Tradeology FX is a South Africa-based web service offering a range of products designed to improve trading performance, including an indicator-based signals service. This review is restricted to two of their proprietary indicators which can be purchased, downloaded and added to an MT4 trading platform to produce precise Forex trading signals. The indicators are “Forex Profit Boost” and “Trade Predator”.
The site to which subscribers are given access is professionally designed and easy to navigate. It includes a support section, in which users may receive support by Skype, email or live chat. This is an uncommon, useful, and very welcome feature.
The home page begins with a prominent embedded video by Wesley Govender, promising hand-selected tools to make you a better trader, that give you an edge that you simply won’t find anywhere else.
Forex Profit Boost
The Forex Profit boost section consists of a welcome video, a how-to installation video, and a download for two indicators, the combination of which is the Forex Profit Boost strategy. One of the indicators is proprietary; the other is common, widely known, and well-respected. This section also includes a section of video tutorials on how to use MT4. The indicators come with a downloadable cheat sheet with easy step by step instructions on how to use them to generate entry and exit trade signals, plus a more detailed user manual that includes trade examples.
Tradeology claim that Forex Profit Boost can be used on any pair, and traded successfully on any time frame.
The Forex Profit boost section consists of a welcome video, a how-to installation video, and a download of a single proprietary indicator. This section also includes a section of video tutorials on how to use MT4. The indicator comes with a downloadable cheat sheet with easy step by step instructions on how to use them to generate entry and exit trade signals, plus a more detailed user manual that includes trade examples.
Tradeology claim that the Trade Predator is best traded on time frames no shorter than one hour.
I installed the indicators, studied the manuals and cheat sheets, and ran a simple trading experiment. I attached the Forex Profit boost indicators to two JPY based pairs, USD/JPY and AUD/JPY, and monitored the signals given around the clock for an entire week. I attached the Trade Predator indicator to two USD based pairs with European currencies, the EUR/USD and GBP/USD, and monitored the signals given from 8am to 5pm London time only. I ran both of the set-ups on only the one hour timeframe, which is a fairly ambitious timeframe in which to run automated signals, and the most ambitious that fits with Tradeology’s specification of the minimum timeframe on which the Trade Predator should be used. Before we look at the detailed results, it should be noted that a period of a single week is a very short period over which to measure any Forex trading performance.
The Trade Predator generated only two signals. At the time of writing, one of the signals had been closed profitably, and the other signalled trade was still open. Overall, during the test period and on the test timeframe, the Trade Predator was profitable.
The Forex Profit Boost generated two conservative signals, one win and one loss. Three aggressive signals were also generated, two winners and one loser. Overall, during the test period and on the test timeframe, the Forex Profit Boost was profitable.
The Trade Predator’s single indicator actually contains a combination of indicators. I have not seen the coding but I would guess that one of the indicators is a multiple time frame trend matrix of some type, while the other indicator seems to identify moments when there is a dynamic imbalance in the price action combined with sudden shifts of momentum into price gaps. The indicator actually prints dynamic probability values of the price moving into defined price ranges at these moments.
The Forex Profit Boost’s proprietary indicator seems to be based most upon an Ichimoku cloud.
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