Can You Recommend a (Forex) Alert Service?

This is a discussion on Can You Recommend a (Forex) Alert Service? within the New to Trade2Win forums, part of the Reception category; SHORT ANSWER Caveat Emptor New traders are often all too willing to get their wallets out, thinking they can buy ...

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Old Apr 5, 2008, 12:32pm   #1
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Can You Recommend a (Forex) Alert Service?

SHORT ANSWER

Caveat Emptor
New traders are often all too willing to get their wallets out, thinking they can buy a short cut to financial freedom. Even when you're dealing with good vendors selling reputable products, this rarely ever works. Given that many of the vendors out there - some would say most - are crooks selling nothing but pipe dreams - you need to be incredibly vigilant about who you hand over your money to. Our advice is not to pay anyone a penny - regardless of how credible they may appear - without first undertaking extensive due diligence, starting with these two FAQs:
How Can I Distinguish Between Scams and Reputable Vendors?
Can You Recommend a Mentor, Coach or Trading Course?

Can We Recommend a (Forex) Alert Service? No, sorry!
Matching prospective subscribers to an alert service is almost as tricky as matching two single people looking for love. Just like people, alerts services come in all shapes and sizes and cater for a wide selection of needs. Only you know your personal circumstances and what your trading objectives are.

But I Just Want to Make a Few Quid – That’s All!
Sure you do – we all do. However, how each of us achieves this goal varies from one trader to the next. T2W can’t recommend any one service in particular because, if we did, all the others would complain like mad. More importantly, if we recommended one and it didn’t work out for you, then you’d complain like mad! Instead, what this FAQ aims to do is to highlight the different types of services available and provide the necessary help and advice to enable you to find the best service tailored to meet your personal needs. These are governed by the amount of time, money and effort that you want (or don’t want) to devote to your trading.

A Two Step Approach
The Long Answer starts off by outlining the range of services available. If you have a clear idea of what you want, you can skip this section and go straight to the section entitled ‘HOW TO AVOID THE ROGUES AND FIND THE PROS’. This provides practical suggestions to help you navigate your way through the myriad of services available (many of which are a waste of money) and, hopefully, find the one that ‘does what it says on the tin’ at a price you can afford. Additionally, please note the paragraph entitled 'Caveat Emptor' above, and don't pay anyone a penny until you're read the links!

Last edited by timsk; Oct 22, 2013 at 12:38pm. Reason: Updating
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Old Apr 5, 2008, 12:32pm   #2
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Can you Recommend a (Forex) Alert Service?

T2W Bot started this thread LONG ANSWER

The Chinese Proverb
For the purposes of this FAQ, an alert service is an umbrella term that’s used to describe vendors who provide all manner of signals, tips and alerts about what to trade and when. They tend to be distinct from trading coaches and mentors who, generally speaking, teach people how to trade. The difference between the two camps is summed up well by the Chinese proverb: ‘Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for life’. By and large, vendors of alerts services tend not to want their subscribers to learn how to fish (trade) by themselves because, as soon as they can do that, they’ll no longer need an alerts service! If you’re interested in learning how to trade, then there are 2 sibling FAQs which might be of interest to you: Can You Recommend a Mentor, Coach or Trading Course? and How Can I Distinguish Between Scams and Reputable Vendors?

There is No ‘One Size Fits All’ Service
Although the original question is specific to the Forex market, the principles described here apply to all tradable markets. By its very nature, this curious niche of the trading industry changes on a daily basis and is populated by market professionals at one extreme and common crooks at the other. Because it’s such a volatile and fluid environment, any recommendations made here will be out of date in no time at all. Additionally, because the range of services is so wide, as is the spectrum of prospective customers who buy them, there isn’t really a ‘one size fits all’ service. Therefore, rather than making specific recommendations, this FAQ will endeavour to outline how members can set about finding the right service for them, tailored to fit their budget and personal circumstances.

From Macro to Micro – There’s a Service for Everyone
Alert services range from being quite vague and general market observations, through to very specific, detailed and unambiguous instructions. An example of the former might be a list of stocks in a weekly newsletter which, in the editor’s opinion, are set to sky rocket to the heavens or plummet to the ocean depths. No indication is given about how to trade them, i.e. where to enter trades, place stops or to take profits etc. At the other end of the spectrum is a mobile text message which reads: ‘Buy XYZ now at XXXX.00 or lower. Stop at YYYY.00, 1st profit target at ZZZZ.00’. A half way house service might be a daily e-mail before the market opens which reads: ‘XYZ is considered bullish if it breaks above XXXX.00 and bearish if it breaks below YYYY.00’. As with the equities newsletter, it’s then up to the subscriber to decide how best to use the information.

