So, having done a Forex bots review and got really disappointed, I decided to have a look at different Forex signals providers, because I needed to have my account managed after all. At this rate I started another part of my research and studied a couple of signal services very carefully in order to find one suitable for me. I want to stand out, that all websites reviewed by me this time are not selling the signals of their own. These are the services, providing the signals given by independent traders. They can be called some kind of mediators between signals providers and their users.
At first I went to one of the most famous services all over the net – ZuluTrade. What attracts people most about this website is that its owners claim it to be completely free. So, if its really free, then how do these guys manage to pay the signal providers, working on their service? Before answering this question I should explain you how the service actually works. You go to them, open an account with any of the brokers they work with or if you already have one you just fill in the form of money-management and send it to them. Then they attach your account to their service and you can have the signals executed on your account automatically. You can choose any of the Forex signals providers listed on their website and set the parameters of the signals executed on your account as you like (to execute signals only on certain currency, change the size of positions, etc.).
But returning back to the question of money, I have found one interesting thing. In their agreement these guys stand out, that they don’t charge any fees for using their service, but just extend your spread for one pip. And that’s their profit. So, if you have large number of trades opened and closed on your account every day, you will give one pip of each to ZuluTrade. On mini Forex 1 pip equals $1 and on standard Forex 1 pip is $10. Quite nice mousetrap, I should say! As it is usually said, there’s no such thing as a free lunch.
Then I decided to learn more about Collective2 company, which is also quite famous around the web. The system of this website is a bit different. At first it is necessary to admit, that you can find there not only Forex signals providers. The signals on stocks, shares, ECF and some other trading tools are available. But because my financial experiment is connected with Forex only, I review that sphere. The site itself is quite easy-to-navigate. Their search form of trading systems is just awesome: you are able to look for a system, satisfying your requirements very easily. What’s interesting there, that every signal provider claims his own price for his service, which is quite nice.
At the same time I should say, that Collective2 can send you the signals via e-mail, SMS and even instant messenger. But in order to have them executed automatically you have to pay special fee. There is a special system of fees displayed on the website. And the fee size depends on the broker and number of signals providers you use. So, the hopes for getting free services were broken once again.
Finally I decided to have a look at the service, that is pretty old and is considered to be reliable – GFSignals. I have heard about these guys many things, but most of them were positive. Their method of working somehow reminds me of Collective2 with the only exception that they provide signals on Forex only. They also offer different methods of signal delivery. At the same time they have fixed price ($150 for a month) for the subscription to all of the Forex signals providers in their list, that is pretty big by the way. And IMHO there are systems worth paying such money.
But the main difference is that they provide automatic signals execution and don’t charge anything for it. I have read all their rules carefully and found nothing hidden about some extra fees there. They just set automatic trading for people, who subscribe to receiving the signals on their website. As I understand, this is an excellent method of encouraging people to use the service. Another good thing about this website is their statistics. It is not overloaded with different not understandable and useless parameters (unlike stats on Collective2 and ZuluTrade). GFSignals offers the most important and useful information about each signal provider and full statistics of their performance throughout the trading history. By they way, they are displaying the precise statistics, but not average one, unlike all other signal providing services.
So, having studied three companies thoroughly and done a slight review of them, I have taken the decision to try GFSignals. This service appeals to me most, because these guys are honest and are not hiding anything from their customers. Their full statistics without average parameters and straight-forward payment policy make me believe them. Now I hope that my using that Forex signals providers will be successful and profitable.
Frankly speaking, I consider trading psychology to be a very personal question, which can’t be common for everybody. The principles and methods of trading certainly depend on trader’s personality and character. But I want to talk about some other interesting fact – tracking the statistics and results of a trading system.
The point is, that there are many different opinions on that topic. On one hand, some people are looking for long-term strategies, which target getting profit after a long period of time. On the other hand, I know folks, who are interested in the statistics of every single position of any trading system. They study the statistics on small periods of time and more think about drawdown for a couple of trades, then about profit. So, what is right?
