Editor’s Verdict
Overview
Review
Headquarters | United States |
|---|---|
Year Established | 2010 |
Honest Forex Signals is a Forex trading signals service that is owned by Allegiance American Enterprises, LLC is an American-based signals provider and webinar service that sends out trades from a live trader named Robbie Newton.
The service is a registered member of the Better Business Bureau in the United States, an agency that mediates disputes between customers and businesses. Registration with the BBB is considered to be the sign that company that is transparent with its policies and that it strives to keep the customer happy. The BBB is used extensively by businesses in all forms of commerce in the US, though we’ve seldom encountered a Forex signal service registered by the BBB, and we found this confirmation to be quite comforting, considering the high percentage of Forex scams on the internet.
Forex Signal Delivery Options
Honest Forex Signals offers both an automatic trade copier and email alerts. We tested the service over two weeks in December 2011, and found the results to be remarkably impressive. In fact, the success rate was quite remarkable as it was over 90%, however – the trades themselves broke one of the most common trading rules: the stop losses are larger than the gains.
We chose to use the email alerts in our Honest Forex Signals review. One thing we noticed is that the stop loss and take profits are not always included in the emails, though our follow up with the company confirmed that these metrics are always the same (40 pips take profit and 80 pops stop loss), so a trader should be able to implement the trades properly even without this information. Once the trades were closed, the levels were always included in the “closing” email. We understand that all of the take profit and stop loss levels are included, without fail, in the trade copier software. All trades were provided during in either the European or American trading session.
Results
In two full weeks of monitoring during this Honest Forex Signals review, all trades were based upon the GBP/USD pair, and each had a stop loss of 80 pips compared to a take profit level of 40 pips. While this type of trading can assure a large success rate, one has to keep in mind that each loss would wipe out 2 winning trades. Nevertheless, there is no denying that Honest Forex Signals is an impressively successful signal service whose gains thus far have far outnumbered their losses. As an example, the service turned about 700 pips profit in November and December 2011 alone. These remarkable results make Honest Forex Signals a solid option for traders looking for a reliable signal service.
Final Thoughts
Overall, there is a lot of promise in the signals that are sent out by Honest Forex Signals. The trader has an obvious skill when it comes to trading, and a keen understanding of the way the markets function. The signals came out rapidly and were verifiable, something which isn’t always the case with Forex trading signals. The results were very exciting as the gains were almost non-stop. However, if you are going to use this service, you should use the automatic trade copier that easily attaches to any MetaTrader 4 terminal. The cost for this service is $177 a month, and as a result, you will obviously need a large enough account to make trading with this service worthwhile.
