Foresignal is a free signal providing service that offers assistance to forex traders. It claims to provide real-time forex signals and a range of features to support traders in their decision-making process. In this review, we will explore the features of Foresignal and analyze its strengths and weaknesses. By examining the pros and cons of this service, we aim to provide a fair assessment to help traders determine if Foresignal is suitable for their trading needs.

Realtime Performance and Totals

Foresignal offers real-time performance and totals for its forex signals. Traders can access and monitor the ongoing performance of the signals provided by the service in real-time. This means that users can obtain up-to-date information on the success rate, accuracy, and overall performance of the signals. By having access to real-time performance data, traders can make more informed decisions regarding their trading strategies. They can assess the effectiveness of the signals based on the current market conditions and adjust their trading approach accordingly. This feature helps traders stay updated on the performance of the signals and make timely adjustments or take advantage of favorable market conditions.

Additionally, Foresignal provides totals that give traders an overview of the cumulative results of the signals over a specified period. These totals provide a comprehensive summary of the performance, including the number of successful trades, the average profit/loss, and other relevant metrics. By examining the totals, traders can evaluate the overall effectiveness of the signals and gain insights into the long-term performance trends.

Forced Exit and Trailing-Stop

Foresignal incorporates the concept of forced exit and encourages traders to utilize trailing-stop orders as part of their trading strategy. The forced exit mechanism ensures that trades are automatically closed at a specific time known as the “Till” time. This allows traders to set a predetermined exit point for their trades, helping to manage risk and minimize potential losses.

By implementing forced exit, Foresignal aims to provide traders with a disciplined approach to their trading activities. It helps prevent emotional decision-making and allows traders to stick to their predefined trading plans. When the “Till” time is reached, any open trade will be automatically closed, whether it has reached the desired take-profit level or if the stop-loss level has been triggered. In addition to the forced exit mechanism, Foresignal emphasizes the use of trailing-stop orders. Trailing-stop orders are designed to dynamically adjust the stop-loss level as the trade progresses in a favorable direction.

Averaging Quotes

Foresignal acknowledges the variation in quotes provided by different brokers at any given point in time. To address this issue, the service employs a strategy known as averaging quotes. By collecting and analyzing quotes from various forex brokers, Foresignal aims to provide users with “average” results that can help mitigate the impact of differing quotes. The process of averaging quotes involves calculating the average value of quotes received from multiple brokers for a particular currency pair. This approach attempts to provide users with a more balanced representation of the prevailing market conditions. While it is not guaranteed to eliminate all variations, averaging quotes can help minimize the potential discrepancies in quotes across different brokers.

It is important to note that even with the averaging process, there may still be slight differences between the entry, take-profit, and stop-loss levels provided by Foresignal and the actual quotes received from individual brokers. This discrepancy can result in trades reaching entry or exit levels on the user’s platform while Foresignal’s trade does not, or vice versa. To navigate this potential discrepancy, traders are advised to consider the general price direction and market sentiment provided by Foresignal’s signals, rather than relying solely on exact entry or exit points. It is recommended to exercise caution and take into account the specific quotes available on their trading platform to align their trades with their broker’s pricing.

Signal Delivery

Foresignal offers multiple channels for signal delivery, including its website, social media platforms like Twitter and Facebook, and a dedicated blog on Blogspot. Traders can access the signals conveniently through these platforms, allowing them to stay informed and make timely trading decisions. The various delivery options cater to different preferences and ensure accessibility for users. However, it is important to note that traders should remain vigilant about potential delays or technical issues that may arise with signal delivery through these platforms.

Pricing

Trading signals are available for free but the alerting system that is implemented as an email notification service is available on a subscription basis. The price for a monthly subscription is $29, three months subscription costs $59 and six months option is available for $89.

Foresignal Review Pros & Cons

Pros

• Free signal service.
• Real-time performance and totals.
• Forced exit and trailing-stop orders.
• Averaging quotes to address variations.

Cons

• Lack of transparency regarding signal providers.
• Limited forex pairs offered.
• Unverified track record.
• Potential quote differences across brokers.

Conclusion

In conclusion, Foresignal offers a free forex signal service with real-time performance tracking, forced exit, trailing-stop orders, and averaging quotes. These features can be advantageous for traders seeking accessible signals and risk management tools. However, the lack of transparency, limited forex pairs, unverified track record, and potential quote differences should be taken into consideration. Traders are advised to carefully assess these factors and conduct thorough research before relying solely on Foresignal as their primary signal provider.