TradeProfits

Review of Forex Signal Club

Posted on 29. Jun, 2009 by admin in Review, forex signals

Forex Signal Club is one of the many new signal providers out there. I found them over at Forex Peace Army, with two 5 star ratings. As they offered a free trial for one week, I wanted to see how things played out. I signed up June 12th and one week forward. When I signed up it was through PayPal, so I had to manually cancel the subscription; otherwise I would be billed around $70 after the 7th day. However things have changed since I signed up. The website has a new layout and they now offer their service through clickbank. The price has also increased from $70 to $99 per month. Furthermore, a trial week has increased from free to $10. The service is Forex signals mainly on EUR/JPY, GBP/JPY, and GBP/USD. Furthermore they give signals on crude oil. They also offer a managed account, but you have to contact them, for more information about this.

The service is run by two guys, Link and Morpheus. The service basically consists of a chat room where the trades are called, from 7:00 through 16:00 GMT. Their past results are pretty good. You can see them here. When I signed up everything went smooth and fast. When I sent them email with questions, it only took a few hours before I got a reply. The price for the service was somewhat expensive, but way better than many other providers. However, there are several factors which I didn’t like about it. Here goes:

First of all, they don’t give a lot of signals. You can see this from the performance page. This is not necessarily a bad thing. But as they don’t offer to send the signals via email, sms or messenger, you will have to sit in front of your computer the entire day, waiting for their signals. If there is a lot of activity, I see a good reason for using a chat room, but in this particular case, it seems pointless. This might fit some people, who are working in front of their computer screen the entire day, but it surely does not fit everyone. No me anyway. Furthermore, if you live in the US, you would have to be awake the entire night waiting for a signal.

Before I joined, they claimed to have had around one trade per day. But in the week I was trading with them, they only had one, and it was a negative trade of -40 pips. This trade was issued on June 18th and according to their performance page, there have been no new trades since then. That’s more than ¼ of a month without a trade, for $100 a month! I understand that if their system might not be showing any possible trades, hence they don’t send any signals. But maybe it would be an idea to decrease the price for the service then? Or at least offer some guarantee, like no trades, and you will get your money back.

As I have only seen them take one trade, I cannot speak of the performance from when they started and until June 12th. But the losing trade which they have posted is genuine. The chat room is not crowded and people are polite and helpful, specially Link and Morpheus. When I signed up for their service I asked them if I could have one month trial rather than one week, so I would be able to give a more objective review. However, this was not possible; too bad. I think Link and Morpheus might be good trades, and their service can become a good business, but I feel that certain things are lacking, and there is a need for a change in their business model. Have you traded with Forex Signal Club? Let us know what you think. Do you want to try their one week trial for $10 then go and sign up here.

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Tags: forex signal, Forex Signal Club