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03-31-2008, 07:55 AM #1
03-31-2008, 02:01 PM #2
A few days ago, Intelli4x contact FPA's administrative HQ and asked if they could do a detailed study of their forex signals service. The FPA itself isn't set up to directly test products, but decided that this one was worthy of further investigation. They decided to look for an FPA member who was helpful, fair minded, and talented. Since everyone who fit those parameters was too busy, they decided to settle for someone who was very active and I got picked.
Intelli4x will be providing me with free access to their signals and in exchange, I will be providing them with merciless feedback, innumerable nit-picking questions, and non-stop headaches. I'll report everything in this thread, and when I have more data will also submit a summary in their reviews page on FPA's site. I'll keep this thread and the review updated frequently.
I must admit that they are very brave to do this. So far, they have a perfect 5 star record of reviews. I won't say that I will definitely ruin their streak, but I will say that they'd better be very impressive if they want to get (and keep) 5 stars from me.
Just to keep this truly interesting, I'm not going to follow my own advice about demo trading first. I will however, retain just enough common sense to trade with very small amounts of money to start with.
The signals come via email as well as phone message. I am now set up for both, so should be able to trade the majority of the signals that don't come in the middle of the night. I will report every trade I take after it either hits the or crashes and burns into its stoploss. Since I plan to vary the amount of money risked depending on my (hopefully increasing) confidence in the system, profits and losses will be reported as pips rather than dollars in order to minimize any confusion over the results. If I decide to try something different from the official directions (like letting a trade run indefinitely with a ), I'll do that with a separate order so that I don't alter the results of following the signals exactly.
They offer 2 types of signals, Intraday and Swing. When a trade closes, I'll specify which type it was and will try to keep a running pip scorecard by trade type and currency pair. Please realize that my scorecard will probably slightly differ from the one on their website since I may miss out on some trades, and my broker may have a different spread as well as .
And now, my initial impressions:
When I was told of this possible assignment, I asked that the reviews for Intelli4x be double-checked. One of the review moderators assures me that all of the reviews appear to be completely legit and there is no hint of review spamming.
The first signal I got from them was an update on a prior trade. It's currently
losing, but hasn't hit stoploss. It would have been very simple for them to arrange for me to not get that particular signal. Considering that I didn't sign up for this anonymously and they knew I'd be writing about all of the details here, I have to give them points for honesty.
Currently, all signals are set to London time (slightly inconvenient for the rest of the world). They are working on a system upgrade to allow users to get signals set to their own time zones.
I decided to go ahead and ask the one burning (and usually never answered) question that comes up about all forex signals providers, forex software, and forex trading systems:
If it's so good, why not just trade it and don't tell anyone about it?
There answer was quite detailed, so I'll summarize it. They (more or less - Intelli4x can post here if I've botched anything) said that due to the high of forex, letting others in on their signals was unlikely to have any negative impact on effectiveness. Also, selling the signals (and having a managed forex account program in the fairly near future) allows them to diversify their business models (i.e. make more money - sounds reasonable to me). Additionally, they say that unlike some services, they have the in-house expertise to trade, manage accounts, and send signals without over-extending their IT capabilities. They know of competitors who have shifted between trading, managing, and signals, but Intelli4x plans to successfully pursue all three lines of work.
Overall, I found this explanation to be much more plausible than the usual "I'm a great market guru who's suddenly decided to spread my good fortune by selling you the ultra-secret methods/software/signals that will make you rich in 60 days and that took me 30 years to learn for the very low, limited time price of ..." hype that a lot of companies use.
If anyone has any questions for me about this endeavor, please post them here. If anyone has questions they want me to pose to Intelli4x, please post them here.
I don't plan to join any trades that were opened before today, so now I'm awaiting the next new signal. I'll post an update after I get a through a trade as well as after I sent some more questions off to torment their department.
04-01-2008, 11:07 AM #3
Let's get the bad news over with first.
Got a swing trade signal on the EURUSD last night. I got in a couple of pips from the entry, but still pretty close. It crashed and burned for a loss of 175 pips.
