Last year we reviewed our first forex service here at Honest Betting Reviews in the form of 123 Free Signals.
Prior to our review, they had amassed a very impressive record of 11 straight winning months and over 4500 pips profit.
However, during the period of our trial they experimented with a new selection method for the signals, which unfortunately didn’t turn out too well and resulted in a loss of 190 pips.
Towards the end of the trial they went back to the previous method and that seemed to return them to the form of old.
We pledged to keep tracking the results after the end of our trial and see if things improved for them.
Well we are pleased to report that things certainly did pick up.
Here are the monthly results since our trial finished in May last year:
- June: +290 pips
- July: +210 pips
- August: +600 pips
- September: +660 pips
- October: +300 pips
- November: +350 pips
- December: -370 pips:
- TOTAL: +2040 pips
So as you can see, things have really improved for 123 Free Signals and they have amassed over 2000 pips profit since our trial ended.
That means having proofed their signals for a period of over a year, they have made a total of 1850 pips profit.
On that basis, we are happy to upgrade 123 Free Signals to an Approved rating from the previous neutral rating.
A highly recommended service.
Out of interest, if you are looking to develop your forex trading, we can recommend the broker Forex Time, which we use ourselves for our forex trades.
As an introductory offer you can get a 200% cashback rebate for opening a new account. So that means for 30 days you will get $2 for every lot you trade.
They are a top quality broker with tights spreads and a wide range of markets, so well worth checking out.
Was it as Easy as 123 for this Forex Service?
21st May 2015
|Average number of picks:||5 per week|
123 Free Signals Final Review
It’s been a slightly disappointing trial for 123 Free Signals here at Honest Betting Reviews. Coming into our trial they had enjoyed 11 straight winning months and had racked up over 4500 pips profit.
As seems to be the case so often however, once we got the trial underway things took a turn for the worse and the trial finished 190 pips down in the end.
That is no big loss but is a long way from the 400+ pips a month profit they were averaging before our trial.
Significantly, there was a major change in approach early on in the trial, which then got changed back again when things weren’t going so well!
In April they sent an e-mail saying that up until recently they had been receiving signals from a group who would provide them with 3-4 trade ideas every Monday morning and they would then base their signals on these ideas, which worked well and gave consistent profits and very few stop losses were hit.
But then this group offered live signals with precise entry points and the 123 Free Signals service decided to go with those live signals, even though they acknowledged these live signals were not as profitable as the weekend advice.
Anyway at the end of April they decided to go back to providing signals based on the weekend advice, saying “You will get less signals, only 3-5 per week, most will arrive on Monday or Tuesday and we will have less SL and get back to similar results from previous months.”
We have only had a couple of weeks of going back to the old system so it is too early to tell if they can return to previous form.
Although they had a disappointing trial for us, based on past results I think it is worth continuing to monitor their performance to see if there is an improvement now they have gone back to the old method.
Here are the results for the trial in graph form:
Ease of use: Fair – at the start of the trial it was very much a “set and forget” strategy that required little time, but as it evolved you would get advices at different times of day to move entry points and stop losses etc, meaning you would need access to the markets at all times during the day. However, reverting back to the old system has meant it is closer to a “set and forget” strategy once again.
Availability of prices: Good. I was generally able to obtain the advised prices, sometimes they are different but this evens out over time – sometimes you are better off the price has moved and sometimes worse.
Strike rate: The strike rate for the trial was 43%, which is a little on the low side for a service such as this where most of the trades are essentially even money bets. I would expect they would need over 50% winning trades to make a profit long-term.
Advised Betting Bank: There was no advised bank for the service but I used a 2500 bank at £1 per pip. This was never in danger and I finished the trial just over 7% down on my bank, so no harm done really.
Subscription costs: The really good bit – free! 🙂 Although you do have to sign up with one of four recommended brokers and deposit at least $200 or equivalent.
And when you do sign up, get ready for the barrage of annoying sales-y phone calls from the brokers – argh man why don’t they just leave you alone!
OVERALL VERDICT: NEUTRAL
I am giving this a neutral verdict because 190 pips down or 7% of the bank lost is no disaster and I do think the change of system mid way through has potentially hurt them.
I think it is worth continuing to monitor the service based on previous results and see if they can revert to previous form now they have gone back to the old system.