In this post, I’ll try to look at different aspects of forexsignals.com service to see if it’s worth buying and how it may benefit you. So bear with me to find it out in this complete review.

There are lots of signal providers that you can find out there with a quick search but not all of them are legit. Some might be legit but they don’t provide you anything but sheer signals that you don’t even know what they come from.

Of course, it couldn’t be a big deal as far as the signals are profitable and you are not going to become a real trader. You can stick to them if you find one and maybe generate some money but as soon as they are gone, your pip generator is gone as well; however, it’s ok if you’ve never wanted to become a trader.

On the other hand, if you really see something in this trading world and you want to get your feet wet, you should rely on your own knowledge after some time and try to learn the trading skills instated of being an absolute follower.

As long as there are various parts in this review, I made a table of content so you can find different subjects more easily.

Where Did Forexsignals.come Come From?

The idea of creating a trading room came to Nick McDonald’s mind in 2012, a few years after his trading journey. His story is like every one of us, typical traders. Starting to trade and grow an account to some point and then, boom, raze it to the ground and blow it up. Then, stand up and dust ourselves off and then start real trading.

He decided to start a trading room because he couldn’t find one. As a trader, sometimes we get lonely and want to interact with people like ourselves, someone who understands us. I think the same went for him.

Anyway, he created the trading room and has developed that so far. Now, it has 40000+ members, according to his about page and it seems correct because their youtube channel has more than 147k subscribers.

What Service Does forexsignals.com Provide?

They are more like an online trading academy rather than a signal provider. They teach you the methods they use for generating their signals. It means you can use signals but most importantly you can learn strategies that those signals come from.

Trading (Strategy)

They have three strategies

• Naked Trading Strategy
• FX Propulsion Strategy
• Trend Surfing Strategy

Apart from those EAs that are indicators showing you the direction and strength of the market, there is another EA assisting you to manage your money. Money management is one of the main pillars of a strategy and without it, you defiantly lose your money, sooner or later. You should control the risk of each trade and this EA can do the trick.

Daily Live Streams

After learning a strategy, it’s very important to find different setups according to that. There are various movements related to a pattern in a strategy. Sometimes they are more obvious, sometimes trickier and when you have just learned a strategy, you may get into trouble while distinguishing them.

Being in a community where there are more experienced traders and mentors that trade the same strategy as you do is a blessing. You can watch them and follow their trade and setups to hone your skills.

Live Messaging

This can be a double-edged sword, either to the benefit of you or against you. I remember the first time I bought the stock of a company. It was way back and you had to go to a broker to do that. There were people there who seemed more experienced than me; technically everyone was more experienced than me by the time.

I was there after a lot of so-called study about that stock and ready to buy a few shares. Then those people started talking about another stock and they seemed so confident. All of a sudden, I changed my mind and decided to buy the one they were talking about. I didn’t pay any respect to my primary decision and the study that I had done on the first stock. The result, it went down and down for 2 years and I don’t know why I couldn’t let it go.

Anyway, it’s a good idea to share your thoughts with the traders on the same page but first, you should know who you are listing to and what level of experience they have and second, when you’ve made your decision based on your strategy and analysis, stick to it.

This way you can analyze your trading results in the long term and study your trading performance more precisely after a while. In the end, you are the only responsible person for your trades whether you lose or win.

Global News

This service is more useful to fundamental traders who trade based on news, however, as a technical trader you should pay attention to important news so you don’t get surprised out of the blue.

Forexsignals.com has news feed in the trading room so that you get alerted when news about to come out. However, it’s not that important because lots of free economic calendar is out there, you just need tio google economic calendar.

Free Educational Videos

This option is somehow crucial when you want to asses a course or service because you need to know what they are doing, how they think, and what is behind their strategy in particular and their understanding and service in general.

In forexsignals.com website, there is a video library where you can find some educational videos. This part is essentially important for beginners who don’t know much about trading or forex.

As I said earlier, they also have a youtube channel so you might find something valuable there.

$1,500 Giveaway

This is a monthly contest where they give $1500 to the top 3 traders. The evaluation for recognizing these 3 traders are not just based on the amount of pips or money they get to gather but they need to follow a strict money management and show their ability to keep their drawdowns as low as possible. It means no high risk.

I like competition because it can help you to progress and try harder, but not any contests. There are lots of forex contest especially free ones all over the forex world that you can join without opening a real account and give it a try.

As a result, they can be horrific for the future of your trading career if you are a beginner or you don’t have enough experience because it can grow bad trading habits.

People normally don’t respect money management in such contests and trade with enormous lot sizes to rank up the contest tables. If you trade like that in your real accounts, the probability that you blow them up is 100%. It’s inevitable; it’s only a matter of time.

In forexsignals contest, you need to follow money management rules if you want to be in the top 3 and win the prize. It makes a hell of a difference because not only can’t you break the money management of your strategy, like you normally do in most of the free contests, you also practice the most important aspect of a strategy which is MM.

