ForexSignals.com is a website where you can find Forex trading signals and Forex-related educational material. The website employs a team of experts with several years of experience who provide you with trading ideas. Before we pass a judgment on this system, we need to carry out an independent investigation, analyzing all its offerings.
Nick McDonald, the founder of ForexSignals.com, launched the website on 1st May 2012. He later partnered up with Will Thomas. There are over 50 people employed by ForexSignals.com today. There are three mentors having a total experience of more than 80 years. Some of the experts are Andrew Lockwood, Max Norbury, and Mark Bennell. We don’t know if this company has built other Forex trading systems.
Before investing in a signal provider, there are a few things you must look into. There are several scam service providers on the market who try to lure in unsuspecting traders. Signing up with scam services can lead to disastrous results. As such, you need to analyze the different aspects of the system before you can deem it trustworthy. This is the reason why we have decided to conduct a detailed analysis of this FX trading tool. ForexSignals.com has been active for over 10 years. However, we don’t exactly know when it started trading live.
What is behind Forexsignals.com?
After signing up for the service, you need to enter the trading room. There, you will find trade ideas posted by the members of the trading community. You can choose to follow multiple traders who will provide you with trading ideas on a daily basis. If you wish to know more details about the trade ideas, you can visit the education section of the official website.
ForexSignals.com offers you multiple trading tools. The risk manager EA tool lets you monitor your trading account and regulate the risk taken with each trade. Using the momentum meter tool, you can measure the strength of different currency pairs. The system also has a custom-built support and resistance tool that allows you to identify important supply and demand zones.
At ForexSignals.com, you can use strategies like trend surfing, swing trading, scalping, day trading, propulsion trading, and naked trading. With naked trading, there are no indicators involved. It concentrates on price action and support and resistance zones. Scalping strategy involves extracting small profits from each trade, and here the trader needs to place a large number of orders on a daily basis.
If you are comfortable with technical indicators and candlestick patterns, you can opt for the swing trading strategy that predicts price swings in the Forex market. For day traders, ForexSignals.com has a wide variety of strategies like trend trading, countertrend trading, range trading, news trading, and breakout trading. Unfortunately, the vendor has not explained the propulsion and trend surfing strategies.
There are backtesting results available for this signals provider. Backtests are vital for automated systems that are tested using historical data. Since this is not an expert advisor, there is no need to analyze the backtesting data.
There are a total of 3 pricing plans for ForexSignals.com. With the Apprentice plan, you can access the trading room for 1 month in exchange for $97. The Committed Plan allows you 6-month room access and carries a monthly fee of $49.50. Priced at $47 per month, the Professional plan lets you access the room for an entire year. There is a 7-day trial period for all the plans. However, the vendor does not offer a money-back guarantee.
Trading performance of ForexSignals.com
One of the most disappointing aspects of this system is the lack of verified trading results. Before investing in a signal provider, you need to make sure it has a solid track record of winning profits in the live market. Without live trading results, there is no way we can analyze the profitability of ForexSignals.com.
If you require support, you can use the live chat feature that remains active 24/7. You can also drop an email at [email protected]. The official website also has an FAQ section where you can find the answer to your queries.
There are several user reviews for this signals provider on Trustpilot. One of the users has claimed that the mentors are quite unprofessional and the sessions are too short.