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Systems For Traders | Forex Trades Live Review

Forex Trades Live Review

HomeForumsReviewsForex Signal Service ReviewsForex Trades Live Review

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    ReviewTeam
    ReviewTeam
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    Forex Trades Live Review

    Click below to visit the website

    Key Info

    Publisher:  None Specified
    Cost:  £60 per month
    Review Date:  May 2009

    What It Says On The Website

    As per the website, results for the period “April 2008 to end March 2009 = +6070 pips” trading just GBP/USD. Trades are “given in plenty of time by email/SMS” and there is a “great strike rate of over 90% (on our 32 pip trades)”. There are usually one or two trades a day and once placed “you can then walk away and leave it to reach a conclusion”.

    As we started our review the results page showed +80 pips profit for April 2009 and May 2009 was -7 pips to date. So, after 12 months in a row of at least 224 pips profit April and May this year seemed to be struggling somewhat.

    Trade alert includes, Entry, Stop and Target (which is always 32 pips per trade). Stops are between 40 and 200 pips with most being between 80 and 100. Signals are sent between 07:00 and 15:00 UK (local time). The example trade signal we looked at on the website seemed very straight forward and logical.

    All historic results are posted on the website and the worst drawdown we could see on the detailed results page was about 250 pips towards the end of March 2009.

    The service is available on a trial basis whereby it is free until you are 100 pips in profit. It works like this, you pay £10 via Paypal and then once you have made 100 pips you can then subscribe to the service. At this stage you will be refunded your original £10, but, if you do not proceed you do not get your £10 back, however, you should be +100 pips by this stage anyway, so even at 10p a point you will have lost nothing. They claim to do this to prevent abuse of their free trial and it seems reasonable to us.

    There are some other quite useful pages on this site for beginners, not only to Forex but also to Spread betting. There are decent sections on Money management and Trade sizing as well as some detail on how to use the signals. For sure there is enough information provided to allow anyone to get involved in and trade this service, even with no previous experience.

    Our concerns going into this trail was the fact that, by our calculations, if we had started our trial as far back as 24th March we would still be waiting to make our 100 pips, almost 2 full months later, assuming we do miss any trades. We were not overly keen on the Risk/Reward at 80-100 vs 32 and we were also concerned that, in comparison, the last 2 months have been the worst performing ones to date.

    The Service

    We signed up to the trial, £10 until 100 pips in profit is reached.

    Signals are received between 07:00 and 15:00 and are very clear and easy to enter.

    Most of the time there is sufficient time to re-act and get your trade on and walk away, however we did miss one trade (which was actually a winning one) because by the time we went to place the trade (5 minutes after receiving the signal) the entry had already been triggered.

    So, with the above in mind, this service is one where you pretty much have to be around and available from 07:00 – 15:00. Granted, with most signals there is usually plenty of time to get the trade on but, if you miss just one (as we did) where you have to be quick and it wins it can have quite an impact on your results.

    Can It Work

    After 2 winning trades, a loser (that wiped out the 2 winners) and then 5 winners in a row (if we assume we got in on the one we missed) we reached the target in just over a week, happy days.

    Well, not so fast here. The following 3 signals were all losers which would have brought us down to ground somewhat to a net -150 pips. As we write, the service would still not yet have recovered to our +100 balance level and as an additional note, if we had joined just one week later than we did we would still not yet have hit our 100 pips target (we would still be better off than those joining on 24th March though).

    So, the service is easy to use but is quite time consuming, having to be around all the time in case a signal (more important, a winner) is missed. If they can get back to pre-April 2009 levels of performance it could well be worth the effort, assuming you have the time.

    Support

    Support was good with turn around usually within 24 hours.

    Summary

    PRO’s
    • Easy to read and execute signals.

    CON’s
    • In reality, have to be around and by a screen 07:00 – 15:00 every day.
    • Recent performance has not been as good as in the past.
    • Depending on timing, those 100 pips could be some time coming, for quite a lot of effort.

    Note: After publishing our review the service now has a new recommended target of 72 pips, a much much better Risk/Reward ratio than the previous 32 pips and is now available for £1 (instead of £10) until a 200 (instead of 100) pip profit has been reached (since sign-up date). Trading hours have also been shortened to 0700 – 1015 and 13:30 – 15:15.

    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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