In this review I’m going to give you my thoughts and feelings on a popular forex forecasting service called Foresight FX.

What is Foresight FX?

It is a service that provides daily forecasts and coaching for new and experienced currency traders.

How does it work?

Every day the head trader on the website performs his own technical analysis of the currency markets. He then makes a video that clearly explains his analysis and gives insights into how the markets will move that day. Along with the video you also get profit targets. Essentially, what you end up with is a specific trading plan for the day ahead provided by a 20 year professional trader.

Who is behind the service?

Carlos Diaz is the head trader. A respected authority on day trading. He is the man behind the daily forecasts and coaching videos.

How does it work?

Trading with Foresight FX is remarkably easy. It all starts with an email alert telling you that today’s forecast is ready. You simply click the link in that email and you will automatically be logged into the members area of the site. Once there you simply need to plot the targets and other points of interest on your MT4 chart. Once that is done you just need to watch the video as Carlos explains the trading plan for that day.

Best time to trade this strategy?

I emailed the support team about this and this was their thoughtful response:

We don’t have a specific time you must trade to use our service, but we do have some guidelines. I’ll explain more on that in a moment.

What you must understand is that Carlos forecasts market trends and price movement but he can’t forecast specific times these actions will take place. It is price action that dictates your entry and exit, and price action doesn’t work to specific time zones. Sometimes Carlos predictions work out very quickly, sometimes they unfold very slowly and sometimes the market just doesn’t move at all. This means our service can be used by traders on many different time zones.        

However, we have found that (as a general rule) trading the UK session before the USA session opens gives the most movement without disruption caused by news releases. Therefore, if you can trade between 8am GMT and 2pm GMT you’ll most likely have a fantastic experience with Foresight FX.

You can trade the USA session with us but you must check for news releases (http://www.forexfactory.com/calendar.php) as these can disrupt Carlos’s forecasted movements. As a general rule we have found it is normally safe to enter trades again 40 minutes after a news report has been released (but please not there are always exceptions to any rule).    

If you are in a time zone where these hours do not suit you, then you might have to get a little creative by getting up earlier, staying up later and setting take profit targets etc. We have traders all over the world using Foresight FX so if you are willing to put the effort in you can make it work.

Do Foresight FX have public trading records I can check?

Foresight FX is an educational service. It is not signals or a trade copier. Therefore they don’t guarantee all members will get the exact same results. What they are doing is teaching traders how to develop their own personal trading skills. This takes some time to learn, hence they do not show or guarantee any specific results. Instead they offer a low priced 14 day trial. That way, new members can experience the service and see the results for themselves.

What is the price?

At the time of writing the price was $7 for a 14 day trial followed by $97/month. However, many people choose to skip the trial and dive straight into the full service since there is no minimum period and it is easy to cancel – you simply click a button in the members area. There is no small print or any nasty surprises waiting for you on your next credit card bill.

If you decide the service is not for you during the trial you can cancel during that time and you will not be billed the $97 upgrade.  

Are there any complaints or reasons not to join?

After an extensive search I haven’t found one negative review of the service. That’s impressive for a service that has been around a long time. The only thing that I was confused about was the age of the service. It mentions on the website:

“Over 20 years successful trading experience”

“Over 10 years successful coaching experience”

This didn’t make sense because, as far as I could tell, the service is 4 years old. I asked about this and it was explained adequately. I was told that 20 years was the amount of time Carlos had been trading. 10 years referred to the amount of time Carlos had been coaching traders. The service has been in business 4 years under the name Foresight FX.

What’s included in the trial version?

In the trial version you get:

–    Technical review of the previous day’s trading (everyday)
–    Forecast for the day ahead (everyday)
–    Trading targets (predictions on where price will hit)
–    Synergy zone (potential reversal point to plot on your MT4)
–    Trading manual (the whole strategy explained in easy to understand steps)
–    MT4 basics video
–    3 detailed training videos  
 

What’s included in the full version?

In the full version you get:
 
–    Technical review of the previous day’s trading (everyday)
–    Forecast for the day ahead (everyday)
–    Trading targets (predictions on where price will hit)
–    Synergy zone (potential reversal point to plot on your MT4)
–    Trading manual (the whole strategy explained in easy to understand steps)
–    MT4 basics video
–    3 detailed training videos
–    VIP Videos (a set of in depth training videos and case studies)
–    MACD Trendicator (Helps you forecast trends and momentum)
–    Video vault (access to tons of previous forecasts for more training)
   
Final thoughts . . .

I hope you have found this review useful. Foresight FX really is a great service with lots to offer the aspiring trader. For more information you can check out the official website at: http://www.foresightfx.com



Source by Pat Russell