Forex O'Clock is an automated trading provider that is offered for free to any trader funding an account with FXDD, a globally regulated Forex broker with available leverage as high as 200:1 and a minimum deposit size as low as $250.
Also known as an automated signals service, Forex O’Clock is provided by Arduino Schenato, an Italy-based “naked” (i.e. indicator-free) price action trader of forex and CFDs. Arduino believes in a method of 100% technical analysis of naked price charts, with perhaps a single key moving average outlining mobile support or resistance.
Price action is king, time frames lower than the 4 hour charts are too noisy and unreliable, market commentary and other chatter is best ignored as a distraction. In the Forex O'clock website, Arduino summarizes the key ingredients of his methodology as:
1. Trading with the trend 90% of the time.
2. Trading only in key price zones.
3. Low risk, high reward.
Traders should expect on average to receive from 3 to 5 free signals each week.
The signals are published in the account holder's section of the website. An email is sent to notify the subscriber when a new signal or update is given. When registering with Forex O’Clock or at any time after that, the account holder can choose to receive the signals. The signals can be read as published and entered manually. Alternatively, the account holder can download an Expert Advisor (EA) and install it in his or her Metatrader platform. Once the Expert Advisor has been installed, when the account holder logs into the Forex O’Clock website, he or she only has to click to accept a trade or trade modification, which is then performed accordingly on their Forex O’Clock trading account automatically by the EA. This makes the trading process easier and simpler. During the review period, all the trades and trade updates were published during normal business hours, European Central Time, making this a very suitable service for traders that are able and willing to access this site and/or their trading platforms during the day.
The signals are clear and very easy to understand. The Forex signals usually do not include a profit target when they are initially given - this is provided over the coming days as the trade develops, according to circumstance. Clear entry levels and stop loss points are included, and the size of the position that should be risked is included too. The signals can be for trading any Forex pair, or common CFDs such as commodities. The trades are swing/position trades, with wide stop losses, and are aimed to last quite a long time where profitable. Each trade is given plenty of room to breathe.
The logic behind the trades could be better explained by providing charts and commentary; this would definitely enrich the service provided and make it more educational. Overall, the service shows a level of maturity and honesty in the style of trading from which the signals are derived. Arduino is offering a realistic style of trading which can be profitable in the long-term.
During the two-week period that the signals service was followed, eight trade signals were given. At the close of the period, one trade was closed for a profit of 1.32%, and one had been stopped out for a loss of -1%. The other six trades were still open, four showing floating profits, the other two floating losses. It should be noted in fairness that one of the floating losers had only been opened the day before the close of the two week period. The overall result was an increase in account equity of 3.14% over the two-week period, which is a very respectable performance.
Review info: ForexOClock
Review Date: 2014-04-27
Rating : 3
Reviewed By : Sara Patterson (Google+)
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