To begin with it is important to understand the FX Secret Signals is not your usual Forex robot. In fact it’s a very different concept of an automated EA altogether for a number of reasons not the least of which is cost. Up front I can tell you that FX Secrets is, in the long run, quite a great deal more expensive than many other Forex robots. The question is of course what can it do that other EA s cannot?
Strategy Overview: FX Secret Signals is a relatively new entrant to the Forex robot market and was developed by one Peter Hamilton. Mr Hamilton is a full time Forex trader with 7 years of experience in the live markets. FX Secret Signals he says is a result of the combined wisdom of several experienced Forex traders, all of whom will be ‘working” for you should you decide to purchase the system.
In terms of actual strategy very little is given away as FX Secret Signals is, the developer claims, based on human strategies instead of those produced using an AI robot or program as is the case with the majority of the other Forex EA products on the market. Rather than term itself an EA at all FX Secret Signals is described as a trader copier service. In other words you will be copying moves and strategies set into place by these human traders.
In order to use the FX Secret Signals you must have the Metatrader 4 platform running as that is where these signals will be sent from the service/program. Trades are executed and monitored for you, so essentially there is very little for you to do except to watch and monitor. Is that really actively being a participant in Forex trading? The answer to that may be somewhat subjective. It is certainly your money that will be funding these trades but your actual control does seem like it would be somewhat limited.
Using the FX Secret Signals service five to ten trades are executed daily and you can trade in one of four currency pairs at the time of writing – EUR/USD, USD/CHF, EUR/CHF and GBP/JPY- which does give you the opportunity to engage in the kind of varied trading that most “live” Forex traders do prefer to work with.
Backtesting: Like any other product of this nature there are a lot of big claims made on the FX Secret Signals website about just what this service can do for you. Backtesting is of course no indicator of future performance of any EA but it always helps to at least look at it an take it into consideration when contemplating any purchase like this.
There are no live accounts displayed on the “official” website, something that some EA vendors have started doing. There is a live account running with the results being posted on the Forex Peace army site you can view to get a basic idea of how this system is operating and performing. There is, at the time of writing little in the way of history to go on as the account was only opened in July of 2011. You can keep an eye on it here. So far this account is averaging 19 pips a week on an average of 8 trades a day.
Price: Price is the really big issue for me with FX Secret Signals. An initial investment of $9.99 gets you access to the FX Secret Signals software for seven days. After that you will be charged $97, but that is $97 a month, not the $97 and done you will pay for many of the Forex robots on the market.
Now it is reasonable to agree with the author of the copy on the FX Secret Signals sales page that if the $97 fee is going to be an issue for you that maybe you should not be in the Forex trading arena right now anyway. But how much is there to demonstrate that this system is actually worth the $97 a month? Not a lot yet and (this starts to sound like a broken record but its true anyway) all the backtests and demo accounts in the world are no real proof that any EA will work for you, just a basic idea of the potential it has.
Conclusion: It is somewhat unfair to compare FX Secret Signals to other Forex robots out there because by its own admission it is a trader copier service, not a robot at all. Sort of a cut price advisor if you will. You do not seem to have a great deal of personal input into the trades and the actual strategy being used is something that one would have to figure out for themselves for the most part by looking at the backtesting closely. Is it worth the investment? That is hard to tell. You can choose to cancel your subscription at any time so if you like what you see in the 7 day trial and want to give it a go for a month I suppose you could. That, like most other aspects of Forex trading is really your call.
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