Finding the Right Service for You
Before embarking on your search for an alerts service, it’s worth giving some thought to the sort of service you want and will be able to take advantage of. If you’re in full time employment, a text message to ‘buy XYZ right now’ might not be suitable. It’s bound to come just as your boss calls you into his/her office for a meeting and you don’t have time to place your orders. Murphy’s Law dictates that the trades you miss are winners and the ones you catch are losers. The other factor to consider is your level of trading knowledge and experience. If you’re a complete novice and don’t know your bid from your ask, then a comprehensive ‘all singing, all dancing’ service might be the best option. On the other hand, if you have some trading experience, a more discretionary based service might suit you better.

Set & Forget
A popular route that is often seen as being the holy grail of alert services – regardless of your trading skills and personal circumstances – is the ‘set and forget’ service. Some of these will require you to place your own stop or limit orders, while others will include some software that plugs into your trading platform and does all the clever stuff for you. So, even when you’re having that meeting with your boss, or you’re asleep in the dead of night, you don’t have to worry about missing potentially profitable trades. Your computer is merrily toiling away, making the six figure salary from your day job look like beer money. Well, that’s the theory anyway!

Chat Rooms
Another popular type of alert service which has enjoyed huge growth in recent years is the live chat room. Courtesy of modern technology, you can be sitting in your study at home, while listening to a trading guru based on the other side of the world, offering their market insights and making live calls. Chat rooms offer some distinct advantages over most other types of alert services. Firstly, they’re live, so they’re difficult to beat when it comes to timely alerts! Secondly, they’re interactive, so you can ask questions and, thirdly, scam merchants tend to shy away from them as their lack of expertise would be quickly exposed by any knowledgeable customers in the room. Talking of scams . . .

SCAMS
The Nearest Thing to Legalised Fraud

Unfortunately, there are loads of unscrupulous vendors around, many of whom know next to nothing about trading. They can’t trade profitably for themselves or anyone else. Their skill, such as it is, is in selling dreams to the gullible. Most vendors aren’t regulated, so anyone can put up a website offering a signalling service for $99.00 per month – or whatever. It’s very tricky for law enforcement agencies to prosecute the rip-off merchants because their service is merely to provide the alert itself. If you pay a monthly subscription for a daily e-mail and you receive one, then the vendor has fulfilled their obligation to you and provided the service that they’re contracted to do. The fact that you lost money on every single alert that you traded is neither here nor there. Without doubt, for unscrupulous vendors, offering a trading alert service is tantamount to legalised fraud. Before parting with any money for such services, you need to proceed with extreme caution, undergo due diligence and heed the wise Latin warning: ‘caveat emptor’.

Navigate the Storm with the Help of T2W
Filtering out the good from the bad can be like finding a needle in a haystack. It’s time consuming and often quite difficult. Prospective punters that don’t know anything about trading are especially vulnerable, as they don’t know what questions to ask or the tell tale signs to watch out for. However, it must be stressed that while the rogues are ubiquitous, there are good services to be found, run by experienced and successful traders who charge a fair price. The next section of the FAQ will outline some of the points to have on your check list which, hopefully, will sieve out the worst of the cowboys and help you to find the right service for you.

HOW TO AVOID THE ROGUES AND FIND THE PROs
Common Sense Approach

First and foremost, a common sense approach is required. How likely is it that a service you pay $99.00 a month for is going to enable you to take the £500 that great aunt Ethel left you in her will and turn it into a million pounds in six months? You’d be amazed how many services make such outlandish claims. The old adage ‘if it sounds too good to be true, then it probably isn’t’, is a good starting point for filtering out the cowboys. Sites that continually make reference to ‘financial freedom’ and ‘live the life of your dreams’ and are scattered with images of fast cars, big houses and yachts adorned with scantily clad lovelies – are generally to be avoided.

