Website : FX Radar Website
Publisher : FX Radar Team
Cost : $199 – $219 per month – Free trial to 200 PIPs available
Review Date : March/April 2010

WHAT IT SAYS ON THE WEBSITE

FX Radar have a mission – “To provide you with high quality Forex signals daily” and to make “between 300 and 500 PIPs monthly”.

The “signals are Set & Forget and very easy to follow, with clear Stops and Take profit points”. Signals “are sent daily between 18pm US EST and 21 pm US EST”. That’s between 23:00 and 02:00 UK time.

The service uses a “proprietary system based on volume analyses, moving averages and price/resistance” to generate its signals. Pairs traded are EURUSD, USDJPY, USDCAD, GBPJPY, AUDJPY and EURJPY (although we did receive one signal for NZDJPY).

A 200 PIP Free Trial is available by Email only. After this the service costs $199 / $219 per month for Email / Email & SMS delivery. The guarantee here is that if you do not make 100 PIPs a month “we will give you next month of our service for Free! The 100 PIPs guarantee is based on our official results only”.

THE SERVICE

Signals are clear and are mostly entered at the current market price. Stop is always specified and so is Target, although sometimes the latter is left open. Our signals were delivered by Email only (as we were on the 200 PIP Free trial) with the vast majority of them arriving on or around the unsociable hour (for us) of 01:00 UK time.

Trade entry takes a couple of minutes and the typical holding period is about 24 – 48 hours. Most trades are left to run to Stop/Target but sometimes the Daily signal can instruct “Close now”.

FX Radar Trade Example

FX Radar Trade Example.PNG

CAN IT WORK

We have had access to the 200 PIP Free Trial for about 6 weeks now.

In March we had 7 trades and made +122 PIPs, a return of +1.8% - Average Stop loss was 102 PIPs and average Risk:Reward was just over 1:1. The closest we got to the 200 PIP target was +162 PIPs.

In April we had 11 trades and lost -132.5 PIPs, a loss of -0.6% - Average Stop loss was 109 PIPs and average Risk:Reward was again , just over 1:1. We never made it into positive territory in April.

In April, we would, in theory, qualify for the “next month free guarantee”. Performance for Q4 2010 is provided on the website - We have requested numerous times the “official results” for 2011 to compare our actual results with the “official results” – 4 requests for this information in the last 7 days and gone unanswered.

We will continue to monitor this service until we reach the 200 PIP Free Trial target.

SUPPORT

At one point we didn’t receive a signal for over a week, we queried this and rather than get a response we just suddenly started receiving the signals again. As per above we are also awaiting a response to numerous requests for the “official results” for 2011 to compare with our own.

CONCLUSION

PROs
• 100% mechanical, Set & Forget.
• Free Trial to 200 PIPs and then a 100 PIP monthly guarantee (or your next month Free).

CONs
• Poor performance based on our exposure to date.
• Way off the benchmark 300 – 500 PIP monthly performance.
• Very expensive at $199 / $219 a month.
• Timing will be unsuitable for some (especially those that are UK based).
• No response at all to our numerous emails sent to their support.


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.

Thanks for the warning Reviewteam - this is definitely one of those that had my 'Selfridges effect' tingling. I guess someone in the market for a signals service would be better off with Forex Trade Alert then? It's way cheaper, less effort and has proven (albeit modest!) performance. I didn't think I'd ever find myself writing that.

Welcome,

Yes, at almost 25% of the price, as per our review Forex Trade Alert does seem to offer more potential than FX Radar.

Thanks for the review RT. As I originally requested the review, its a little dissapointing to see that the results didnt live up to expectations. I guess they had a lucky couple of weeks when I trialled it a few months ago.

Hi Mike88,

You are welcome - Although results have been poor since we had access, the major issue has to be the lack of openness in terms of publishing/sharing official results, especially as this is the basis for their guarantee. All services can have good and bad runs but to ignore customer requests for results and not update the website accordingly is not particularly "fair play".

I sent them an email requesting to see their official results for April and I haven't had a reply either.

We have kind of given up on the customer service front here. The consequence being, if we ever do hit 200 PIPs profit, there is not even the slightest of chance of us committing funds to this or any product on the basis the vendor refuses even to acknowledge multiple attempts at communication.

Very poor. I too requested a results breakdown for 2011 (since it's signals, recent performance is more important for me) and didn't get a sausage back from them.

You don´t have to pay nothing before you fell comfortable with our signals. To receive free signals until +200 pips just fill the form bellow.

This says it all to me - bunch of cowboys who can't afford a proof reader! And of course 300 - 500 pips a month - why would you sell when you could make 40grand a month @ 100 a pip.

With it being the end of the month we decided to provide an update on our 200 PIP Free Trial - Running for about 10 weeks now.

In May we had 12 trades and made +236 PIPs, a return of +5.03% - Average Stop loss was 80 PIPs and average Risk:Reward was just over 1:1.2. The closest we got to the 200 PIP target was +172 PIPs and at present, since we started we are running at +157 PIPs.

So, after 10 weeks we are edging closer to our 200 PIP target (4% return based on 2% risk per trade an average Stop of about 100 PIPs).

We will report back when we get there ....