Follow the Market with Rate Alerts

Follow the Market with Rate Alerts

One way to follow the market from a distance is to set price alerts from your charting system or from your trading platform. A price alert is an email that alerts you when the market touches the price you set in a currency pair you select. Price alerts are a great way to monitor market progress.
Price alerts on charting systems usually have the ability to alert you to price developments only while you are logged into your computer or using your smartphone or tablet and the charting service.
With graphing systems, you can work on other tasks on your computer and keep your graphing system minimized or in the background, which means you can use them in your job. If the market reaches the desired price level, the charting system will usually start beeping or flashing and sending a popup.

Some forex brokers, including FOREX.com, can send price alerts via email and text messages directly to your smartphone. Many brokers now also have a large presence on Twitter and Facebook, so it pays to follow your broker on social networks as well.
Price alerts are a convenient way to follow the market remotely, but they do not replace live orders and should never be replaced by stop-loss orders. By the time you respond to the price alert and log into the trading platform or contact the broker’s trading desk, the prices may have exceeded the required stop level, leaving you with a bigger loss than you expected.
Price alerts are a nice additional service, but only orders represent commitments on the part of your broker to take action in the market for your account.