Trials & Guarantees
Many alerts services will offer a free trial period. Be wary of those that don’t - unless they provide clear reasons for not doing so. Failing that, they should at least offer some sort of guarantee. Extreme caution needs to be taken here though, as many guarantees aren’t worth the virtual paper they’re written on. A common tactic adopted by dubious vendors is to offer a guaranteed 100% full refund if you can demonstrate that you’ve taken every alert provided and executed all trades exactly as the vendor specifies. Usually, this is over a prolonged period of time. If you miss any trades, or enter or exit them in a manner different to the way they advise – you won’t qualify for a refund. In reality, it’s highly unlikely that you’ll execute trades exactly as they specify, day in and day out, even with plug-in software executing trades for you. There are just too many variables, e.g. computer performance, connection speeds, different brokers, trading platforms and slippage etc.

Independent Reviews
Do a search on T2W for the service(s) you’ve shortlisted as there may be a thread about it. If you’re not sure how to do a search, this sticky explains all: Essentials Of General Trading Chat Additionally, there may be a review in the Reviews section of the site. Lastly, you could always start a bespoke thread of your own, asking members for their comments and experiences. A note of caution about any review - be it good or bad. Reviews that are overly gushing in praise need to be taken with a pinch of salt, as do very negative ones. On the one hand, friends and family of vendors have been known to write very positive reviews while, on the other hand, competitors offering similar products / services have been known to trash the opposition.

Testimonials & References
Many sites will offer testimonials from satisfied customers, many of whom will claim to have made huge sums of money very quickly. Whilst it’s understandable why vendors provide them, they don’t have much value and no decisions should be made on the strength of them. Ask for the contact details of a fully paid up subscriber who’s willing to provide a reference. Then ask that person detailed questions about the service. Are they making consistent profits using the service and what are its strengths and weaknesses etc.

Google Searches
Do a Google search with as many variations on the search criteria as possible, i.e. don’t just search the name of the service itself. Perhaps the sales copy refers to a bespoke system, technique or strategy that you could also search? Good companies will, often as not, produce few search results. The real rogues will produce many results (often with ‘scam’ in the title) and have threads devoted to them on sites like www.scam.com Even in such cases, care should be taken, as legitimate vendors can be victims of internet trolls or unhappy customers who have unrealistic expectations. Sadly, for some people, there can be a massive discrepancy between their naive expectations and cold, hard reality!

Names & Faces
Is there an individual – or individuals – running the service that you can research? Look under the ‘About Us’ section of their website to see if individual company representatives are listed. If so, search them. (Be very wary of sites that don't list one or two of the key people behind it or provide ways of contacting them.) Some of the best known sites trade on the reputation of their owner. One or two are big names in the industry; others often have a long standing and credible track record with sites like T2W. The greater the public profile of the vendors, the easier it is to research them and, hopefully, to eliminate them from the list of rogue cowboys.

Professional Website
When it comes to everyday purchases over the internet, for many of us, a professional looking site offers some reassurance. However, with alerts services, some of the better ones are often very plain, even dull looking. The reason is that such sites tend to be for existing subscribers to use and aren’t really designed to attract new customers. The sites that shout the loudest and make the biggest claims are often the ones to avoid. The point being that an amateur looking site isn’t necessarily a reflection of the service that’s provided. That said, be very wary of sites that offer few contact details. Ethical vendors with a legitimate product or service have nothing to hide and should make it easy for (prospective) customers to contact them. Besides an e-mail address, they should provide a telephone number and a snail mail address too. If there’s a number – phone it. If there’s an answer phone, leave a message and ask them to return your call. Make a note of the name of anyone you speak to and their position within the company.

Have an Exit Strategy
This suggestion is a tad negative as it assumes the service is poor or, at the very least, that it turns out to be of no use to you. Before subscribing to a service, put yourself in the shoes of a paying customer who is unhappy with it and wants to get out. How easy (or difficult) is it to do that? What can you do now to avoid thinking in a few months time: ‘if I knew then what I know now – I’d never have signed up in the first place’. Imagine it’s a disaster; you don’t want to regret spending large sums of money that are unlikely to be refunded. So, don’t fork out big sums in advance, regardless of how tempting any introductory offers might be. Always opt for the first month at a high price and then sign up for the cheaper six month or annual deal if you really like it. Don’t buy any custom software without trying it first. Even if you’re in a live chat room and can see signals being generated, it’s important to use proprietary software yourself to ensure that it works for you. If you assume the worst and the worst then happens, you won’t be too surprised and, hopefully, you’ll be suitably prepared and able to extricate yourself from the relationship with minimal financial loss.

