Estimated reading time: 6 minutes
The talk is all about Forex signals and trade copiers. These solutions for trading the money markets are used by thousands of individuals across the globe. And usually the reason is that these people don’t know how to trade themselves, so they must rely on some sort of a signal or trade copier to make money.
The idea is splendid. But problems start to arise whenever we are introduced to products like Forex Signal X. There are just too many FX signal providers. It is becoming harder to single out those that work from those that don’t.
We’ve already gone through Forex Signal X and out of our experience, we recon that it’s a mediocre service. Like many Forex signal services out there, this one is not going to sustain your account in the long term.
And although their product plans are affordable, we still don’t recommend it for reasons stated below.
It’s a signal service like any other. They promise to deliver signals to you in real time so that you can act on them and net a gain of 70+ pips in the long term and 30 pips in the short term.
These signals are supposed to be delivered into your email or in form of SMS notification. Basic package costs $2 per signal, although notifications are restricted to email only.
Secondly, the standard package will cost you $3 per signal and comes with both text and email notification including support.
Now, if you want auto-trading, they claim to have a very accurate trade copier system which they are charging at $110 per month.
Unlike most signal providers, Forex Signal X provides very affordable signals. But also remember that cheap is expensive. Don’t be excited yet because we are not recommending this product at any given time.
There are lots of problems which you can’t see from the perspective of someone who wants to subscribe. But we can assure you that these problems will manifest, one by one, when you decide to subscribe to the product. And we can tell you that these things will eventually cost you a trading account of any size.
They claim to employ a team of expert analysts whose job is to analyze news and come up with signals to trade. There is also mention of technical analysis which they claim is their fundamental way of determining profitable signals from those that are not.
The big question is, what’s the point of analyzing news if technical analysis is involved? Isn’t this fundamental analysis? You see, tools which are used for technical analysis often reflect what news is doing to the market.
Technical analysis is just a way of finding signals as well as suitable entry and exit points of a potential trade. News analysis has no effect here.
So, what does this tell you concerning Forex Signal X?
It tells us that someone is either not trading Forex or has not done proper research before marketing a product to us. News analysis is quite irrelevant here. This explanation simply doesn’t make sense.
They screwed it in the beginning, and that’s why we are still wondering how a technical analyst is supposed to be bothered with what news is doing to the market.
Also, the website of Forex Signal X doesn’t mention the people behind their products, and this does not go well with us. Why would you offer a critical financial product and hide your face from the public?
It would be right to say that we don’t know the ”geniuses” behind Forex Signal X. By the way, you should be trusting the system developer more than the product which they are selling to you.
For one, it’s nearly impossible to know how serious these guys are with trading. At some point, we even suspected that these guys were selling signals which are generated through guesswork.
Because we don’t know who is behind Forex Signal X, we might never tell whether they are doing it as a hobby or as a serious business.
They might leave you hanging as soon as you subscribe to their system (which they claim has an 80% win rate). These guys could also be great in programming, or at least they’re working with programmers. However, they know nothing about trading. That’s why regardless of how good their programming skill is, their trade copier will never benefit you.
This is a totally different category of products offered by Forex Signal X. The claim here is that their trade copier service will make you 12% profit from your investment every month. It will also copy 100% of profitable trades into your account, meaning that we should be making profits in every position that the software opens –theoretically.
In reality, the idea of trade copiers is just amazing because it gives the average Joe the ability to make money from the market even when they know nothing about trading. All they have to do is remain subscribed to the service and the good trades will be copied automatically.
But now it takes us to the million dollar question: can we trust people who run Forex Signal X? They haven’t told us their backgrounds, and neither do we know their names.
Secondly, we don’t know whether Forex Signal X is a company or just a website. We feel that this is a careless presentation because it shows that the people behind this website are after selling their signal service and nothing more. We don’t think it’s a good idea to sign up for a system whose owner is still anonymous.
Funny enough, these guys run a Facebook page that is also devoid of user activity. The 2,000 ”followers” on this page are very dormant, which suggests that they are not real users of this product.
It also shows that people are somehow reluctant to subscribe to this signal service. It’s impossible to have 2,000 Facebook followers and none of them are commenting on any updates that are posted on this page. It’s very weird, don’t you think?
Besides this, Forex Signal X is called QulPay on Facebook. This name is not mentioned anywhere on the website of Forex Signal X. If they only made certain things clear about them, it would have raised their trust rating just a little bit.
Although what they are selling as a signal service is very affordable to beginner traders, we still can’t vouch for this product because there is no transparency in this website.
Secondly, we somehow don’t trust that the people who work here have what it takes to deliver consistently profitable signals in the long run.
We are afraid that Forex Signal x might not be worth your time. It appears that it’s a relatively new product, which explains why people are not using it. However, if the 2,000 followers on Facebook are anything to go by, then it could also mean that they’ve been around for some time now.
But at the end of the day, we need to realize that this product doesn’t have any user reviews or ratings yet. It would be unwise to invest in it. On the same note, we are recommending this list of top-rated Forex signals and mentoring programs.
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