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ForexSignals Review
Review
If you are looking for the ultimate in simplicity, ForexSignals.net is it. The company’s reports, or “signals,” tell you when to buy, when to sell at a profit, and when to take the hit on your choice of currencies. That’s it! The three all-important numbers you want to enter into any FOREX trading platform are given to you in a clear, easy-to-understand manner: entry limit order, exit limit order, and stop loss. How ForexSignals arrives at those numbers is, of course, a proprietary mystery.
ForexSignals uses a series of “nonlinear advanced algorithms to pinpoint precise entry and exit levels with mechanical volatility-adjusted risk parameters.” But for the trader the only thing that is important is, if it works, it works! ForexSignals provides proof of the soundness of their algorithms by showing the almost 42% in profits a hypothetical $50,000 account trading in four major currency pairs would have made if their advice were followed.
Five types of products (signals) are currently offered. With names like Queenspan, Yen Men, BlocShock, CrossBoss, and MboOst, you know that the people behind this company must have a sense of humor. Each signal furnishes information on 3 to 7 currency pairs. For instance Queenspan covers EUR/USD, USD/JPY, GBP/USD, USD/CHF; Yen Men covers USD/JPY, EUR/JPY, GBP/JPY, CHF/JPY, CAD/JPY, AUD/JPY, NZD/JPY. You choose which signals you want based on your trading objectives and needs.
Depending on the reports you select, you will receive signals once or twice daily during New York and London/Tokyo trading hours. Signals are updated twice per 24-hour trading day for the major currency pairs (EUR/USD, USD/JPY, USD/CHF, GBP/USD, USD/CAD). The site and the reports are offered in English and in German.
At $189 a month, a ForexSignals subscription undercuts the cost of many competitors. The company also offers a 7-day trial for just $49.00. After filling out a short registration form, you can select your choice of payment type: credit card or PayPal. If you have an account with one of the site’s “Preferred Brokers,” you can receive a subscription for free. Preferred brokers include GCI Financial, one of the world's largest online foreign exchange and Share CFD brokers, and FOREX.ch, a Swiss broker known as the GFX group.
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