Honest Forex Signals

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This is a new service that I discovered. The name is Honest Forex Signals.
It is not through an email that I got the link but after reading and searching the Internet. Of course this is not a proof that the service is good.
According to Tony, the manager of the service, there is a real trader, Robbie, that opens trades and those trades are copied to your account. I managed to get a 2 month free access to the service in order to evaluate it.
The idea is to test it for 2 weeks on a demo account and then depending on the results to move it on a real account. I am setting also an fxbook link so that everybody could monitor the trades and results.
It is a 5000 dollars demo account that I created and decided to use as lot size 0.1 something that I will also use on my real account (when the demo results show a positive outcome).
The idea behind the service is promissing. A real and experienced trader is opening trades and those trades are copied to your account. He takes care of everything and you collect the money for a small fee. The price is 177$ per month. They "expect" to make 400 pips every month (20-50 per day on average), so making 20 pips a day on a standard lot account could pay for the subscription in one day. Of course we all know that we must have proof before committing our hard earned money to a similar service. So be patient, do not get excited (yet) and let's see what is the outcome.

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I created an fxbook link that we are going to use to monitor the results.
Tony is very helpfull and he replies fast and accurately (reading my questions and not simply copy/pasting answers)
Every time there is a trade (open or close) they will send me an email and that way I will be able to compare my results with their trades in case something is wrong with the platform.
It is not a scalping system so we are not going to face re-quote problems and the demo results are going to be as good as the results on the real account.

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We have our first trade. It is a short on gbp/usd at 1.5577. The stop loss is at 1.5657 (80 pips) and the take profit at 1.5537 (40 pips). Money management wise is not the best ratio. I will contact Tony and ask him about this. In their manual they mention a 30 pip stop loss and a 50 pip profit.

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To bad the first trade was a loser. 80 pips but Tony assured me that Robbie is an excellent trader and it just happens from time to time to have bad trades, something that is completely understandable.
He made it clear that the stop loss is at 80 and the take profit at 40 and with a 63% of win/loss ratio he breaks even. Their trader is able to accomplish a 75% win/loss ratio. Let's wait and see.

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We have a new trade on gbp/usd. It is a buy at 1.5597 with the usual 40 pip tp and 80 pip stop loss target. I am trying to understand the logic and it looks like an "impulse" trading system. We need to have some kind of acceleration in price for Robbie to decide to enter a trade. I asked Tony why Robbie is not managing the trades and just waits for the take profit or stop loss to be hit and he told me that because his clients use different brokers it would have been difficult to constantly modify the active trades by moving stop loss and take profit targets. This is something that I do not like because we want a real trader to act as such and not as an ea that simply opens a trade and waits for the outcome.

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The second trade closed with a win of 40 pips. I am attaching the chart to give you an idea about he start point. The close is always going to be either 40 or 80 pips away from entry. You can also see how the screen looks.
trade.gif

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We have a new buy on gbp/usd at 1.56 with the usual sl/tp that was fired one hour ago. This trade does not look like a momentum trade. I would call it a bounce from resistance at a round number. I cannot imagine any trend indicator at a shorter or longer time frame that would indicate a buy at this level. Let's wait and see. Before Robbie the company had another trader, Raj, that was also running a trading room. Tony told me that people were not interested to participate in the trading room and were just happy with the called trades. Apparently something changed and now it is the "silent" Robbie that calls the trades without any explanation. As long as it is a profitable outcome I would not care. The pattern I see so far, is one trade per day on gbp/usd.

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The trade closed with a loss of 80 pips. Of course the sample is very small but we have 2 losing and 1 winning trade so far. The problem is that the loss is 80 pips and the win only 40. So we need a success rate of 66% just to break even.

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We have another short trade at 1.5507 on gbp/usd with the usual 40 tp and 80 sl. I noticed that Robbie opens his trades during the Asian session.

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The trade closed with a 40 pip profit. So far 2 wins 2 losses.