ForexSignals.com Review

Oct 11, 2021 08:54 AM ET
ForexSignals.com Review

ForexSignals.com promises to assist you to reach your full trading potential. A team of mentors is ready to educate you about several trading strategies, technical and fundamental analysis, trader psychology, and many more. These skills will supposedly enable you to trade the Forex market successfully. However, these are just marketing gimmicks to get you to subscribe to their services. We have analyzed the various characteristics of the company and learned that the team cannot help you earn money in Forex. 

The idea to create a trading room was hatched by Nick McDonald in 2012 to give traders a chance to share their trading experiences with others and receive mentorship from professionals. The experts who offer mentorship include Andrew Lockwood, Mark Bennell, and Max Norbury. They have been trading in Forex for decades, and they have a combined experience of 55+ years. 

ForexSignals.com

Type

Signal provider

Price

$97, $297, and $564

Strategy

Naked trading, FX propulsion, and Trend surfing 

Compatible platform

N/A

Currency pairs

N/A

Timeframe

N/A

Recommended min. deposit

N/A

Recommended deposit

N/A

Leverage

N/A

Trading strategy explanation

Some of the other features of the services offered include:

  • Daily live trading sessions.

  • Live interactive sessions.

  • Pro trading tools like Risk Manager EA, Momentum Meter, etc.

  • Direction from mentors.

  • Real-time global news stream.

  • Weekly hot-pick analysis.

  • Trade sentiment analysis.

  • Idea sharing with other traders inside the trading room.

  • Strategy courses.

  • Recommendations of brokers to use.

The strategies used by the ForexSignals.com mentors are not as effective as they would want you to think. One disadvantage of naked trading is that it will not work in your favor immediately. It needs a lot of time to learn the way the market will likely move. Moreover, the failure to use indicators is risky because you may not know when it is safe to make a trade. 

The FX propulsion is also not effective. It can overexpose you to trading risks. If you make any wrong decision, your entire capital can be wiped out. 

Trend surfing is not as efficient either. Because swing trading requires you to hold your positions for extended periods compared to day traders, you also risk suffering larger losses. 

Backtest data analysis

We have no backtest data. The vendor does not show us how the signals supplied by the mentors worked in the past. We don’t know if they were effective or not. Their past profitability rate, risk level, success rates, profit factor, etc remain a mystery. 

Live trading data analysis

Live trading results are not provided as well. The vendor has not opened a live account with Myfxbook.com, where the performance of its signals can be tracked. This lack of transparency makes us believe that the mentors are not confident about the workability of their strategies. They do not want to risk traders finding out how unworkable their services are in the real market. 

Customer reviews

Clients on FPA have given ForexSignals.com a 4.454 rating. This shows that they are satisfied with the company’s services. Nevertheless, there are a few traders who have raised serious concerns about the efficiency of the services. One client reveals how he was supplied with losing signals. Another one complains about the lack of published track record and the high losing streak associated with the signals. According to him, he backtested 10 signals manually, and 80% of them were losers.

Customer reviews.

Review summary

Pros

  • Provides a variety of educational materials

Cons

  • No backtest data is showcased

  • There is no published track record on Myfxbook.com

  • Strategies used are ineffective

ForexSignals.com provides a good platform for traders to learn about Forex trading. However, the best thing that could ever happen to you is when the lessons and signals provided help you to earn profits from Forex. Unfortunately, this may never happen. Some traders have confessed that the signals offered by this company are not lucrative. Then, it would be illogical to invest in this provider. 

Rating: 3/5


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