Over the next month or two I’m going to be testing a Forex advisory service called “Trend Change Signals”. This is for the most part a “set and forget” type approach, which means that users can set up their orders in IG Index (or an alternative spread betting platform) and then let the markets unfold without constant monitoring. For each currency pair that the service covers, well defined entry, stop (loss) and limit (profit) levels are specified so there is no guesswork involved. A daily email is sent that provides the required information for orders to be entered.
Each “trade” is based on a nominal stake of £10/pip which is split into 2 sub-trades: one at £8/pip and a more speculative one at £2/pip. Both sub-trades have exactly the same entry and stop levels, but the smaller £2 trade has a more ambitious target (limit) level. Obviously a user can use whatever stakes they wish (so long as the 4:1 ratio still holds), but for the purposes of this trial I will stick to the suggested £10.
Once a trade is entered, the user only has to become involved in order to move the stop level when a required number of pips has been achieved in order to “lock in” some of the price movement achieved.
The complete user manual for the service is available on the Trend Change Signals website.