Here we look at something a bit different than what you’re used to. Rent A Signal is a service where you subscribe (pay) for offered signals to automatically trigger trades on your account. There are various signals available ranging from popular, highly optimized EA’s, private EA’s and professional traders. Rent A Signal monitors, classifies and evaluates thousands of FOREX trading systems and on line trading advisers (computerized and not). RAS is compatible with any broker that you may want to work with.
This is all well and good, but how well does this type of technology actually work. There inevitably has to be a delay between the original signal, and the signal you receive on your end which in turn could make many trading styles obsolete as the delay is just too much.
While some of their top signals and their respective past performance data looks great, let’s remember not to judge a cover by its book.
I’ve subscribed to a few signals from RAS with poor results.
One was due to a misleading description, where after subscribing it was then revealed that the trading style being used was actually much higher risk than initially portrayed and required a much higher account size than expected. I was severely disappointed with this signal.
The second one was a scalping style of trading which I only tried because I was curious how a typically fast entry and exit style of trading would cope with the many nodes to travel before actually being entered and exited on my end. Well, it didn’t take long for me to unsubscribe from this signal as the results were terrible.
The third one started off ok, but then one major loss occurred which wiped out all profit and then some that I hadn’t seen in this signals past performance, ever.
Rent A Signal support is a whole ‘nother topic by itself. They come off as rude, arrogant and dodgy. When it comes to money it seems they are working against you, but if you are a “potential customer” that hasn’t spent any money with them yet, then you are treated like gold.
Based on my findings on Rent A Signal, I can not recommend this service.If you have any experience, good or bad with this service please feel free to share with a comment below.
Forex trading is always advised to do it ourselves. If we are running out of time, don’t trade.
Bunch of losers – drawdowns of 40-50% for almost all “traders”.