About forex strategies
Forex strategies are trading techniques used to generate profit. They are the sets of rules and conditions to buy or sell specific currency pairs and can be manual or automated. In Forex Peace Army's performance testing program, we divide strategies into three categories: Expert Advisors (EAs), forex signal services, and managed forex accounts.
Expert Advisors (EAs) or forex robots trade an account according to predefined rules and parameters. Some monitor news to take advantage of big currency moves, some look for breakouts in resistance and support levels, some use scalping or grid trading strategies, as well as other techniques.
Forex signals are trade suggestions provided either by a human analyst or trading robot. They point to specific currency pairs, and usually include a buy or sell price, take profit and stop-loss figures. Being time-sensitive, they are typically sent by email, SMS, RSS, Tweet, or copied directly to the user's trading platform.
Instead of trading on your own, you may have a professional trade on your behalf through a managed trading account. You place money into an investment account, and the manager trades it for a fee. You benefit from the professional's experience, proprietary trading strategies, and tools.
Choosing forex strategies
If you are a trader, you are always looking for trading opportunities, analysing the market, choosing strategies and tools, and performing trades. Instead, you can find the strategies best suited to your trading style and financial goals and have the trades executed for you with the help of Expert Advisors, signal services, or forex managed accounts.
Unfortunately, there is no shortage of scams and inferior products on the market. Since testing every product and service is both costly and unrealistic, you can rely on Forex Peace Army's performance test program for unbiased and accurate results.
Forex Peace Army tests forex strategies and eliminates scams
Forex Peace Army helps eliminate scams by offering detailed analyses of commercially-available strategies in three categories: forex signals, Expert Advisors (EAs), and managed forex accounts.
In performing these tests, Forex Peace Army follows these rules:
- Only forward tests are performed on live accounts with a $250 minimum initial account balance.
- The stats are pulled directly from the broker account. This prevents common scams like fake statements, over-optimized back tests, and demo account stats that show trades that would never be executed on real accounts in the same way. Account churning, a common fraud in managed forex accounts, is also detected in our tests.
- If the test fails, the provider must double the initial deposit amount to restart the test. Although it's normal for providers to update, upgrade, and fix their products and services, Forex Peace Army's position is that they should be confident in their offerings and risk their own money together with the traders.
By testing forex strategies, Forex Peace Army helps traders find good services and products that suit their investment goals and trading styles.
Join Forex Peace Army's testing program
We invite professional account managers, signal service and EA providers to join our performance testing program. We help legitimate providers by giving them exposure to a large community of traders/investors, adding credibility to their performance results.