There were 2 intraday signals overnight while I was sleeping. One lost, the other won, so if I'd been awake, I'd have netted a little profit on the deal. Since I wasn't awake and in the trade, I'm not counting these.
I just got 2 new intraday signals and have opened trades.
Customer service remains friendly and helpful. I guess I need to ask more annoying questions to see what their limits are.
2 trades open
EURUSD -175 pips
Last edited by Pharaoh; 04-01-2008 at 11:17 AM. Reason: left out a .
04-03-2008, 11:26 AM #4
And the entertainment continues . . .
One tiny quibble I had is that the signals don't show trailing zeros. So a stoploss or target of 0.9980 displays as 0.998. I'm just picturing getting one of these when I'm half asleep and putting the wrong number in. I've mentioned this to the Intelli4x guy I've been working with and he passed the suggestion on to their programmers. I'm told they think it can be upgraded in the fairly near future.
And now some updates.
Intraday signal yesterday for EURUSD lost 55 pips.
Intraday signal yesterday for USDCHF lost 40 pips.
Swing signal on EURUSD lost 166 pips.
All systems and signals services have their drawdown periods, but I was feeling just a little discouraged at this point. I even wrote a note to the guy asking how long these drawdowns usually lasted. He didn't respond in words, but showed an amazing level of customer in another way.
Intraday signal for EURUSD gained 82 pips.
Intraday signal for USDCHF gained 60 pips.
EURUSD +27 pips
USDCHF +20 pips
EURUSD -341 pips
1 trade open
Overall, I'm still in the hole, but am feeling encouraged.
04-08-2008, 11:11 AM #5
The remaining swing trade closed. Intelli4x sent out a Close Trade signal instead of waiting for it to hit either stoploss or. It was for USDCHF, and netted 20 pips profit. Swing signals are still in the red, but I am happy to have recovered some of their losses.
Signals for EURUSD and USDCHF seem to be paired on Intelli4x's system. This is good, but my own carelessness cost me some pips last night. I'd opened intraday positions on EURUSD and USDCHF. While watching a movie last night, I heard my phone get a signal. It was in the other room, but my laptop was next to me. I saw it was a Close order from Intelli4x.com, but didn't look closely at it. I flipped over to my and only saw one trade open, and closed it. Stupid me, the close order was sent because one of the 2 trades had hit its and was there to show that it had closed (and to let people who's broker was just far enough off in prices to miss the know to close manually).
So, my EURUSD trade did reach the intended of 58 pips, and my USDCHF trade died an early death, only netting 35 pips. Since I promised to report my exact results, Ill keep the reduced score on the second trade, just as I keep the occasional few extra pips I get from a better entry price.
EURUSD +85 pips
USDCHF +55 pips
2 trades open
EURUSD -341 pips
USDCHF +20 pips
04-08-2008, 11:51 AM #6
I forgot to mention that my confidence level in their Intraday signals has increased, so I've slightly upgraded the amount for each trade on those signals. As mentioned previously, since I vary my trade size, I'll report results as pips.
Just got an early Close Trade order on both open Intraday Trades. USDCHF gained 13 pips, and EURUSD got 17 pips profit.
EURUSD +102 pips
USDCHF +68 pips
EURUSD -341 pips
USDCHF +20 pips
04-09-2008, 03:17 AM #7
I have been trialling this service for about 2 weeks now and I won't be taking up a subscription. Not only are the trades showing an overall loss but they send out emails any time of the day or night. They sent some trades which contradicted another service I am trialling and they were wrong. Emails at 3 or 4 in the morning are no good to me.
04-10-2008, 01:03 PM #8
Intelli4x is definitely not a set and forget service or a service geared for any one time zone. Each signal does have a and stoploss, but they often send out "Close trade now" signals before the trade closes itself. Unfortunately for me, I have slept through these signals at least once, and missed a profitable trade that would have opened when I was asleep. On the other hand, I've gotten into a couple of trades a little late and had a better entry position and made more the the official .
And now, an update:
Shortly after the 2 previous intraday signals closed, 2 new ones opened. A EURUSD buy order would have netted about 14 pips, but I was not awake when the close signal came. Instead, I lost 14 pips. A sell order on the USDCHF lost 48 pips.
