You can sign up for 123 Free Signals here.
Well today we will be commencing our review of 123 free signals, a forex service that sends out signals across a range of forex markets.
What that means, if you are not familiar with the forex markets, is that they will send out a recommendation to buy or sell a particular foreign exchange market at a certain price, with fixed stop loss (to fix your potential losses) and target price levels (to set the amount of profit you could get if it goes right).
So for example, here was today’s signal sent out at 7.14 this morning:
SELL USDJPY 118.85 – 118.90
STOP 119.45 PROFIT 118.05
They send out updates to close trades sometimes, so not all trades will run to the target price or stop loss. You would need access to the markets during the day to close out these positions if you want to follow the recommendations exactly.
What we like about this particular service is that it is free (clue is in the name!), although they do require you to sign up with a particular broker and deposit 200 GBP. However, we don’t see this as too much of a problem, most brokers are much of a muchness we find.
Published results on the site show 12 consecutive months of profit, recording over 800 pips on average per month.
Before that it proofed for 4 months to an independent website and also managed profit each month, so this seems to be a very promising service.
This has made a positive start this week so let’s see how they get on during our three month trial.
Updates to follow in due course.