Forex Signals Services With Live Trade Room Option

Posted by Edward Lomax on 3 February 2012 filed in Abe's Forex Signals, Dreamsphere Live Trading Room, Traders Elite, Vladimir Ribakov Signals

I got an email from a blog visitor looking for the best Forex signals service with a live trade room. He wants to be able to learn the Forex strategies used as well as get the signals. I based my answers on this criteria, so keep in mind that the best Forex service for you might be different.

Here is my email reply…

Hey David,

I’ll try to help you find what you are looking for.

I think you are looking for a Trade Room where you can learn to trade Forex as well as take the signals. So, based on that criteria, here is what I think:

I’m going to go from what I think is not a good fit… to what I think is the best fit. (All these services are valid choices, but based on what I think you are looking for, here are my thoughts).

Best Forex Trading Signals: I like this service because the signals come out at the same time of day, and they give you detailed info as to why they take or don’t take a trade. But this is not really a live trade room, so probably not what you are looking for in terms of a learning experience.

Traders Elite: More signals than teaching. Since there are many different traders trading many different methods it is more a signals service and not a trade room. Would suggest using the trade mirror option with Tradency, but this does not sound like what you are looking for.

Abe’s Forex Signals: Between Abe and his robot this service pulled in 920 pips last month… which is great. But this is more of a signal service I would recommend to hook up to mirror trading instead of trading manually. No trade room or teaching going on here, just great signals. But I don’t think you want to sit in front of your computer waiting for a signal. This is why the mirror trading with Tradency is the best option with this service.

Dreamsphere: There are 3 sessions to join in a trade room here, or you can hook up your account to get the trades mirrored on Tradency. Excellent price action strategies used here. The only thing is the trader trades a lot of different currencies and time frames. This means you can be in short term trades or long term trades. So, you need a lot of time if you are going to trade manually. If you were only going to trade NY and London, you would be missing a session where open trades might be modified or closed… meaning you would miss the instructions and get different results. (Also something to think about: since there are trades with very different stop losses, it is best to use a % per trade money management strategy. So you really cannot tell how this service does just from a number of pips standpoint, since 20 pips on a trade with a 20 pip stop is much more valuable than 200 pips on a trade with a 400 pip stop. Hope this makes sense.)

Vladimir’s Forex Signals: I think this is probably what you are looking for. The Live Trade room is very good and Vlad does a great job of showing the setups and why the trades are taken. So you can learn a lot and take the trades along with Vlad. I’ve attached a screenshot to this email so you can see the recent results of the trade room. There are also a lot of traders tools and other type of signals, like Harmonic Signals you can learn and trade. Investor strategies also. So, I think this is what you had in mind.