Website : Forex Senior Website
Publisher : Not specified
Cost : $89.95 / month, plus various longer term plans
Review Date : August/September/October 2009

WHAT IT SAYS ON THE WEBSITE

Forex Senior is a "100% mechanical", "Set and forget system" that generates "more than 800 pips per month on average".

It's "an effective strategy that has been designed for those people who want to obtain substantial earning through a methodic system that is easy to use and that has achieved important (eh!) returns since year 2006". "It uses objective criteria to determine the prices in which to open and close positions" and "offers the guarantee that no emotions are involved in the decision process".

Forex Senior is "easy to follow", "requires 5 minutes a day to place your orders", all "signals are sent to your email address" and "contain clear and precise instructions (Entry price, Long or Short, Target price and Stop loss)".

The system trades 7 currency pairs; EUR/USD, GBP/JPY, GBP/USD, USD/JPY, AUD/USD, USD/CAD and USD/CHF. Signals are issued at 17:00 EST (so about 22:00 UK local time) and take minutes to place. The typical holding period (for each trade) is 1.5 days.

Rates for the service range from $89.95 for 1 month to $649.95 for 12 months ("you save 40%").

The Performance page details monthly performance statistics for each pair traded. As usual we did a few quick sums and noted that to end September 2009 the average monthly performance is actually closer to 700 pips per month than it is to 800. Nonetheless it is still a respectable and reasonably consistent performance.

THE SERVICE

We had access to this service from August - October 2009.

Signals are received by email, as promised at 17:00 ET (22:00 UK Local time). The email identifies the trades for that evening, sometimes there are none. As a note, we asked if SMS was or would be available and the answer was not at present on both counts.

Order(s) are placed according to the signal (which includes spreads) and that's it, the whole process takes a couple of minutes each evening.

Stops are, on average, around 60 pips and Targets are, typically, around 1:1.5 Risk:Reward but always at least 1:1.

As a member one also gets access to the breakdown of the underlying trades which make up the monthly performance figures reported on the website.

CAN IT WORK

Trading this service really is simple, receive the signal (around 22:00 (UK Local time)), place the trade(s) and walk away.

The occasional orders are not triggered and where this is the case, they are simply cancelled the next evening (at 21:59 (UK Local time)).

This service worked for us. We had a lot of our key criteria met:
- Timing is OK
- Effort required is minimal
- Results are consistent
- We matched the performance reported on the website

The only downside to this service is that it is one of the most expensive we have come across ($1079.40 per year if paid monthly, $649.96 per year if paid up front). And, at present, there is no SMS facility.

We seriously considered adding this service to "Services We Use". The main reason we have not, at this point, is the cost. At this price we feel we should run the service to the end of the year to get some more real-time performance statistics "under our belt". After 5 months of live running we will re-assess our rating.

SUPPORT

Our Support requests were minimal but when contacted, responses were typically received within 24 hours.

CONCLUSION

PRO's
- Signals are clear and concise.
- Entry process is 100% mechanical and Set & Forget.
- Results are good and consistent (and verified between August and October 2009).
CON's
- Timing may not be suitable for some (22:00 UK Local time).
- Quite expensive.
- No SMS facility.


Do remember, your comments are important, if you decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

Hi Team

As a member you say you can access the individual trades that compose the monthly results posted on the performance page on the website. Is this only for the months you are a member (ie Aug to Oct) or the complete picture from 2006?

I have just signed up to this system but cannot seem to access any historical data.

Also have you posted your trading diary for this system between Aug and Oct?

Will keep you informed of my views on this system in the future.

Regards,


Oddjob

Hi,

We actually had to request the trade history and we were provided with all trades for 2009.

We have not published our journal for this service as yet as we are continuing to monitor it until the end of the year. At the moment we have only committed to publishing our journals for "Systems/Services We Use".

However, we can confirm, apart from when we were on holiday for a couple of weeks we had the same performance as that published on the website for August through October 2009.

We look forward to receiving your feedback and hope that it compares favourably with our own experiences which we will of course publish on this forum.

Thanks again for the feedback.

Do remember, your comments are important, if you decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.


ReviewTeam - www.systemsfortraders.com

Hi Guys,

I've been waiting for a system like this to come up - easy and simple, I want the holy grail to come to me

I will give it a go, the worst consecutive loss was over 2 months May and June, giving a 506 pip loss, so I'll try it out at 50p a shot, see how it goes (yn)

Mark.

OK, that's a sensible approach on 50p a point but please beware of "Holy Grails" and things you read on the internet.

Fair play we are honest and our members have come to know and trust us on that point but please, please, please, ensure you do your own due diligence, we are doing ours, hence the trading this service til the end of the year (on a small account). We will not commit a sizeable trading account to this or any other system/service until we have satisfied ourselves that the venture is a worthy one.

We do of course welcome your feedback and as per previous we hope that it compares favourably with our own experiences.

Do remember, your comments are important, if you decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.


ReviewTeam - www.systemsfortraders.com

Hi,

Well I reckon 50p a pip is a small account, I know there's no holy grail, hence the

As for due diligence, I have obtained a listing of the results from 2006 till oct 2009, not sure if its appropriate to list the largest stop losses here as it may cause a flutter, but I can say there have been some very very juicy gains too! This is not a scalping system by any stretch, so you must be capable of accepting largish stops to trade this - I am comfortable with it.

