ForexSignals.com says that trading signals are not enough. That’s why they offer tested strategies, powerful tools, and experienced traders to equip you with the knowledge needed to trade successfully. The team also provides market commentary, guidance, and education in the Forex, Stocks, Crypto, Futures, and Commodities markets. Let’s see if you need these services in 2021.
ForexSignals.com was founded by Nick McDonald in 2012. The aim was to create a platform where traders could interact, discuss the market, and learn from one another. The trading room is also composed of 3 trading mentors; Andrew Lockwood, Mark Bennell, and Max Norbury. Together, they have more than 55 years of Forex trading experience.
The company offers 3 different packages. The first plan is called the Apprentice. It is priced at $97/m and gives you access to the trading room for a month. The second one is known as the Committed, and it costs $297 for 6 months. The Professional is the last offer. To get it, you will be required to part with $564, which is billed every 12 months.
A 7-day free trial is also available. To access it, you have to sign up with the company and then pick the membership plan that suits you.
Key features
The company’s services feature the following:
- Forex trading signals
- Market analysis from well-seasoned Forex mentors
- Sharing of trading ideas with others in the trading room
- Daily live streams on Forex market discussions
- More than 300 hours of easy to comprehend video lessons
- Trading strategies and tools
- Trade sentiment analysis and weekly hot-pick analysis
- Real-time global news stream
- Live interactive workshops
- Free Forex courses.
ForexSignals.com trading approach
The ForexSignals.com team of mentors offers a variety of trading strategies. There is the naked trading approach. This entails trading without the use of technical indicators. So, the main focus is on the price chart. Then we have the FX propulsion strategy. This is a type of intra-day strategy that relies on technical indicators to predict market movements and hence identify appropriate opportunities for trading. The last approach is trend surfing. It focuses on searching for trends so as to identify trading opportunities on the charts.
Backtesting results
The presentation does not include any backtest results. We are disappointed. The different services offered seem interesting, and the best way to convince traders that the ideas can be monetized, is to showcase some tangible evidence. The company should have at least tested one of the above strategies and displayed the resulting data. This way, traders could gauge the profitability potential of the signals in the long-term. Furthermore, clients could understand the level of risks the signals carry. They can then decide if they are comfortable exposing their capital to such dangers.
ForexSignals.com live trading results
Live trading results are missing as well. The mentors are very confident about the effectiveness of their trading styles. But their failure to post their trading data shows us that something is off. The fact that they have been in the Forex trading business for decades means nothing if they cannot show us the results they have achieved so far. They need to step up and do more to prove themselves. We will not just take them for their word.
What are the risks with ForexSignals.com?
ForexSignals.com is not a reliable service provider. Enlisting the services of the company may be risky for several reasons:
- The performance of its signals may not be good
- The workability of its strategies have not been tested.
Worth noting!
Traders are satisfied with the provider’s services if the 4.454 rating they have given the provider on FPA is anything to go by. Most of them communicate what we already know; the platform provides useful learning tools and resources. However, when it comes to the efficiency of the services, then ForexSignals.com is not the site for you. Some of the customers have revealed that the team can blow up your money with their signals. Furthermore, some of the advice offered by the mentors doesn’t work.
What are the pros & cons of investing in ForexSignals.com?
| Pros | Cons |
| Provides useful learning tools for Forex | No live trading data |
| Free Forex courses | Lack of backtest results |
| Signals provided are ineffective in the real market |
The services cannot be monetized.
ForexSignals.com Conclusion
ForexSignals.com is not the platform for traders who want to earn real money from Forex. Even though the platform provides great learning materials, we have learned that the strategies used by the mentors to scout for signals may not be that effective. This is why the individuals do not provide backtest and live trading data. So, the signals will not generate any profits for you. Other Forex signal providers may serve you better.
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