What is ForexPromise?
Our system is what you can call a trend following system. Finding trends is not an easy task and once entering a trend we will want to take the maximum profit from this position. We want to ride trends booking profits as far as to reach our system target or stay until time based exits call us to exit the trade.
We must grow confident on our system accuracy. Our trading indicators have shown a winner accuracy higher than 65% which is extremely high for this kind of systems.
Stop loss placed immediately after entering a trade will bring extra confidence, mostly when you realize that our stop loss level is rarely hit.
Swing trading systems have the benefit that you do not pay excessive spreads or commissions as those you must pay when trading daily or intraday signals.
Which are the main differences between Connection2Forex.com and ForexPromise.com?
Connection2forex.com is daytrading type system. Positions are opened and closed during the same day. It has reduced market exposure sending alerts twice a day every day. It takes trades both long and short position
ForexPromise.com, on the other hand, is a swing trading style. It opens and closes positions which are held for 5 to 7 days trading only long positions. Both systems have high compatibility and are highly complementary.
Brokerage Forex accounts
You have 3 options:
1. Mini account: Choose a mini account if you are new to the forex market. The leverage is often higher than standard account and you trade mini contracts. You can open this accounts with as little as $250.
2. Standard accounts : Standard accounts are for experienced investors. The deposit is higher than Mini accounts but the leverage is lower. You trade the full contracts in this account. You can open this accounts with $2500 or more.
3. Demo account: the easiest way to try your hand at trading forex is to open a simulated account. When you open a simulated /demo forex trading account, you get $25,000 or $100,000 of virtual money to trade with. The platform receives live quotes and your simulated trades use the same bid/ask spreads that real traders do.
Brokerage suggested
We are not affiliatiated with any broker, nor receive comissions for refering people or executing trades. We suggest to open accounts at major brokers registered with the NFA. Beware of offshore brokers offering high leverage accounts with low minimums. Examples of major brokers include FXDD, Interbank FX, Oanda, etc.
Commissions, leverage and spreads
Brokers charge no commissions for forex trading. Brokers make their cut with the spreads, when you buy at the ask and sell at the bid. The spread is usually from 2 to 6 pips depending on the pair and broker. That's an important thing when deciding which broker to open the account with. The leverage can be as high as 200:1, meaning that a trader needs to put down only $0.5 of margin to control $100 of the currency. Remember leverage can be a double edge sword, so use it with caution.
Autotrading
We dont have autotrading, thats something we may evaluate in the future. However, the system is very simple to trade and require only minutes per day to send the signals or evaluate open positions.
Risk Capital
No matter how good a system looks, how good a system performs or how much money it makes. Only "Risk Capital" or "Risk Funds" should be used in trading. A person who does not have "Risk Capital" or "Risk Funds" (funds they can afford to lose) should not trade in the market.
System Objectivity
We use the same criteria and parameters to generate signals everyday, there is no subjective criteria involved in the process.
Yes, it is 100% mechanical; you can send your orders in advance with their Stop Loss, Profit Target, no need to evaluate or take subsjective decisions of where/when to exit trades. As we mention is a complete system, with full guidance from entry to exit.
When are signals sent and how often?
ForexPromise.com signals are placed on the web site and an email alert is sent once a day around 5:00 pm New York time during business week. We only issue new signals at this time, no further intraday instructions are necessary since we indicate entry, exit and stop loss in advance. We don’t issue signals every day, only when our system signals to do so.
The system issues signals for 4 major pairs:
Pair |
Definition |
Known as |
EUR/USD |
Euro / US Dollar |
"Euro" |
GBP/USD |
British Pound / US Dollar |
"Cable" |
USD/CHF |
US Dollar / Swiss Franc |
"Swissy" |
GBP/JPY |
British Pound / Japanese Yen |
|
|
Yes, this is not scalping for 5 or 10 pips profit per trade. We look for 250 or 300 pip gain per trade in a 3 to 9 day period. Many customers prefer to do their own timing and get better fills.
You need 5 minutes per day to check for new signals and send the orders. There is no need to monitor the intraday market. After a trade is initiated the system evaluates the position at the end of every day and issues a hold, stop or sell.
You have instant access to the signals. After the credit card purchase is approved you are forwarded to a screen to select your username and password.
Simply send us an email to support@forexpromise.com
No, we provide the signals to trade but not the brokerage services to execute the trades.