I am going to stick with 50p for about 6 months, after which if I find it acceptable, I will more than likely compound it using something like a 5% risk per trade, and always using the greatest bank achieved to calculate my trading stake - that's aggressive, but I have never come across anything that has suffered anything near 20 losses.

I dont think any system that provides signals will make you rich, the only way to do that is get some education and trade using your own system, but sidelines like these are handy to have in the toolbox. I have tried quite a few of these out, mostly losers, so thats why I turned to your forum to get some reviews.

I'm currently looking at John Pipers' PBW system on offer through Canonbury - would be nice if you could look into this? I have it on trial for 90 days, not opened the manual yet!

Mark

Hi Mark,

Thanks for that, and apologies, we didn't mean to sound like we were "shouting" just wanted to ensure that we issued a note of caution, mainly for those with possibly less experience than yourself.

Your approach seems like a valid and sensible one in our opinion and not too dis-similar to our own albeit we are a few months further down the line.

We are also coming round to similar thinking to you in that it seems, more and more so, that when trading systems/services, like with longer term investments, it is maybe prudent to have some form of diversification. We are currently considering issuing an article with our thoughts on this matter.

Re: John Piper PBW - We are not sure what this, we have reviewed Trade Maker here, as you may already be aware. However, if you don't mind please post the details in the Request List forum and we will look into it in more detail.

We are glad you are finding the reviews of use and of course your input is also making the forum of more value to others.

Thanks again for the input and we obviously appreciate any progress reports you get time to post.


ReviewTeam - www.systemsfortraders.com

OK, wasn't offended at all, you need to be clear for the benefit of all, and I'm always on the look out for good advice.

As for the system itself, it's a bit disappointing in terms of volume, I've had 1 signal which was successful in terms of entry (even though it was a loser - GBPJPY) and there was a second one which didn't actually hit its entry (AUDUSD).

I emailed them to ask why I didn't receive the emails and that the price for the entry had actually been reached BEFORE I had seen the trade signal on the website. I got the response that I should place the trade and wait for the entry, which is a fairly logical answer, but I never got any explanation as to why I didn't receive the email, and as such I am non too keen to have to log into the website to see if there's a signal, I'd rather have an email which can have a rule attached to it such as a wave file or it forwarding to my mobile as a text message.

I was also disappointed to see that their trade signal of the AUDUSD was a successful entry even though it never hit its entry price for me

So I'm not sure this service is entirely accurate.

I'd like to think I am fairly conscientious when it comes to instruction and logging in at 10pm GMT was exactly what I did, and placed the trades as given, whilst the trade was still in place and had not hit, I noticed on their website that the AUSUSD has completed - I subsequently cancelled my order.

So its mixed feelings for me at present.

I wouldn't be giving a negative personal review for a negative set of profits because I think we need to expect that from any signal service and as long as we can win the war in the end thats the objective - BUT, there are some problems with the signals themselves and receipt of trades via email are not happening for me.

I will write to them with these concerns and let you know the result.....

Mark.

Hi Mark,

Thanks for the post. We have had two signals and yes, that is quite a low volume compared with previous months. However, if their system is not giving a signal then, rightly so, they are not issuing them, we like you, understand this approach.

In November we have received emails on 2/3/4/5/9/10/11/12/16 with only the ones on 10th (GBP/JPY) and the 11th (AUD/USD) containing signals. All emails were received before 22:05 UK Local time, we have never logged into the site for details, actually - didn't know you could (oops !).

When there was a signal we checked the current price and then placed an order and left it to run. In this instance both were triggered and both lost. This system, as far as we can work out, works on a pullback basis the majority of the time. We say this as we have noticed quite often the current price is trading away (past) the Entry price on the signal. We checked these during our review period and no trades were ever reported unless there was a pull back to the Entry price specified. The AUD/USD trade was a strange one as it hit Target, then hit Entry, then hit Stop before later hitting the Target again! It was unfortunate that the Stop was not another 20 pips away, if this was the case this trade would have won. We asked the question - should we pull orders if the Target is hit before the Entry and the answer was no, leave it. So, we were correct in our action, according to the guys at Forex Senior. Thus, this month we have had only two signals and both were losers, luckily you avoided one of them !

Hope this helps as although support is usually prompt from Forex Senior it is not always the most detailed. As stated in our review, we are also disappointed that for the quite high cost, that this service does not included SMS delivery, even if it is as a back-up to the email delivery.

We look forward to your continued input.

Do remember, your comments are important, if you decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.


ReviewTeam - www.systemsfortraders.com

All,

Just a quick update on Forex Senior, hope it's useful.

We have now been running this service for 4 months and this month (November) was again profitable. Trading was light again with only 5 trades being triggered which produced a net return of 205 pips.

4 month summary:
- August - 6 trades - +331 pips
- September - 7 trades - +160 pips
- October - 5 trades - +227 pips
- November - 5 trades - +205 pips

So, we are averaging around 200 pips profit a month, with an average Stop of 60 pips and 2% risk per trade this is around 6% profit per month.

These results are no where near the average reported on the website, 800 pips/month, but nonetheless, satisfactory enough for us to continue into December. (Note: There have so far been 2 trades in December resulting in a net +104 pips profit).

Do remember, your comments are important, if you decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.


ReviewTeam - www.systemsfortraders.com