ForexSignals.com is a signal service that provides trades to new and amateur traders. They also educate them on how they can trade the markets. The company charges a fixed monthly fee for its programs and prides itself on transparency. To see if they can be profitable for us, we will go through their page and determine all the valuable features being offered.
Is ForexSignals.com good?
Forexsignals.com is not a worthy investment as the company is not transparent on several factors. This includes not sharing the details of their portfolio and providing us with live and backtesting records.
Features of ForexSignals.com
Forexsignals.com has the following features:
- There are multiple mentors to follow.
- Traders can follow the trading style they desire.
- Customer support is available readily.
- Traders can get a 7 day free trial for themselves.
|Trading Terminals||MT4 and MT5|
|Customer Reviews||4.454 for 162 reviews on FPA|
What strategy does ForexSignals.com use?
The providers state that they use three different strategies to trade the markets. Let us go through each below:
- Naked. This concerns price action and support and resistance levels on each trade. They aim at teaching traders the basics here.
- Propulsion. It utilizes indicators for day trading the markets.
- Trend surfing. As the name indicates, this concerns the market direction and is accompanied by one of the algorithms provided by the company.
There are multiple algorithms available by the developers in the company. Traders can use them for managing the positions only. Let us go through them.
- The risk manager algorithm monitors the equity and balance and makes sure that trades are not putting more pressure on their account.
- The momentum meter helps in determining the strength of the currencies.
- Naked trading robot points out the trades in the markets. It provides an alert whenever there is a trade available.
- Support and resistance EA determines the points where there are possible supply and demand zones.
Backtesting vs live trading results
There are no backtesting records available for the robots that the company presents. Through forex simulators, it would have been possible to share these records with us. Lack of transparency is not a good approach by the company.
There are no live trading records available on Myfxbook. This leads us to raise even more questions about the genuineness of the product. We can not believe that any signal service can be genuine without sharing its proper results.
The core team
The developers state that they founded the website on 1st May 2012. Nick McDonald is the author’s name, and he states that after joining hands with other mentors, he was finally able to lift the website. The website mentions that each teacher has multiple years of experience but does not present a portfolio or link to their Myfxbook, which is quite suspicious.
A customer on Forex Peace Army states that the whole company is a fraud, and they are only looking to scam traders. He says that they are not transparent in providing a link to their live records, which should raise many questions already.