This Forex bots review is an essential part of my financial experiment. Some days ago I have told you about my choosing a reliable Forex broker. After finding a suitable service (AVA FX) and opening an account with them I have another thing to do – to find a Forex system for automatic trading on my account. At this rate I have done a research, the results of which I gonna announce to you in the series of posts.
So, the first thing to be found out was whether it is better to use automatic trading robot or subscribe to Forex signals and have them executed automatically on your account. This wasn’t easy for me to find out, what is better. But after having studied big number of offers from both robots sellers and signals providers I have finally made my choice.
I have found quite nice method of tracking your income and expenses, which can help a person in creating their personal finance statement. The point is, that it is really much easier to control your money, if you have some plan of how to do it. Taking into consideration, that making up a plan is simpler when you are answering some questions (that’s why many of the instructions are given in the “Question-Answer” form), I have decided to create a list of ones.
Frankly speaking, it was not very easy to find a suitable and reliable Forex broker. I considered different variants. The first thing I did in order to get more knowledge about brokers was going to Forex Peace Army and reading the reviews of brokers there. Of course, there are always positive and negative reports about each of brokerage companies, but it is somehow possible to determine, whether this or that broker is suitable for you.
I wouldn’t advice you to rely on what is written in different reviews. There are many people, that are just writing bad things about this or that company just because they don’t know how to use the service right or because they have lost their money because of their poor trading.
Read the rest of this entry »
Every month I will publish my personal finance statement in order to keep you informed about the profit or losses I experience. You will be able to see, what is going on on my live Forex account. I will also try to give a short review of the monthly performance.
This is the first statement published. There you can see the results for November, 2010. As you see, the first signals executed automatically were quite OK. The profit is quite nice as well.
Read the rest of this entry »
It is well-known, that in order to reach some big goal, it is necessary to divide it into several small goals and decide on what time each of them should be completed. This makes the whole process easier and also allows to plan your time better. At the same time a person is able to see the real results in reaching the main goal by completing each step of it.
So, following these simple rules of reaching success I have divided my main investment goal into several steps, that should be reached by certain time. According to the results I will take the decision, how my financial experiment will be continued. As you know, I have already funded my account with $300 and will fund another $100 every month. At this rate my first small aims, that should be reached by March 1, 2011 are, the following:
- to find a reliable trading system and set up complete automatic trading on my account with it
- to have my account amount at least not less than $600 (this sum will be invested by this time)
I am not planning big gains at first, because I will be choosing the trading system and I understand, that good result can’t be reached very fast, especially in the financial field. Due to that I will be doing my best to complete these steps of my investment goal in order to move forward all the time.
Frankly speaking, I have always been punctual. I got this quality after I was late to a date for a day! Then I began to work on my punctuality. But this time I wasn’t success in that. The point is, that I started my trading experiment on November 5, 2010 and by this day it has been running for 24 days. I am really sorry for this delay guys, and I will try to avoid such things in future.
Hello everybody! This blog will be dedicated to a financial adventure, which came to my mind not very long time ago, when I was thinking about the possibilities of getting additional income. I have heard much of Forex trading. I even tried to do some active trading on a live account. Finally I decided to find out, whether it is real to get money on Forex market without spending all day long in front of your PC.
So, the main question I will try to answer is “Can Forex be a source of passive income?”. In other words, I am going to write about my experience of automatic trading on a live account with real funds. I can’t afford investing big sums of money, and that’s why my initial deposit is only $300. But every month I’m going to add another $100 to my account in order to get more profit.
By the end of every month I will compare the results on my account with the hypothetical profit I could get if had placed my funds in the bank. Here you will also find my reports about the situation on my Forex account, some financial information, stories from my private life and much more on the topic of investment or other forms of getting passive income. So, let’s start!