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Systems For Traders | Forex Pro Advice Review

Forex Pro Advice Review

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    ReviewTeam
    ReviewTeam
    Keymaster

    Forex Pro Advice Review

    To The Best Of Our Knowledge This Service Is No Longer Available

    Key Info

    Publisher:  None specified
    Cost:  $89.95 / month, plus various longer term plans
    Review Date:   February/March 2010

    What It Says On The Website

    The service headlines with “More than 700 pips per month on average” and is “Easy To Trade”, “Stable and consistent since 2007”, provides “clear and precise instructions”. It is “Set & Forget” and “100% mechanical”.

    Forex Pro Advice “have developed a system, thinking about those people who want to advance in the Forex market, taking firm decisions, with a methodical strategy that enables you to increase your gains to a maximum and limiting unnecessary risks”.

    The strategy “is based on a selection criteria that consists of price ranges generated on previous days plus a technical filter what determines a high percentage of profitable trades”.

    In the FAQ’s we find out that the seven pairs traded are, EUR/USD, GBP/USD, USD/JPY, USD/CHF, GBP/JPY, AUD/USD and USD/CAD. It takes “5 minutes a day to place orders” which are sent by email at 17:00 EST (approx.), 22:00 GMT. All signals include an Entry, Stop and Target and positions have an average holding period of 1.5 days.

    The Performance page details high level monthly performance. We did our usual check and confirmed that the monthly average is presently around the 700 pip mark. However, we also checked the most recent 12 months and calculated that this has halved to around 350 pips. We also noted two significant draw-downs in March and October 2009.

    The Service

    We had access to this service during February and March 2010.

    Signals are received by email (Monday, Tuesday, Wednesday and Thursday only), as promised at 17:00 ET (22:00 UK Local time). The email identifies the trades for that evening, sometimes there are none.

    Order(s) are placed according to the signal (which includes spreads) and that’s it, the whole process takes a couple of minutes each evening.

    Stops are, on average, around 40 pips and Targets are, typically, around 1:2 Risk:Reward, 80 pips+

    Can It Work

    It is a simple service to trade, receive the signal (around 22:00 GMT), place the order(s) and walk away. Orders not triggered are cancelled at 21:59 GMT the next day.

    During the time we had access to this system we achieved the same monthly results reported on the website. In February this was 138 pips and in March 40 pips. Although in positive territory each month, quite a way of the mark in terms of the 700 pip monthly average. With an average Stop of 40 and risking 2% per trade this equated to a modest 4.5% return per month.

    This service does tick some boxes:

    – Timing is good (for us)
    – Effort is minimal
    – We matched the performance reported on the website (over 2 months)

    At present the service claims to yield an average of about 350 pips per month based on the most recent 12 months results. We feel it cannot return to these levels on a consistent basis.

    Support

    Our Support requests were minimal but when contacted, responses were typically received within 24 hours.

    Summary

    PRO’s
    • Signals are clear and concise.
    • Entry process is 100% mechanical and Set & Forget.
    • Signals are clear and concise.

    CON’s
    • Quite expensive.
    • A service this expensive should come with an SMS facility.
    • Needs to get much closer to that 700 (or even the more recent 350) pip per month average.

    Do remember, your comments are important – If you have used or decide to use this service, please contribute to the community by reporting back your findings.


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