I have been following the trade signals from these guys for a coupe of years It is a roller coaster. They use the simplistic method of support/resistance using the D1 chart. I would not recommend this service to anyone, even if it is free. You are going to lose your money Their average stop loss is about 100 pips. There are more losses than wins. Once in a while they will get a good win but usually, it is a loss. I believe that since the beginning of this year (2016) almost all months have been losses.
I originally subscribed to the signals service, and did OK with it. i then decided to go with the Mirror Trader Pro service to get the most out of it. They refunded the amount I paid for the signal service and I paid a discounted price for 6 months of Mirror Trader. He claims to have averaged 1700 pips per month since 2011. I thought I'd be making a nice passive income from this. Wrong!
The first month, (April) I lost about 5% of my account. Now I know that the Forex markets have been really goofy this year, so I thought I'd hang in there. The months since then have been a roller coaster ride. I'd gain back the loss and then lose it again. Not once did my account exceed the amount I started with. I have stopped using the service. I contacted them thinking that if I cancelled that they would refund the difference for the unused months of the 6 that I paid for. No such luck.
The problem, as I see it, is that this guy trades strictly off long term support and resistance, with no regard for the fundamentals, like news releases. Also the wins are small, and the stop losses are large. Usually 60-100 pips. So every losing trade takes three winners to make up. When he posts that "We are up (A certain) percent for the month, that may be true from where you started the month, but for me, as I said before, my account never once exceeded the amount I started with. Again I know this has been an interesting year for these markets, and volatility has been down. Maybe he did better a few years ago.
As I see it, he must be making his money off of subscription fees and affiliate marketing, which he does plenty of. If all of his trades are mirrored in his subscriber's accounts, then he isn't making anything trading either.
His modus operandi is to place trades with massive SL's, and pray that eventually the trade goes the right way. They ststa false %age figures for monthly profit (loss), and will not show how they calculate their figures. No refunds of any kind, dsspite their 30 day cancellation promise. Scammers - stay away !
The reason this came to mind to review is that I was just charged (a year after cancelling and refunding) $747 for the service. When I had the service before, only lost money. Their trick is to show positive pips by using partial position closes. Sure, at first glance it looks like they are making several hundred pips per month, but when you start to receive the signals and closely study the myfxbook.com stats (which are very well hidden) then you see that the capital losses are consistent. The support team was nice at first and then became much more hostile with repeated inquiries and questioning about these things. Please avoid.
Useless signal service......i bought thier signal service but from very first month i was losing money......they would inflate their net monthly pips and also sends u lot of scam software spam.
most of time they would lose money .
stay away and dont let them scam you.