Greg’s Success Signals Review

I’m sure if you’re searching for a Greg’s Success Signals Review, you came accross a lot of obviously fake ones. That’s a big problem with any product that can be sold through an affiliate program. People create a website called productX.com or whatever, throw up a fake review and try to earn money through their affiliate link. So here’s an actual review from an actual user.

So I stumbled upon this great sales video for Greg’s Success Signals and thought I’d try it out, since I’m already investing in forex and would like to be doing better. Somehow the video convinced me to put some trust in Greg to help me out. The price seems very reasonable compared to the earning potential and compared to what I’ve paid before. It’s a $47 a month subscription.

It’s sold through Clickbank, where I haven’t had problems with getting a refund. So I figured the risk was worth the potential reward.

So what is it?

You get a program for metatrader that basically mirrors Greg’s trades. There are different versions that you can get for a one-time upgrade. I think the difference is that with the basic version, you don’t get all the trades; you get the more basic trades.

You’ll need to run metatrader 24/7 on a computer with internet access (possibly a VPS) to get this to work.

Results So far

So far I’ve only been running this thing for a couple days and I’ve been very impressed. In about 2.5 days, it’s completed 13 trades with 11 profitable trades and 1 losing trade.

The average profit so far has been $8.90 while the average loss has been $0.94.

Of the 4 trades in play at the moment, their profit so far averages out to about $1.45 each.

If this pattern were to continue, you could expect to see about $8 for every trade. With an average of 5 trades a day, that’s $40 a day. Multiply that by 20 trading days a month and you get $800 a month.

Not bad, but not a job-killer. This being forex, you can easily scale things up.

UPDATE: 4/27/2012: Last week was especially bad. Greg started opening up positions much larger than usual throwing good money after bad trying to recover from losses. As a result, my accounts were cut in half and I suspect many accounts were virtually wiped out.

Trading concerns

Right now all trades are being placed as 0.02 lot trades. They say that in the future they will contact you and ask if you’d like to start placing larger trades.

Unfortunately, it’s hard to get a grasp on how much is actually being risked for each trade because no stop-losses are being placed through the metatrader platform. How stop-losses are handled is a question that I’ve asked the support team, but I’m waiting for an answer.

Ideally, I think the trader should have an algorithm that allows you to choose a percentage of your account to risk on each trade. That way, you choose exactly how much risk you want to take on for every trade.

UPDATE 4/12/2012: I’ve figured out a way to automatically add a stoploss to orders made by Greg. Read through the pages of this post to find it on page 7.

UPDATE 4/27/2012: You MUST limit the lot size as well as adding a stoploss, otherwise Greg may open up crazy large trades as he did last week.

Risk / Reward Ratio

Without seeing a stop-loss, I have no idea how much is being risked for the average $8 reward that are being earned. This is a problem and prevents me from recommending the service.

The problem is that some systems make small steady gains, but then wipe out your account with big losses. It’s OK to have lots of small gains as long as they compensate for the large losses, but for this kind of a system, you need to have an adequate account size so that you can survive a few large losses in a row.

Greg’s success signals have not mentioned anything about what account size you should have for what risk level.

You can, however, set the metatrader agent to trade with a maximum lot size. This way, you can ensure that you are never trading more than X.XX lots at a time, whatever your risk tolerance happens to be.

Conclusion

I can’t fully recommend Greg’s Success Signals until I know more about how the system handles risk and stop-losses. I can recommend that you test out the service on a demonstration account, or on an account that you can afford to lose.

So far, I have been very impressed with the trading record and the I must admit that the greed fairy has been planting ideas about sinking a lot of money into this system and scaling it up to earn a passive income.

UPDATE 4/12/2012: I’ve changed my conclusion to a recommendation after having found a way to limit risk by using the Swiss Army EA to automatically add stoplosses. I now recommend Greg’s Success Signals, but only when limiting risk this way and risking only 2% of your balance on most trades. I also recommend it if you have a broker that allows you to place hedge trades as Greg uses these to handle risk. You must add stoplosses even if you can an account where you can hedge, as Greg doesn’t seem to use the hedge to control risk.

UPDATE 4/26/2012: After having a lot of good trades, things went against Greg. Instead of accepting loss gracefully, he opened up positions 9 and 12 times as large as normal; all without any stop loss. The account took a mighty beating. I’m pulling my recommendation for Greg’s success signals. If you are a subscriber already, I’d say the best thing to do is use a fixed lot size and use the EA on page 7 of this article to automatically add stop losses. You have to control risk here because Greg doesn’t.

UPDATE 4/27/2012: If you are not already involved with Greg’s Success Signals, I do not recommend that you join. The reason for me pulling my recommendation is that in the last week, Greg started opening up trades that were many times the size of his usual lot size. This has caused havoc. You must read Graeme’s comment below. While I do think that Greg is a good trader, I think he wasn’t ready for the stress of handling lots of client accounts. I think when things started not going his way, he panicked, and started gambling wildly instead of accepting his losses and starting from square one. UPDATE 5/22/20122: There is some evidence that Greg never actually placed trades; he just sold everyone a trading robot and hoped for the best.

If you are still trading with GSS, I suggest that you change both the Fixed Lot seting in the EA and the Maximum Lots setting to whatever lot size you are comfortable with. Then use the Swiss Army EA on page 7 of this article to automatically set stop losses.

My sympathies are with anyone who’s account was leveled or decimated this past week. Mine were pretty much cut in half.

Another option

OK, here’s a possible option for coming up with profitable ways to trade the forex market. I’ve discovered a free software project that produces trading strategies automatically, using many many different possible indicators. I think there’s some real potential here.

Check out my post on forex strategy builder to learn more

Update 5/11/2012: Graeme’s Positional Trading may be coming soon

Graeme and I are working on a project to teach others his Positional Trading strategy. This is exciting stuff. Read this positional trading post for more information.

Update 5/22/2012: Beta tester slots open for Graeme’s positional trading

I have a couple slots open for beta testers. Please see the forex positional trading post for more information.

Review continued on the next page… see links below

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