable End Of Day Signals are more significant because as you look at progressively shorter and shorter timeframes the markets generally become more random and noisy. For example, the amount of random noise in a 1 minute candlestick chart is much higher as a proportion of total price movement than the amount of noise in a daily candlestick chart. This means that PEODS should be more significant than signals generated on shorter term charts like the 1 min, 5 min, 1 hour or 4 hour candlestick chart.
We believe the most significant benefit of using Profitable End Of Day Signals as opposed to shorter term data is that your trades will be longer, this means you can generate a higher average profit per trade than you can with intraday data and short term trading signals. This is important because the higher your average profit per trade, the less significant the impacts of commission and slippage, increasing the odds that you will more likely remain profitable and create wealth over time.