Nick's Review on Honest Forex Signals

Honest Forex Signals isn't strictly an EA. It trades through a trade copier and mirrors a remote "expert" trader's trades. Their strategy appears fairly simple. They only trade the GPB/USD setting a 40pip target and a fixed 80 pip stop loss. The strategy is effective, it looks to trade retracements after a major move, normally in the direction of the trend.

The site is a little basic and has the same hype as most forex products. However I can say their results are consistent. I have high hopes for these guys and after watching it trade for two months profitably I have invested a fair chuck of money into my brokerage account.

The monthly fee is high, so you will want to be trading with a few thousand to make it worthwhile. If you had a large chunk of money to invest in an EA I would choose these guys over the other EA's I'm currently using.

There isn't a default risk setting and when you ask what is recommended they won't give you an answer. I have set my risk to 8% in the hopes of compounding the balance quickly and because the risk is reduced because of the high percentage of winning trades.

LATEST UPDATE 7/5/12 - Last week they added two new pairs, AUD/USD and EUR/USD. Within 6 days of the new pairs being added I lost 30% of my account equity. I have since removed the two additional pairs from my trading and have gone back to only trading GPB/USD. This strategy relies on volatility, the market is currently too quiet for it to be overly profitable. The market will return to normal eventually, and the performance of this strategy will return with it. But adding the new pairs is basically increasing your risk. ONLY TRADE THE GPB/USD PAIR!

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Current Setting

• Broker:Pepperstone
• VPS:BeeksFX VPS
• Amended From Default:Risk 8%
• Price:$177 Per Month
• Guarantee:30 Day Money Back
  Through Click2Sell

• Win