Despite the name, ForexSignals.com isn’t actually a forex trading signal provider. Instead, it’s a forex education service that was launched by Nick McDonald in 2012. The service provides in-depth educational materials, access to live trading sessions, and guidance from experienced forex trading mentors.
It’s also very inexpensive when compared to similar services.
Even if you’re an advanced forex trader, you can benefit from ForexSignals.com’s advanced trading tools that could improve your trading results. It’s one of the most comprehensive forex trading courses online and offers value regardless of your level of experience.
The plans and pricing at ForexSignals.com depend more on your commitment to learning forex trading than the available features themselves. As your time commitment gets larger, your monthly cost falls and your access to hands-on mentorship improves.
The Apprentice Plan
The Apprentice Plan is the company’s most basic plan. At $58 per month, it’s also the most expensive from a month-to-month standpoint. But it offers the flexibility of a month-to-month commitment.
The most exciting features of the Apprentice Plan include:
- Trading Room Access. The trading room is ForexSignals.com’s unique trading platform. Get trading ideas, spot the biggest news stories in real time, and track your progress all in one place.
- Global News Streams. The news moves the market and the quicker you tap into the news, the more you can make from the moves. Access global news live streams to keep your finger on the pulse.
- Pro Trading Video Academy. Education seems to be at the core of everything ForexSignals.com does. The Pro Trading Video Academy is a comprehensive resource for learning how to be a successful trader. Use it to learn various trading strategies, how to manage risk, and how to expand your profits as a trader through easy-to-digest videos.
- Live Trading Sessions. Copy the pros in live trading sessions to earn while you learn. The sessions stream live daily.
The Committed Plan
The Committed Plan is ForexSignals.com’s mid-tier subscription and requires a six-month commitment. The fee for the subscription is $37 per month, billed in semi-annual lump sums of $222. When you sign up for the Committed plan, you’ll get everything above plus:
- Exclusive Brokerage Access. ForexSignals.com has made deals with multiple trusted forex brokers to reduce fees for users they refer. As a Committed member, you enjoy access to those brokerage discounts.
- Monthly Mentor One-on-One Video Call. You’ll have a monthly one-on-one call with one of ForexSignals.com’s four experienced mentors: Andrew Lockwood, Max Norbury, Shain Vernier, and Scott Greer. This is an important opportunity to discuss your progress as a trader.
- Mentor Direction. You email the mentors when you have questions about how the market works or the trading strategy you employ.
The Professional Plan
Finally, the Professional Plan is only $26 per month. In exchange for a 12-month commitment, it’s billed at a rate of $312 annually.
The Professional Plan comes with everything mentioned above, plus priority access to mentors. If you have pressing questions about trading forex, you’ll receive answers faster.
Key Features of ForexSignals.com
ForexSignals.com has several unique features and benefits of membership, including access to expert forex traders and proprietary advanced trading tools.
All Plans Are Focused on Education
Financial markets are difficult to navigate without a bit of guidance.
The Video Trading Academy at ForexSignals.com is an impressive resource that brings forex education to the next level. The Academy features a long line of educational videos that teach you everything from the basics of the forex market to the details of complex trading strategies and the methods of action that make those strategies work.
If you’re a new trader, paying attention to the lessons in these videos and employing them as you trade will help reduce the learning curve and shorten your path to success. If you’re a professional trader, chances are you’ll find something of value in the academy as well. After all, even the experts have room to learn something new every day.
Access to Experienced Mentors
You call a roofer when your roof leaks, a plumber when your sink doesn’t drain, and a doctor when you feel sick. It’s nice to have an expert to lean on when you have questions or concerns. But who do you lean on when you’re learning how to trade forex?
If you’re a ForexSignals.com member, you can lean on one of the four mentors available on the platform. They have more than 60 combined years of experience as professional traders, educators, and mentors:
- Andrew Lockwood. Andrew Lockwood is the founder of ForexSignals.com and has more than 30 years of trading experience under his belt. He’s not only a mentor, he’s a visionary and educator that’s featured in many of the company’s Trading Academy videos.
- Max Norbury. Max Norbury is a professional trader with more than 10 years of experience. He is also commonly featured in the educational videos at the company’s academy.
- Shain Vernier. Shain Vernier is a professional trader with more than 10 years of experience. He’s also a US Market Analyst for FXLeaders.com, a Director and Trader at Bench Landing Trading Inc, and took fifth place in Live Trading Challenge 332.
- Scott Greer. Finally, Scott Greer is another professional trader with more than 10 years of experience. He started trading after working as a pilot for 10 years. A few years later, he became a Featured Instructor at the Online Trading Academy and his role as an instructor or mentor to traders continues today.
You won’t have access to the mentors at all with the Apprentice Plan. If you want mentorship at ForexSignals.com, you’ll need to sign up for the Committed Plan or above. And if you want an all-access priority pass to these mentors, you must sign up for the Professional Plan. It’s definitely worth doing so when you consider the reduced monthly cost associated with the annual commitment.
