Foresight FX Review
Foresight FX is a pure web-based signals service, offering daily trading signals and an accompanying education in Forex trading. They recommend a single Forex broker on the basis that only a true ECN offering micro-lot sizing and accessible to US residents will be able to give a service with no conflict of interest. However, their service can be used with any broker, as it is “information only”.
The founder and leader of Foresight FX is Carlos Diaz, a U.S.-based professional trader with over twenty years of market experience. In his introduction to new members, he says that “We trade when we have a high probability of winning and we sit back and watch the market when the probability does not fall in our favour. We treat every trade like our life depends on it. We are not gamblers…. This is our business. Risks are calculated and managed. We exist for one reason only - to enable you to build massive wealth through forex trading. This will not happen overnight.” This is a refreshingly healthy and realistic attitude, and as I followed the services of Foresight FX I found out that Carlos truly does practise what he preaches.
Subscribers to Foresight FX receive an email every day a while before 6am GMT, directing them to the latest updated page where they can access that day’s signals and supporting static information. The signals and education are based upon pure technical analysis of the market; no fundamental factors are introduced into the signals or trading model. The signals provided are exact and complete, but the subscriber is given access to and taught most of the methodologies that are used to produce the signals, and so gains an educational benefit that should make them a better trader as an added bonus to the signals themselves.
Subscribers to Foresight FX receive:
- Access to the current and previous daily videos produced by Carlos, in which he reviews the previous day’s market action and the performance of any signals that were given the previous day, as well as for the current day;
- Recommended price zones (if any) in which to enter trades that day on the AUD/USD, EUR/USD, GBP/USD and USD/JPY pairs;
- A Trading Manual in .pdf format, explaining how to implement the signalled trades;
- Several videos explaining the services and how to use them;
- A basic explanation of how to use the Metatrader trading platform;
- Historical daily forecast videos;
- An ‘extra training” section full of educational material.
For an additional fee, it is possible to join the “Inner Circle”, giving access to Carlos’ personal mentoring and a deeper understanding of his methods.
It is important to understand that Foresight FX do not simply give signals saying “today buy X at Y and sell at Z.” They provide a much more intelligent and realistic service, where on any day they might say “today buy only X between prices Y and Z if you get an entry using one of our three entry methods, and exit winning trades at levels A, B, and C.” Although this might seem a little daunting to newer traders, instructions are clearly given and once understood should be easy to use. Be aware, though, that this superior methodology is less “set and forget” than many competing signals services. The superior results that this approach can achieve should be more than adequate compensation for the time that must be spent at or near a trading screen.
I monitored the signals over a period of two weeks and received a positive return that was approximately 1.5 times the amount risked. Although only two signals were triggered, they were both winning trades. Additionally, during the two week period, not a single losing signal was given. Although two weeks might seem like a very short period, I have a great deal of confidence in the ability of Foresight FX to deliver a consistent profitability with their methods. This is mainly because they are not afraid to recommend “no trade” on a particular day on any of the four currency pairs for which they provide signals. They also recommend trading only between 6am and 2pm GMT, the hours during which the Forex market is usually most active. The fact that they use a variety of methods to identify entries means that when good opportunities arise, they are rarely missed by the client. This is important and something that sets Foresight FX apart from much of the competition.
Each morning clients log in and can quickly and easily see whether signals have been given for any or all of the four currency pairs covered. On a typical day, one or maybe two signals are given.
Clients will have studied the materials explaining the recommended methodologies, and will be ready to take trades on the recommended pair(s) in the recommended direction(s) when the price approaches or enters the recommended price zone at which to look for a trade.
I will not reveal the details of the methodologies used, but I can summarize them as a good mixture of three different methods that can be used in a way that at least one of them should capture any good opportunity, and the educational material explains clearly how this can be done. One method is a customized oscillator, the other is a trend line break, and the third is a moving average crossover.
During the two-week period that the signals service was followed, six trade signals were given. Two of them were triggered, both of them were winners and each achieved approximately 1.5 times risk. This was a very respectable performance. This is an intelligent and realistic service providing a very good swing trading signal service. The fact that you can earn while you learn potentially makes a subscription good value for money. A trial period is also offered at only $7 for two weeks.Back to Top
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