Forex Social Signals: A Review

Filed under: Learn Forex Trading |

Screen shot 2013-07-10 at 10.19.30Today, I am going to be looking at a forex signals service provider who has been touted (by some) as the best forex signals service provider of 2013 so far. This is Forex Social Signals (http://forexsocialsignals.com/), a service that claims to catch 300+ pips per day. They also claim that 60-70% of their trades are successful, but this really means nothing, as systems with high strike rates can be losers if more is risked than the potential reward.

 

Just like the name of the service suggests, Forex Social Signals has a social element behind the construction of its signals. What they do is to analyse conversations and postings from around 1.5 billion Facebook and Twitter users, targeting conversations about forex. This is then used to gauge whether a market is bullish or bearish via a Social Sentiment Index (SSI), and trade signals are made that are aimed at going with the dominant view. This is certainly a unique and radical approach, but one that sounds complicated and may be problematic.

 

Unfortunately, the service costs $997 for a lifetime membership. However, this does include a 60-day money back guarantee, so you can trial the service if you wish and get your money back if you’re not satisfied. However, some customers on review boards have complained about not getting these refunds when requested, so beware. However, the reason why I would stay away from this one is that there is no proof of past results, not even a list. As such, you would simply be taking their word for it that they have a good system, which for me, is not enough. There are a plethora of scammers out there, and quite possibly only a handful of good forex signals service providers – so you want to do your due diligence before considering any such service. For me, Forex Social Signals do not provide enough evidence of their results, and have too much in the way of a sales pitch.

 

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