And Finally . . .
Understand and accept that there is no (guaranteed) simple short cut to great wealth. If there was a way of paying out a modest monthly fee and guaranteeing a profit month in and month out consistently, then everyone would know about it and sign up! With most alerts services (but not all), there will be a large degree of discretion involved in terms of how you use the information provided. It’s entirely possible – likely even - that two subscribers to the same service will have completely different results. One trader will make money consistently and think the service is great, while the other loses money consistently and think that it’s pants. In most cases, it’s not a black and white situation whereby all customers either make or lose money. Ultimately, even with an alerts service, the responsibility for your trades and the profits or losses they generate, rests with you alone and not with the vendor. Good luck in finding the service that’s right for you!

Last edited by timsk; Mar 9, 2011 at 1:53pm.
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Old Apr 5, 2008, 12:32pm   #3
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Can you Recommend a (Forex) Alert Service?

T2W Bot started this thread USEFUL LINKS

If you find other threads, Articles or sites on your travels around the net that are relevant to this FAQ, please add a link to them in this thread, outlining what it is that you like about them. Thanks!

T2W THREADS
115% Profitable System!!!
The first post by shadowninja is an excellent spoof of the sort of site that the scam merchants use to sell fantasies to the gullible. You have been warned!

T2W ARTICLES
None here? If you find a good one, let us know and we’ll add it!

T2W REVIEWS
Newspapers & Tip Sheets sorted by highest rated.

EXTERNAL LINKS
chartpattern.com
This site is a good example of a profesionally run service that ticks most of the boxes listed in the Long Answer. It's run by Dan Zanger who is one of the world's most successful traders. He publishes an alerts service for swing traders of U.S. equities called 'The Zanger Report'. However, please note that this is most emphatically NOT a recommendation to subscribe to it. Furthermore, there is no guarantee that you will make any money if you do! As always, proceed with extreme caution, undergo due diligence and heed the wise Latin warning: ‘caveat emptor’. No exceptions!

Last edited by timsk; Apr 11, 2012 at 2:33pm. Reason: Updating
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Old Aug 12, 2009, 6:48pm   #4
 
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Quote:
Originally Posted by Sharky View Post
Please add your replies to this thread.

You can add new answers, post links to threads/articles/websites of interest or copy/paste posts from existing threads. Our new Content Team will moderate this thread, merging your replies into hopefully a definitive answer to this question.

Not sure if alerts are referring to trading signals, but if you want mobile price alerts or news alerts sent by text to your mobile phone, they are available for free from DailyFX DailyFX | Mobile Alerts
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Old Dec 5, 2009, 10:04am   #5
 
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Re: Can you recommend a forex alert service?

FTSE100club seem to be generally reliable.. once you've signed up to the FTSE100 alerts, you get currency alerts as well, as texts to yr mobile. First month free but only FTSE.
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Old Dec 7, 2009, 7:54am   #6
 
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Re: Can you recommend a forex alert service?

just did the traders4traders course-excellent
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Old Mar 4, 2010, 1:37am   #7
 
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Re: Can you recommend a forex alert service?

Im not into Forex but BabyPips.com have a great learning section (preschool to uni) and for a direct teaching resource and trade room, I hear good things about phil newton... google him.
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Old Aug 6, 2010, 2:26pm   #8
 
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Re: Can you recommend a forex alert service?

Hi
I am new on this forum so my first post on a discussion forum. I have a great signalling service that seems to be going from strength to strength. I came across it by accident when exploring signalling services. I have tried a few and got burnt but this one is great. It uses small stop losses and even though the gains are quite small it is normal to make 50 pips a day, which i have found after reading some threads on here is actually a lot.
I also tried rtc signals but got my money back. They seem decent people and give you a few trades a week by email which often win but you can have some big losses of up to 100 points. They have a trading room but you need to be pinned to the screen to try and listen to what they are saying and often miss trades as they are quick in and out, by the time you get what they are saying and action it the trade has either gone or its already moved and not worth getting in, these are scalping trades. Hope this has helped for the person asking about rtc signals. It was OK and im not downing them but i just happened to find something better and less time consuming.
Regards
Rog
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