ForexDealer Review
Having been asked by a member if I had known or reviewed ForexDealer, of which I hadn’t, I decided to check them out for myself and see if they were any good.
After subscribing to their signal service for 2 weeks (which was extended to 4 weeks) here is what we uncovered.
PROS:
- Performance disclosed to the public;
- Stop loss and other order types disclosed (once a signal has been received);
- If no profit is made during the week you are automatically renewed for another week without cost (I think this method could be better, assume the following scenario: you lose 60 pips in your first week, you are not charge for this week. You make 10 pips in the second week, and you make 20 pips in the third week, your trial period is now over – did you make money? No. You finished down 30 pips).
CONS:
- There were a few trades that were disclosed in the performance that we did not receive, even though the sum return of those trades was negative!?
- When exit orders were given we found it difficult to exit at the exact same price he informed us to get out. I do not know whether this was due to the lag time of having him type his order out and then send, or whether he uses a different broker to the one I was using.
Overall our impression of FX-Dealer was nothing special, we personally wouldn’t use them, mainly due to the fact that we had some discrepancies with the signals we received and the performance sheet and the timing of some signals would come too early in the morning for us.
Tags: Forex Signal, ForexDealer
September 5th, 2005 at 8:28 am
performance not impressive, had seen much better ones.
Ryan, if you add Day-Traders and forexadvisor into your list, I tried them longer term and interesting pros and cons for them too!!