I think it's time for me to put this subject to bed. I've been using Kathy Lien and Boris Schlossberg's Forex signal service since September 2006. It was free in 2006 but if you continued using it into the new year, you had to pay. I started using it as a way to diversify my trades and also to give me more insight into Forex signal services. It didn't quite work out as I expected but I'm glad that I explored it. Here are some of my observations which are my opinion only:
- Boris and Kathy are decent risk managers which I think is an important aspect of trading forex. Though this is the case, I've lost more money than won by using their service. I personally do not think they are profitable and if they are, it's not by much.
- They send out trade signals at weird times, many times after the action is over. This is indicative of their lagging trading strategies.
- It's hard to be dependent on someone else to provide you with trades. You don't know when the signals are going to come in so it's difficult to be ready when one does.
- I'd much rather be responsible for my losing than having someone else be responsible for it.
- Boris and Kathy seemed to portray their performance as much better than it really was. End of week reviews focused on winning trades, not losers and their performance stats were based on best case scenario.
- What happened to their 2 lot strategy? I may have missed something but one day they were using a 2 lot, 2 target strategy and the next day they were using a strict 1 lot, 1 target strategy.
- They had excuses for being stopped out. I personally don't see how or why you could even have an excuse for being stopped out. The bottom line is the price hit the point where you no longer wanted to accept more risk.
- I'm not sure how in one sentence I can say they are good risk managers and then the next say their particular trades aren't any better than 1:1 reward/risk but this is the case. When they make a initial trade call, it has a better than 1:1 reward/risk, sometimes 2:1 but ultimately, they rarely gave a trade time to hit its target. Most of the time, they closed early with a worse than 1:1 reward/risk.
I am officially halting the use of their service mostly due to the fact that I don't see any benefit to using it. The bottom line is that I had to be ready to trade at the sound of any new text message which isn't easy and on top of that, I didn't make a cent. So there really is no point in continuing.
