Honest Forex Signals Final Review
I have been looking at Honest Forex Signals, a ForEx signal service that uses trade copier technology to place and manage trades. Membership is $177 (about currently £120) per month, so cheap this ain’t!
Not much to say really, you install the software on a Metatrader platform and let it whir away. Installation is straight forward.
I think my biggest quarrel with the service is the 80 pip stop (usually) and the biggest profit during the trail was 40 pips; in 12 weeks not a single 1:1 risk/reward trade. Not good when the strike rate was 30 winning trades from 60 trades (50%).
There have only been 60 trades, and for this amount of money I’d expect lots of trades for small gains, or a few trades for large gains; what I got was few trades for small rewards (when we got a winning trade).
The nail in the coffin though is that the service lost 1150 pips (£11,500 to our standard £10 stakes). Even using a very modest 2% risk on a £2,500 bank lost nearly 20% (£500). And that is before we add 3 months of subscriptions. I have to categorise this service has failed.
You can try Honest Forex Signals here: