Website : (My) Easy Forex Signals Website
Publisher : Not specified
Cost : £30 per month
Review Date : February 2010

WHAT IT SAYS ON THE WEBSITE

This service actually consists of 5 individual services, as follows.

Trend Trades

A Day trading "trend type" service with a success rate of "99% (it mentions 92% elsewhere) since October 2007 upon inception of the website". "Signals normally last for up to 6 hours, but can sometimes extend to 9 hours". The signals include a Buy/Sell, Entry, Target and a Stop loss. These signals are sent at 08:00 GMT.

Hedge Trades

Again, sent at 08:00 GMT, lasting "on average between 1 to 5 days" with "no losses at all". This is "a very special, uncomplicated, and laid back type of trade" which falls into the aptly named "Safe mode" of trading. This "can be aligned to putting money into a Building Society - it is just about an impossibility to have a losing trade, even with a dramatic turndown of currencies".

Commodities & Indicies

Trades which last from 2 days to several weeks, sent out at 13:00 GMT which "normally produce 50 - 100 pips profit per trade".

US Stocks

Buy only signals (no Short positions taken) for US Stocks which have a duration of 1 to 6 days on average. A recently introduced service producing an "average profit per trade of 40% and -1.05% loss per trade". Signals are issued around 13:00 GMT and there is also mention of a Live Trading Room.

Position Trades

Lastly there are longer term Forex trades with a holding period, usually of several weeks.

The services are "designed for those who have a basic knowledge", however "for those members that are complete beginners I have available a free e-book on currency trading to enable you to get started". "Support and advice is available by immediate reply email if I am at the computer, or within 24 hours".

THE SERVICE(S)

Through choice, we only used these services for the best part of two weeks which was sufficient for us to do be able to produce our review. This is not a negative for this service it just means that within a fortnight we were satisfied that we had enough information and exposure to put pen to paper, so to speak.

Our first mention is that we only looked at the Trend Trades aspect of this service. The main reason being it seemed to be the headline currency based service claiming a 99% (or 92%) success rate since inception and, it was the one of most interest to us.

The Hedge trades, which make reference to "money in a Building Society ... never lost ... impossible to lose ... laid back", perhaps slightly tempting for some a year or so ago, but even in that environment we do not feel we would have been interested. Commodities, Indices and US Stocks are not instruments we usually trade so we decided not to get involved in these services. Lastly, the Position trades, of interest yes, but not as much as the Trend Trades, so that's the service we concentrated on. Of course we would welcome comments from others that do have experience of the other services as we and, we are sure, other members would find them of interest.

So, onto our primary objective, to review the Trend Trades service.

Emails are received, typically around 08:30 GMT (although ours occasionally arrived as late as 09:15) and provide details (the results) of yesterday's trades as well as the signals for the current trading day. The signals contain an Entry and a Target, and utilise a fixed Stop loss of 30 pips. However, this is not your usual Set & Forget, place your trades as per the signals and walk away service.

The Trend Trades service involves a little bit more, it's actually a service that comes with a strategy, one which must be interpreted and applied on a discretionary basis by each individual. As and when the Entry (retracement) levels contained in the signals are hit, the Trading strategy/Decision making process must be followed each hour. One must then decide, whether or not to enter the trade, based mainly on Price action.

It doesn't stop there. Once in a trade, Trade management is also discretionary. Again, every hour, on the hour, the Trading strategy is followed and, observing Price action, once again, one decides whether to stay in the trade or to exit.

This of course means that results will, unlikely, ever be the same for any two individuals. This is reflected in our results which were quite different to those reported in the daily emails. This may well be a simple case of our inexperience of using and following the strategy and, in time, could possibly have been improved upon.

During our exposure to this system we took 32 trades and made just over 500 pips. Based on a fixed 30 pip stop and 1% risk per trade (risk reduced because there is potential for up to 6 trades to be running concurrently) this is an impressive 16%+ return in just 2 weeks, but boy we had to work for it. As a note our returns were less than 50% of those reported in the email updates but as mentioned above this could well be due to our inexperience of applying the Trading strategy.

CAN IT WORK

For experienced traders yes this Signal service when implemented with the provided strategy does seem to work. It is however, very time consuming and requires a significant degree of trade management, on entry, and also whilst in a trade, which is quite frequent. It's fair to say that the strategy means that management only has to occur every hour but nevertheless this does mean being around and making trading decisions every hour on the hour when looking to get in and whilst in. And, as per the website, trades can and do run anywhere from one hour to 6 - 9 hours.

The service is advertised as "Simplicity is the Main Feature", we have to say, based on our experience and compared to other Signal services, it is difficult for us to agree with this statement.

If this service was less time consuming it would probably have made it onto our "Systems We Use" list. NOTE: We are not lazy, we just prefer, these days to make our trading money with less time dedicated to our screens, been there done that, got the t-shirt, etc. We just do not believe in committing this much time to trading 6 currency pairs on the 1 hour time-frame (for up to 9 hours a day). This is also the main reason we decided to produce the review after just two weeks, we were worn out!

SUPPORT

Support is usually quick and helpful, typically within 24 hours.

CONCLUSION

PRO's
- Nice timing, for us.
- Entry levels seem accurate with a reasonably reliable Entry methodology.
- Used in conjunction with the Trading strategy was profitable for us.
- If it was less time consuming would probably have made it onto our "Systems We Use" list.
- Other services may prove complimentary.
CON's
- A big time commitment (too much for us) and may also be a little too discretionary for some.
- We didn't hit the 99% (or even 92%) win rate, but we were profitable.
- Although profitable, we didn't match the reported results (but, as mentioned above, this may be due, in part, to our limited exposure to the strategy).


Do remember, your comments are important, if you decide to purchase this system, 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

I gather that your wintrades were not 99%(or even 92%). In your test, exactly what result did you obtain as this would be important since the initial profits were only 50% of the stated profits.

Hi,

Yes, we should have included, apologies.

We took a total of 29 trades with 12 of them being profitable, 7 of them break-even and 10 of them being negative.


ReviewTeam - www.systemsfortraders.com

I tried the trend trades part of this service and I found the discretionary part of the system very difficult to implement. After paper trading it for a couple of weeks, overall I made a loss because I was unable to correctly judge when to enter a trade and often ended up closing trades with a small loss.

Hi Lucy,

Yes, we agree and we also found it a little too discretionary and time consuming, but that's just us!

Thanks again for the contribution.


ReviewTeam - www.systemsfortraders.com

Have to agree with the above comments.

I am paper trading it at the moment and asking questions to try and nail down the entry criteria.

To my mind as it stands it certainly is not a beginners system. The resullts supplied each day are also suitably vague. Just today among other questions I have suggested that they include the hour they entered each trade so I could look back at the charts and maybe understand why they entered when they did.

Thanks for the comments, it pleases us to know our reviews are along the right lines.

We agree the service is not for beginners and that you also have a very valid point in suggesting Entry time candle, perhaps Exit time candle would be useful too with the "learning process".

Best of luck with it and we hope you get a chance to report back at some stage, we are sure it would be appreciated.


ReviewTeam - www.systemsfortraders.com

Hi everyone
I've been looking for a site like this for some time now, and I've found it!
I've looked at, and tried many systems over the last few years, and my results have been disappointing to put it mildly. In fact to put it bluntly, I have not come across one system that works.
I have actually tried and tested systems from Louise Woofe, Neil Leitch, Richard Hill, and looked very closely at things like, the EZ Trade System, Forex Trade Alert, 10 - Minute Trader Program, etc etc etc. And as far as I can make out, none of them work for me, are too over-hyped or too expensive – often all three!
The results are always positive and the testimonials glowing – I wonder why and how?
At the moment, I am looking at Derek Hyde’s ‘My Easy Forex Signals’. I started paper trading on 18.10.10, and actually trading from 01.11.10. To date at £1 per point/pip, I am losing £1, yet his results from the same date show a profit of 166 points.
Now what am I doing wrong? Well, the main problem seems to be the point at which you should actually enter and exit any given trade. It’s a bit of a moving feast, and requires a bit of concentration and time – anything up to six hours a day, which probably doesn’t suit too many people I would imagine.
Also when I asked him about a trade a couple of days previously, he said he couldn’t help as he removes all details of trades excepting for the previous day, and only keeps the daily profit figures. So you can be out on a limb at times.
However I shall persevere, and hopefully post again on a more positive level.
I would love to hear from anyone who is actually making a healthy profit from Forex Trading, with whatever system.

Hi,

Welcome to the site and thanks for the feedback which is not too far off our experiences. This is more like a Signal service/Trading strategy that must be learnt and traded, it is not Set & Forget with clear entries, stops and targets, thats for sure.

We look forward to hearing back from you.

thank your excellent information , I want to know more about longer term Forex trades that you are offering and for how many weeks you offer it .An dhow i can get free e-book on currency trading because i am beginner and not have much knowledge . Thanks