Today I’m looking at a Forex signal service that provides trading signals right on the front page of their website, ForeSignal. It’s quite the interesting concept, because you can see their trade signals just by logging onto the website. Their goal by providing the signals, is to create interest and then either advertise trading services on their website or have you upgrade your account and subscribe to a plan that will send the signals directly to your email address.
Signals are also provided free via Twitter, Facebook and blogspot. So, you could essentially just follow them on Twitter and use the signals that way, without ever having to subscribe. There is no information on where the developers are from, but their server is located in Germany. You can contact support via firstname.lastname@example.org.
I don’t usually review products like ForeSignal, and there’s not a whole lot of information to go on here, so I’ll do my best. The signals are very straightforward in that you are told the price to either sell or buy, and where to set your take profit and stoploss. These elements are very straightforward, so it’s extremely simple to follow the signals.
It does seem as though, the developers make traders that are using the service for free wait longer for the signals to appear. So, they will provide you the signal but if you are subscribed you won’t get it immediately and that will have an adverse effect on the result.
I assume that they also post the signals later to their social networks, so that is likely not the best way to utilize the service.
- Type: Forex Signals
- Price: $29/month
- Strategy: Undisclosed
- Timeframe: All
- Pairs: All
There are also plans for longer-term subscriptions. Traders can subscribe for a 3 month subscription at $59 and a six-month subscription at $89. This provides a small discount for locking in for longer-term.
As for results, the ForeSignal website provides both a graphic with the current performance, and monthly PIP totals that go back to January 2016.
The current results show all of the trades that have occurred since the beginning of the trading day. Here we can see every single pair, and the exact amount of pips they have won or lost throughout this period.
The monthly PIP totals show exactly that. Dating back to January 2016, we see PIP totals for every single pair, every single month and they have never had a negative month. The PIP totals are quite large with the average month being anywhere between 500 to 1000 pips in profit.
These numbers are very difficult to believe. Personally, I would really like to see a my FX book statement connected to this account to verify the legitimacy of these claims.
The client feedback for the ForeSignal website, and subscription service is not very positive. With a 2/5 rating, a lot of the comments confirm some of the suspicions I was voicing about their trading results.
The common thread between much of the discussion on this service, is that the results presented by the developer don’t come close to the actual results of their signals. Many of the traders believe that the discrepancies are inexcusable and that the service simply cannot be trusted.
The ForeSignal web-site runs under multiple different names, providing the exact same signal service.
This review pertains to all of these products, because they are the same product.
I don’t want to totally dismiss the ForeSignal service, but at this point I cannot recommend it to the Forex Robot Nation readers. The numbers being presented to us are very unrealistic and this is backed up by client feedback online. Obviously, if you are interested in the service, you can test out the signals for yourself for free, but I would suggest you do this for at least a couple of weeks before you decide to jump in. I’d be very interested in the trade logic behind the signals, as I believe they are produced by some sort of a robot.
That’s it for today, please let me know what you think and share your opinions of the service.