Editor’s Verdict
Overview
Review
Headquarters | United Kingdom |
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Year Established | 2010 |
TradeFXPlus is a Forex trading signals service that was established in May 2005. They trade the majors: EURUSD, GBPUSD, USDCHF, and USDJPY, and provide daily (Mon – Thurs) trade recommendations at 12:30GMT.
This service is quite good with decent signals and some additional features to help the beginner or more experienced trader make consistent profit. This provider’s daily signals are easy to use and show good profitable performance.
Subscription is $69 per month, but they also offer a free EURUSD daily signal. Visiting their Results and Performance page on their website shows 2671 pips for 2005, 4049 pips for 2006, and 2970 pips in 2007, 1902 pips in 2008, 2,588 in 2009, and 1145 pips through Sept of 2010. Their signals can be received via email, sms text, or by checking their website.
The method for their trades is simply to put on the trade as a Buy or Sell limit order for the specific price to be reached, with a target price for profit and a stop loss to limit any losses.
It is important to set the trade as soon as the signal is received, so as not to miss the entry price.
They appear to use Fibonacci retracement and CCI indicator to determine their entries. It is possible that no trade signal will be generated on some days, or that a trade signal will not be triggered if their predetermined entry price is not reached. Members also have access to a Trade Log which tracks all pending and closed trades, making their trades more transparent. TradeFXPlus has about as many winning as losing trades, but the key is that the stop losses are 40 pips max, while targets run to about 80 pips on average.
So over time, the signals will consistently perform profitably, for now. They do appear to be honest in the Trade Log, during the review process they accurately logged all positive and negative trades taken.
In addition to the daily trade signals, TradeFXPlus also offers some nice features. They have a blog area where their traders and also members post relevant technical forex instruction or trading tips on a daily basis.
This blog section they call their Knowledge Base and it is a community where members and their traders can exchange ideas about the forex markets. They also have a very good section explaining money management and its importance with each and every trade. Their dynamic money management system is not available to free signals members, but it is an integral part of their trading system and realizing profit on a monthly basis.
TradeFXPlus does not recommend any specific forex broker, but they do have a list of brokers to compare spreads and such. There is no live chat or help, but they can be contacted via email and they are quite responsive and friendly. Their trade signals are good and timely and easy to use, and their website and community offers the trader some additional ways to learn and grow as a forex trader.
After 10 days of trading their signals on a demo account, this reviewer would recommend this service with the knowledge that the TradeFXPlus system is meant to realize consistent pips over time and their money management system must be followed in order to keep trade account losses at a minimum. ??This service receives 5 stars.