Learn While You Earn
ForexSignals.com features trade ideas to get you started with the right kinds of trades, a robust chat room where you can get your questions answered quickly, and daily live streams including:
- Live Streaming Trading Sessions. Watch the mentors in real-time as they do what they do best: trade forex.
- Live StreamingMarket Commentary. Learn from the experts as they react to what’s happening in the market.
- Trade Sentiment Analysis. Learn about market sentiment and how to react to sentiment changes.
Advanced Trading Tools
Whether you’re a beginner or a professional trader, the advanced trading tools on the platform can help you improve your market outcomes.
These tools include five expert advisors (EAs), which are pieces of software that tell you about risk, momentum, and more:
- Risk Manager EA. The Risk Manager EA was developed to manage and control risk. The program analyzes each trade and tells you how big your trade should be based on factors like your planned entry, planned exit, and stop-loss. The program also tells you your potential risk and reward before you make each trade.
- Naked Trading EA. Use the Naked Trading EA to find naked trading strategy opportunities in the market quickly. The EA will tell you which currency pair to look at and give you clues on how to trade it successfully using the naked trading strategy.
- Pattern Finder EA. The Pattern Finder EA scans all currency pairs offered by your broker for specific price action patterns that indicate strong potential upward or downward movement.
- Momentum Meter EA. The Momentum Meter EA is an indicator that uses changes in momentum to produce signals. The Momentum Meter can be adjusted to fit your own trading style.
- Support & Resistance Indicator EA. Finally, support and resistance are two of the most important indicators in the world of technical analysis. This EA tells you about strong opportunities in the market based on prices in relation to support and resistance levels.
ForexSignals.com also offers a profit simulator that starts as a blank form. Answer the questions in the form and submit your answers to get an idea of the potential profits you could generate as you trade forex.
Live Interactive Workshops
If you’re one of those people who learn more effectively using a hands-on approach, you’re going to love the live interactive workshops. The workshops happen at least once per week and cover topics like technical analysis, risk management, understanding your emotions while at the trading desk, and tips to help you become a better trader.
The workshops take place live, and the hosts of the workshops interact with you throughout the process to make sure you’re digesting the information they’re providing. They’re great for learning about the forex market and getting your questions answered by market-leading professionals.
Finally, while all ForexSignals.com features are part of paid membership plans, you don’t have to spend a penny to test out the service. All membership levels offer a seven-day free trial.
Advantages of ForexSignals.com
There are several advantages to learning how to trade with ForexSignals.com. Some of the biggest perks of membership are:
- Mentorship. If you’re a Committed or Professional member, you’ll have access to mentors who each have at least a decade of forex trading experience. There’s incredible value in being able to talk to the pros when you have questions.
- Extensive Education. After combing through some of their educational materials, we’re comfortable saying ForexSignals.com is one of the best trading education platforms in the forex space. All videos in the academy are hosted by upbeat mentors who make it fun to learn. Weekly interactive workshops do more of the same.
- Learn Multiple Different Trading Strategies. Some forex education platforms only focus on one or two different trading strategies. ForexSignals.com teaches you several strategies like the FX propulsion, scalping, swing trading, and the naked trading strategy.
- Competitive Pricing. ForexSignals.com’s best package costs only $312 per year. We’re not aware of any other platform that gives you priority one-on-one mentor access for anywhere near that price, let alone all the other features you can access.
Disadvantages of ForexSignals.com
Although we enjoyed most of the features available at ForexSignals.com, there were a couple of things that rubbed us the wrong way. The drawbacks we found include:
- Not a Forex Signal Service. The name of the company might be ForexSignals.com, but you won’t find any actual forex signals here. Sure, you can copy trades in the live trading room, but you won’t get specific signals with assets, entries, exits, and stop losses aren’t provided.
- High-Pressure Sales. This is a bigger issue. When you load the website, a yellow banner across the top tells you there are only hours to sign up with a 50% discount. This is a high-pressure sales tactic that’s often used by scammers to get consumers to sign up for illegitimate services and steal their information.
One of ForexSignals.com’s most popular competitors is the Traders Academy Club. Here’s how the two compare:
|ForexSignals.com||Traders Academy Club|
|Price||$58 per month or $312 per year||$297 per year|
|Mentoring||Group and one-on-one||Group only|
|Educational Resources||Extensive library of videos and articles||Extensive library of videos and articles|
|Daily Live Trading Sessions||Yes||Yes|
|Advanced Trading Tools & Programs||Yes||No|
|Exclusive Broker Discounts||Yes||No|
|Broker Pays for Membership||No||In some cases|
Whether you’re already a successful trader or you’re just kicking off your trading career, ForexSignals.com has something of value for you. The platform’s extensive library of educational materials covers everything from the basics of the forex market in general to complex trading strategies inclusive of tips and tricks to make those strategies more effective.
ForexSignals.com’s commitment to mentoring traders is impressive too. Plenty of platforms offer some level of mentorship, but these offerings are usually limited to group meetings that only happen once a week or so. ForexSignals.com takes mentorship to the next level by making it possible for you to access your trading mentors when you need them on a one-on-one basis.