Forexsignals.com $1000000 Contest

Every month you have the chance to enter a contest where you can potentially win $1M. the process of being in top 3 where you become qualified for the fund is like the giveaway. It means you have to grow your account with a decent money management.

In order to become eligible for this fund you need to do these things:

1. Open an account with one of
   their brokers
2. Deposit at least $1000
3. Register for trading room
   (if you haven’t yet)

Then you have the chance to not only winning the fund but also winning the $1500 giveaway.

Who Are the Mentors of Forexsignals.com?

Mark Bennell

I didn’t find a track record of his trades, but there are lots of reasons many traders don’t reveal that so it can’t be a good metric to judge a trader based on that. For this purpose, there is nothing more than I can write about him other than his LinkedIn profile.

Andrew Lockwood

This is a picture from his LinkedIn showing Andrew’s trading experience. He’s been in trading world for more than 30 years. (I got impressed)

Mentorship Program

This is a one-on one program where you can choose between Mark and Andrew to be your private mentor. This program is different from trading room and aimed for beginners to intermediate students. Everything is taught from A to Z to the people who are more serious about trading.

This is how Andrew pictures the mentorship program:

“With my trader mentorship program, you will learn how to trade profitably. You will learn my profitable strategies and learn how to develop your own which is very important in this business. You will learn how to set up a business and trading plan and most importantly how to stick to it! You will learn how to control emotions and be accountable for your actions.  I will be here to hold your hand through the inevitable losing periods and to keep you grounded in the profitable ones.”

After registering with one of the above mentors, they send you an email outlining an overview of their programs including the method you’d like to pick for communication such as Skype, email, etc. there is a list of service in the email explaining what you can get from them and if you decide to embark on the mentorship program you can proceed by filling in a questionnaire.

I think the program can be really helpful especially if you are a beginner or if you haven’t been a profitable trader yet. It can put you in the right track and make you profitable if you are really want to choose trading as your only career.

The problem is, it’s not suitable for all budgets. The price is $2,499 which is high if you have a small account.

Normally I would recommend one-fifth of your budget to a really helpful course or service which means less than 10k budget seems unsuitable for this program.

Signals

  If you don’t like to become a trader but you still want to benefit from trading in some ways, you may think of using signals.

Although I don’t see forexsignals.com as a signal provider, in its original meaning, they do provide signals and offer such service. They have a team of traders who publish signals every day.

What you can do to receive signals are:

1. Register to the trading room
2. Choosing a trader from  “online section” to receive signals from

3. After clicking on the trader, you have to follow him by clicking the following icon.

After finishing these three steps, signals will be sent to your email every time that the trader publishes them in the trading room.

If you choose to be a trader and don’t want to use signals solely, you might still benefit from them because the signals have a detailed description, so you can pick your mentor or any trader and see what they see in the chart and how they can find different setups.

How to Register for Forexsignals Trading Room

In order to register for trading room, you have to go to pricing page. There are two options, monthly and yearly. The difference between paying monthly and yearly is too much and honestly, it’s a little bit weird to me.

I think they should lower the monthly payment.

Normally, there is a 10% recurring discount that they offer when you want to register but I talked to them to see if I can get a larger discount and they gave me this promo code, drop15, to get a 15% recurring discount (use the link at the bottom of this post and enter “drop15” in the pricing page if you want this 15% discount).

After registration, you don’t need to pay at first if you are not sure yet. They offer a 7-day trial. They take your payment information when you register but they don’t charge you if you decide not to join after 7 days.

Testimonial (Is Forexsignals.com Legit or A Scam?)

Before writing this post, I went through a lot of sites to see what people who actually bought this service say and comment about them. Normally I do this for the service or course I haven’t used because I don’t want to mislead potential buyers.

When I decide to suggest a course or service, I need to be convinced to some extent that they are legit and not a scam.

I haven’t found any important bad comments about them. Most of the students or signal users speak highly of them and are satisfied with what they receive. There were a few who complained, but their reasons were absurd and their attitudes towards this market are completely wrong so we can ignore them.

I’ve collected an excerpt of what people have said and commented. (click to zoom in)

Note that online testimonials are not necessarily a good indicator to assess a product or service because they might be a bunch of fake reviews however some websites such as FPA (the following testimonials are from there) are more reliable because they have some kind of filters to delete fake ones but still some service providers might ask their users to post positive reviews.

So the best option is to test any service for a short period of time to see if they are true to their words.

The Bottom Line

There are a lot of signal providers out there but there is a handful of them that provide high-quality signals that last for quite some time. Most of them are sheer signal providers and don’t reveal their strategies or teach what they do, so you can just be a signal user and can’t develop your own strategy.

Moreover, finding a profitable signal provider is also a pain in the neck. It’s even harder when you don’t know how the signals are generated.

What I like about forexsignals.com is that they try to teach trading with their signals.

What I don’t like about them is that there’s no track record of them neither on their signals, at least before you register, nor on their mentors.

All in all they seem legit to me but if you decide to use their signals or service, I think you’d better test it for one month first.