Update: Last we checked (October 15th 2010), Prosignal-Forex no longer allows new signups.
Prosignal-Forex is a Forex trading signals service that was established in late 2005. They trade 6 currency pairs: EURUSD, GBPUSD, USDCHF, USDJPY, EURJPY, and USDCAD. They send a daily email notice of trade recommendations at 0500GMT, prior to London session open, signals are good for 24 hours. After trying out their service for 2 weeks, the conclusion is that this service may have been great in the past, but the most recent few months have seen waning trading performance and not satisfactory service for the price of subscription.
Prosignal-Forex charges $99USD for 3 months of signals. They offer no trial offer. This provider’s daily signals are sent every day at 0500GMT via email only, they do not have sms text signals. The trade signals emails are concise and easy to understand, however there may be several days go by without any signals given. It is curious that starting in 2005 monthly pip counts were as high as 2900 pips but month after month this pip count has decreased considerably, now for September 2008 profitable pips were 141. Quite a change in 3 years.
Although their trading strategy is not explained, they do promote limiting losing trades with a maximum 40 pip stop loss, while their profit targets shoot for 75-100 pips. It is important to note that even though this signals provider has lack luster profit performance the last few months, it is still positive monthly pips.
The month of October they recommended 24 trades total, and 7 of these were profitable trades, for a total of 45 realized pips. Of these this reviewer demoed 5 trades and their trade log correctly logged the wins and losses. They seem to be honest with their performance reporting.
The Prosignal-Forex website is very basic. It appears more like a commercial, with lofty claims of pips when the truth is far from that. The positive thing is that they do post their true pip count, and do not seem to be hiding anything. There is no live chat or phone number for customer service questions. Questions sent via email were not responded to in a timely manner. There is a very basic tutorial about the Forex market and the basics of entering buy and sell trades and following their trade signals. To Prosignal’s credit, they have made their service very basic and easy for a new trader, but in the end it is not easy to get responses from them if you have questions. They do not offer any additional training or any type of community at their website. They do offer 6 months of free trade signals if they post less than 100 pips profit in 3 months.
Overall, this signals provider is not recommended at this time. With their fewer and fewer monthly pip performance reported, it is possible that their trading method is no longer a good strategy for them. Although they do continue to post positive pips, their dwindling pip count and lack of good service is barely worth the subscription price.
This service receives 1 star.
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