There was another double pair of intraday signals, with a pair of new open trade orders coming in very shortly after the first pair closed.
The first pair resulted in a gain of 20 pips for the EURUSD and 23 pips for the USDCHF. The second pair resulted in a loss of 79 pips on the EURUSD and a loss of 62 pips for the USDCHF. I'm beginning to suspect that 2nd chance signals may not be as good as the ones that proceed them.
There were 2 swing trades. On the USDCHF, I lost 1 pip (signals indicated a loss of 12 pips, but my entry and exit were better). For the EURUSD, I made 100 pips. Swing signals are still negative overall, but this definitely helps to begin to reduce the drawdown.
I'm slightly disturbed about one trade having a stoploss ending in 00. Prices tend to like to push to round numbers, so ending in 00 is good for a take , but not the wisest number to use as a stoploss. In my normal trading, I almost always have stoplosses end in 3 or 7, but for this test, I'm putting the targets and stoploss numbers in exactly where the signals say to put them.
EURUSD +29 pips
USDCHF -19 pips
EURUSD -241 pips
USDCHF +19 pips
04-11-2008, 07:25 AM #9
IntelliForex FX Trade Signals service
Thank you for all of the forum activities. We appreciate it greatly.
Thank you for your valuable feedback.
Our intraday signals are powered by group of traders, who track different sessions and generate signals when corresponding market situation occur. As a result not all trades can be entered by traders in different geographical locations. However, majority of the IntraDay signals are issued during European and American trading sessions.
You may also consider our Swing signals, which generated about 1700 pips since January 2008. IntelliForex Swing signals have 2-6 days duration and we recommend to enter the trade even after several minutes or hours passed after the time of signals generation. As a result it is easy to follow almost all of the signals provided.
Don't hesitate to contact our team in case of any additional questions.
The IntelliForex Team
Forex Forecast - Forex Trade Signal Alerts - Forex Trading Advice // IntelliForex
04-17-2008, 10:38 AM #10
Oh boy am I behind.
As stated, this is a review showing what happened, not what was supposed to happen. The reality is that if you use 25x5 live signals you will miss a few open order signals, and you will miss some close signals. Sometimes getting in late got me a better price, sometimes a few pips worse. Missing one close signal made me a LOT more pips than I should have. Then again, I've made less and had losses from missing signals in the middle of the night, so I'm going to assume that this balances out over time.
There was one defective, partial signal sent. Since I couldn't quite interpret it, I looked to see what pair was in the attached graph and closed that trade early at less gain than if I'd waited for confirmation of the signal.
One bit of useful info I got from Intelli4x is that the Close trade orders quickly followed by re-opening is their version of moving thee stoploss and numbers. The software currently only supports opening and closing trades, not adjusting active trades. This is being upgraded.
I was beginning to wonder if signals ever came for pairs other than the EURUSD and USDCHF, but did get signals on more pairs over the past week.
And now, the results:
I missed some Intraday trades (and some close orders) overnight.
EURUSD Intraday trades were +19 pips, +25 pips, and +55 pips.
USDCHF Intradays were +7 pips, +160 pips (missed close order and it hit takeprofit!), and +5 pips.
GBPUSD had one intraday trade with a gain of 129 pips.
I missed some swing trades that happened overnight. I only take these if I can get in no worse than 10 pips from the price in the open order email.
On the AUDUSD I lost 44 pips. This would have been worse, but I entered late at a much better price.
GBPUSD scored a nice 100 pips, and another for a gain of 101 pips.
EURUSD is making progress overcoming that initial drawdown by gaining 126 pips.
EURUSD +128 pips
USDCHF +153 pips
GBPUSD +129 pips
One trade open
Intraday Total +410 pips
EURUSD -115 pips
USDCHF +19 pips
GBPUSD +201 pips
AUDUSD -44 pips
No trades open
Swing Total +61 pips
Overall, my level of confidence in these signals is improving. It's still to early to issue a "Pharaoh Seal of Approval" (TM, patent pending), but if things continue in this direction for a significant period of time, Intelli4x will be getting one.