Today I’m reviewing a new Forex signals, and trade copier service built to be reliable in today’s market conditions, Smart FX Trader. The developers claim to use a multitude of trading approaches in order to provide traders with high accuracy rates which has led to a gain of over 15,000 pips in the last 12 months. This is a very large number, so I’ll be looking very closely at all the data provided, to ensure that the developers can truly meet the expectations they are setting.
Despite having over 25 pages filled with content, the people behind this service do not provide us with any information about their location, or what type of experience they have in the Forex marketplace. Considering this is a signal service, it’s very important who these traders are, because they will be the people that stand between your wins and losses. In order to get in touch with support, traders can email email@example.com.
Smart FX Trader Review
The explanations for both the Smart FX Trader Forex signals and trade copier services are quite lackluster. The main information provided, is that the software utilizes “harmonic trade setups combined with fundamental strength versus weakness.” While this may sound impressive, there are really no details or further iterations that explains what any of this actually means. Considering we don’t know who the signal providers are, it is a very important that we at the very least receive a much fuller explanation of their trading methodology.
As for receiving signals, traders are required to join a telegram channel where the signals are broadcasted. The vendor does provide us with an example signal, which shows that they tell the trader the exact moment and price to open the trade. They also provide the take profit and stoploss values, so that no portion of the trade is the client’s responsibility.
- Type: Forex Signals/Trade Copier
- Price: $33.99/month
- Strategy: Harmonic
- Timeframe: All Timeframes
- Pairs: All Pairs
There are currently 2 options available for traders looking to get involved with the Smart FX Trader signal service. There is the free telegram channel, and the premium telegram channel. Both of these services provide chart analysis, news release warnings and published results. The main difference, is that the free telegram channel provides one signal per day, where as the premium telegram channel provides 5 signals per day, alongside 24/7 support.
I recommend testing the free telegram channel for an extended period of time, to see if you agree with their trading approach, and see potential in the signals that they are providing. If they can win at a consistent rate over an extended sample size, that it will be easy for you to stomach the monthly fee of the premium telegram channel.
According to the sales page, the Smart FX Trader service has provided 19,200 trade signals, which has contributed to over 32,840 pips and the last 12 months. While this is certainly impressive, I have yet to find any verified proof, that this is actually the case. I added up all of the demo, and live account pip data, and this came to a grand total of 14,154 pips, with the live accounts accounting for just under 2,000 of these pips.
If that was confusing, I apologize, but the results provided by this vendor are quite convoluted, as many of the accounts have only run for a couple of days, or weeks. As for the 2 live accounts, one of them ran from March 6th to March 20th, 2018, then stopped, while the other has been running from June 19th to July 13th, 2018.
None of the Myfxbook accounts provide reliable data, because they are running erratically, and over very short periods of time.
There is another section on the Smart FX Trader website labeled the detailed statistics, but this entire section fail to load regardless of whether you filter the statistics by month, or trade log. This looks like an aspect of the website that was built to provide the transparency we require, but is yet to be fully utilized.
Outside of these 2 elements, there are a handful of screenshots from the telegram channel, but these aren’t exactly reliable either, because they are not verified by any 3rd party.
It’s really hard to say whether or not the Smart FX Trader signal service is viable or not, because they don’t provide us with enough detail or any sort of transparency with their trading results. The only way to get a better handle on the service, is to test out their free signals and see if their particular trading approach works for you.
If you have used this service, and you would like to leave a comment, please do so below now.