Common
Questions
Q. Who's behind Forex Signal Live?
A. We are 3 professional traders who have decided to work together
to create a forex signal service that actually delivers. Through
signals and education we want to help you become a successful trader.
Q. How do I know you are a reputable company?
- You can call us on the telephone and speak to an actual trader
not a salesperson. Call now on 760 476 1999 USA/Pacific
- We publish results from a live trading account.
- We run a live trading room where you can interact with us. This
makes us totally transparent.
- Our head trader is an EX Chicago Floor trader, CNBC guest with
many other media appearances.
Q. How do you deliver signals?
We use custom written software to show you the actual signals within
seconds of us placing the trade. This software will run on any windows
PC. Also, if you have a MetaTrader Enabled broker, you can also
have your trades automatically duplicated onto your account, without
even needing to be present.
Trades are also called out in our live trading room too. This is
greatly advantageous to those who want to learn as the logic behind
the trade will also be explained.
Q. In a nutshell, what is Automatic Signal Duplication?
If I understand correctly, AFSD is a program that duplicates trades
that you personally make, and is not an EA or a non-discretionary
trading program, correct?
A. Yes that is correct. This is the genius of the system. You get
the advantages of an EA but a real HUMAN trader is behind the trade.
There is no automatic trading decisions. The duplication software
has been named 'The Human EA' for this reason.
Q. How does your duplicator work out the
correct trade size for my account?
If you elect to use our automatic duplication, the system will
automatically translate the trade size to your account size. It
does this by sending a percentage value rather than a fixed lot
size value. For example we typically trade below 1%, when we place
a trade, the system tells your account to trade 1%, which results
in a trade that is 1% of your account size not ours.
Q. How do I receive Technical support?
You can contact us by telephone: 760 476 1999 USA/Pacific
or in the live trading room or by email. We pride ourselves on our
technical support and are one of the few companies to offer our
telephone number on our web site. Nothing to hide!
Q. How do you trade?
We are professional traders and essentially trade using basic price
action. No snake oil, no smoke and mirrors, just good old reliable
price action that every institutional trader uses.
Our trades take an average combined entry stop of 50 pips and we
typically target 2:1.
We typically use the following tools to frame price action:
- Bar patterns from higher timeframe's (pin bars, Engulfing bars
etc)
- Elliot wave principles of Impulse/correction
- Divergence to show underlying weakness of a currency
- Fibonacci
- Dynamic support levels (higher timeframe EMA's for S & R)
- Historic support levels.
- Average Range Benchmarking & Volatility
Of course the exact details of how we use these tools are available
to our members only. Rest assured, we will teach you everything
we know no 'secrets' held back.
Q. What are your business hours?
A. We trade from 06:30 USA/Eastern until 15:00 USA/Eastern.
Q. I am looking for signals to be sent either to my e-mail
or to my mobile phone, can you do that?
We strongly believe that we have something much better than those
options. The problem with Email is it can be too slow, or you
may not read it in time. We experimented with SMS and some customers
experienced 30 minute delays at times which was too long. When
members miss signals it causes frustration and ill feeling. For
this reason we decided to not offer those options and replace
them with something far superior. The Automatic Trade duplicator
that does the job efficiently and fast. Some people feel uncomfortable
being hands off, please read the section below about software
bugs and safety features.
Q. How long have you offered a forex signal service?
Forex Signal Live has been in business for 4 years. I am only aware
of 1 other signal service that is still running from 4 years ago.
Over that time we have gone through many changes. Our most recent
change is the addition of 2 extra traders. We aim to be the best
service and consistent over time and we aim to still be here in
another 4 years.
Q. Are there any other hidden fees?
No. The monthly price you see at the bottom of the page are the
only fees we charge for our signals and live mentoring.
Q. Your site says you trade below 1%. To clarify, that
means you never risk more than 1% of your account size on any one
trade, correct?
A. Yes typically we trade less than 1% on any single trade
Q. What is the maximum number of trades open at one time?
A. Our maximum is 3 trades at once. Under exceptional circumstances
we may exceed that. The average would be 1 to 2.
Q. What is the maximum margin % used at any one time?
A. If we did open 3 trades we would have 3% margin at risk. That
would be Available account size x 0.03.
Q. In a nutshell, what is Automatic Signal Duplication?
If I understand correctly, AFSD is a program that duplicates trades
that you personally make, and is not an EA or a non-discretionary
trading program, correct?
A. Yes that is correct. This is the genius of the system. You get
the advantages of an EA but a real HUMAN trader is behind the trade.
There is no automatic trading decisions. The duplication software
has been named 'The Human EA' for this reason.
Q. What specifically does the Automatic Signal Duplicator
do?
A. Quite simply it duplicates all of the trading actions from our
human trader onto your account. We place a trade, your account opens
a trade. We move a stop, your account moves the stop. We close a
trade, your account closes the trade.
Q. What technical requirements are there for the Duplicator?
A. It will run on any windows machine including a VPS server.
If you only require notification of trades and do not wish to
use the automatic duplication feature, you can use any broker.
If you do require automatic trade duplication, your broker
must use MetaTrader (MT4).
Q. Can anyone see the contents of my trading account when
using the duplicator?
A. No it's not possible to see the contents of your trading account.
The Duplicator creates the connection within your PC and the information
only flows one way.
Q. What account size is best with the Duplicator?
A. Remember we trade conservatively below 1%. When a trade is
sent, it creates a trade size that represents 1% of your account
size. To allow for better precision on your trade size, we suggest
that accounts below $5000 use a broker that allows 10c lot sizes
(0.01) or lower. This does not necessarily mean that you will
trade 10c but this allows a precision of trades at 70c or $1.30.
Q. It says on the web site that the duplicator takes 3
seconds to copy a trade. What about slippage? A. We mostly use pending orders. So we place a Limit or Stop
order. Only when the market reaches the specific level is the
trade taken. On the rare occasion that we use a market order,
the system is designed to understand slippage. If the market moves
too far away from the original price, the system will wait before
opening the trade. If the market moves within the price range
as the original order, within 4 minutes, the system will open
the trade. After 4 minutes the system rejects the trade and will
not copy it.
Q. What safety features does the duplicator have, could
it make a mistake and create a loss?
A. The duplicator has been written with absolute safety in mind.
It contains multiple safeguards. The first and most important safeguard
is it will refuse to duplicate a trade that does not have a stop
loss. This safeguard alone will keep things as safe as if you were
trading yourself.
The next concern in a program like this, is the possibility that
the trade size is made too big for your account size. To safeguard
this possibility, the software has been written to do all of it's
size calculation first. Then the final size is reverse calculated
and compared back with the original order, to ensure that it matches.
Even after this safeguard, there is one final check. Just before
a trade is placed, the system will double check again to be sure
that the risk is not too high.
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