In this post, I try to look at different aspects of forexsignas.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 be 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, which is impressive.
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.
They have three strategies
- Naked Trading Strategy
- FX Propulsion Strategy
- Trend Surfing Strategy
Naked Trading Strategy is more like a swing strategy without indicator. It’s a price action strategy based on important support and resistance. There is an EA (expert advisor) for this strategy that helps you to find setups better. It contains 8 videos and is suitable for Forex, Future, and CFD.
FX Propulsion Strategy is more like a scalping strategy that uses an indicator to show the direction of a trend, bullish or bearish. There is an EA for this purpose that shows the trend bias by presenting a table. As long as this strategy is a trend follower, the EA can come in handy. It has 6 videos and can be used for different markets and instruments such as Forex, Future, and CFD
Trend Surfing Strategy, as the name suggests, is a trend-following strategy which has been developed to provide opportunities for traders to take long-term positions. As every such a strategy, its goal is to squeeze the market by letting winning trades grow and not setting static limitations (stop loss, take profit). There are 5 videos for this strategy and it can be applied for Forex, Futures, and CFD.
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.
Forexsignals’ team of traders analyze various instruments and markets in every session technically and fundamentally to reveal upcoming trading opportunities. It’s very important, especially when you are a beginner or you are in the early stage of learning a new strategy because it can give you a roadmap to lay out your trade based on that.
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.
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. They also have a twitter account where you can follow and be notified.
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 an impressive youtube channel with nearly 150k subscriptions and lots of views.
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:
- Open an account with one of their brokers
- Deposit at least $1000
- 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 is a Certified Financial Technician who has more than 15 years of trading experience. According to his profile in forexsignals, he trades based on both news and technical methods. He trades both long-term and short-term positions.
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 and of course, positive comments he’s received from his students. We’ll take a look at this later in the testimonial section.
Andrew is the head coach and mentor in forexsignals.com. he started trading on the floor in London stock exchange when he was only 19 and after leaving school. He’s been with forexsignals since 2015. Like Mark, Andrew is a swing and day trader. He trades based on both technical and fundamental analysis.
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)
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 seem unsuitable for this program, however, you will probably lose all your money if you start by yourself so if this amount of money is not too much for you, you’ll benefit from the program with a high probability.
Although such an educational service can be really beneficial, if you don’t have that much money, you’ll be alright with the trading room service which cost you far less. There are lots of materials and service you can benefit from in trading room as well and with a little more effort, you’ll be successful.
Moreover, you have the same mentors, Andrew and Mark, training you and answering your questions. So don’t worry if you don’t want to spend that much money.
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:
- Register to the trading room
- 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 can still benefit from them. 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 but for now, if you have read this article so far, you are probably serious about a long-term trading job, so you’d better go with the annual option and save big money.
Normally, there is a 10% recurring discount that they offer when you want to register but you can use my 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 don’t know what recurring discount is, it means you benefit from the discount every time you renew your membership.
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’m pretty sure that forexsignals is legit and you can really benefit from their service.
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)
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 makes forexsignals.com stand out and their strong suit is that not only do they have highly approved signals but they also show what they do and train people to do so. They don’t hide anything and they don’t claim they have a secret strategy. This kind of transparency is not something you see a lot in this business.
Their coaches are reputable traders with years of experience. They’ve seen ups and downs of trading so you can be sure that they know what they do. They don’t put emphasis on exotic tools or indicators that can make you profitable — something doesn’t exist.
Instead, they see the whole picture and equip you with a thorough strategy, from tools and different aspects of technical and fundamental analysis to other parts of trading such as money management and psychology.
The only problem is their monthly fee which is rather high in comparison to the annual fee. It seems a little fishy and one can think they are selling a one-time service while I searched and saw praising comments from the students or signal users who have been using forexsignals’ service for quite some time and have renewed it.
Click on the coupon button below and then enter drop15 in the promo code section to get 15% recurring discount on every service you buy.