forex lens

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We have reached the end of our six month trial of Forex Lens and here are the final results (i.e. for their RP Forex signals):-

 

Profit/loss: $2095 profit @ $5/pip (419 pips profit)
Trade Success Rate: 70%
Bank Growth: 42%
Cost:$147/month, $297/quarter or $967 per year 
Average number of trades: 4 per week
VERDICT:PASSED
Rating: 4.0 out of 5.0 stars

 

You can view full results here.

 

Forex Lens – Full Review

 

Forex Lens is a currency trading service providing signals, a trading room and Forex education. For the purposes of our review, we followed their main signals service, RP Forex, which is provided via the Telegram messenger app.

We followed the signals for a period of six months. The signals are quite selective and they averaged just four trades per week. It’s obviously a service that goes for quality over quantity and that shows in the results.

They trade a variety of Forex pairs including minor ones such as the NZDCHF, EURAUD, CADJPY, NZDJPY as well as the major ones like the EURUSD, USDCAD and GBPUSD.

With that variety of Forex pairs it means it’s important to have a good broker (or a number of brokers) to make sure you can get tight spreads on the minor/exotic pairs. Missing out on a tight spread will greatly affect the results you are able to achieve in the long run.

They normally provide three take profit targets with their signals but for this review we used just the TP1 (Take Profit 1) level to keep things simple.

Having followed the signals for six months, they ended with an very good profit of 419 pips, which works out at $2095 at the usual $5/pip we use.

However, those are the official results at the prices quoted by RP Forex in their signals. We often struggled to match those prices, with the pair having moved in the direction of the trade by a couple of pips as soon as the signal was released.

In essence our results were a pip or so worse per trade than theirs, meaning 100 pips worse over the course of our trial.

That still results in a healthy profit of over 200 pips, but does somewhat reduce the total returns made. We also had issues with our chosen broker (IG Index) with some wide spreads on the minor pairs, so had to do some work and shop around to find brokers with tighter spreads.

In addition, our results were much lower than those claimed on the Forex Lens website. There is more on this below in the “Service Breakdown” section but we think it is disappointing they don’t have more transparent results as it would greatly enhance trust in the service if they did.

Overall though given the solid results, even taking into account the reduced profit we achieved, we are content to award this service a PASSED rating and it proved very consistent during our trial with 70% of the trades being successful.

As to the other aspects of the service, we followed a few of their live chat rooms which were interesting and provided some useful advice on trading and how they see the markets. We also had a look at some of the other signals provided with the membership (e.g. Institute Trader) but found that much more difficult to follow with charts and graphs rather than just the simple signal with SL and TP levels.

 

Service Breakdown

Ease of use: There were only four signals per week on average during our trial which means the workload involved in following the service is low. However, the timings of the signals are not ideal for people based in Europe as a few of them come in at 3 or 4 in the morning etc so unless you like disrupted sleep then you may miss a few of the signals! If you are based in North America however the timings are more suitable.

Transparency of results: We have stated before we do not tend to like the use of multiple TP levels as it can be used to distort results – for example to pick the best one the price reached in hindsight to make the results look as good as possible. The results on the website do not state which TP was used or the signal levels, just the pips won or lost which is not good in terms of transparency. The results also appear to be this “best case scenario” so need to be taken with a huge grain of salt – more on that below.

Did our results match those on their website? No, not by a long shot. As discussed previously, there were some issues in terms of matching the prices quoted in their trades. We found on average we were getting around a pip worse per trade, even with the fastest execution possible.

More significantly however, the results reported on their website present the best case scenario, as if you knew in advance which TP the price was going to hit. For the period of our review they claim to have made over 3400 pips profit whilst we made 419. That is obviously a huge difference and we think actually undermines their service. The results are good in themselves and don’t need this artificial inflating. They would greatly benefit from just transparently reporting the results with the clear opening, SL and TP levels of each trade. For maximum transparency they could report results for TP1, TP2 and TP3 aswell.

Trade success rate: The trade success rate for the trial was 70% using TP1 which is a good level to have achieved.

Subscription costs: The subscription costs are $147 per month, $297 per quarter or $967 per year which are quite substantial but you do get quite a lot for the membership fee. We had some issues with being overcharged and double charged during our trial, but hopefully those were just isolated incidents and not representative of any wider issues.

 

OVERALL VERDICT: PASSED 4.0 out of 5.0 stars

We have mixed feelings on this service as on the one hand Forex Lens lacks transparency in terms of how it reports its results and we did have problems matching the prices put out in the signals. On the other hand, even taking all that into account we still made over 300 pips profit which is not to be sneezed at.

So overall we are content to award this service a PASSED rating but would like to see some improvements in terms of how they report their results and administer the service.

 

 

 

 

 

 


Forex Lens – Results Update

24th August 2020

A small loss for Forex Lens recently, with 8 pips dropped since our last update a few weeks ago.

That means they are now 493 pips up for our trial overall.

You can view full results here.

Just to clarify that these results are for the RP Forex alerts on Telegram and are for using the TP1 (take profit 1) targets.

There is another signals service as part of the Forex Lens subscription called Institute Trader, although we have not been able to verify their results.

Anyway, let’s hope for some upwards movement by the time of our next update.

 

 

 

 


Forex Lens – Results Update

7th August 2020

A small loss for Forex signals service Forex Lens recently, with 15 pips dropped since our last update back in June.

With the previous gains however they are still 501 pips up for our trial overall.

You can view full results here.

Just to clarify that these results are for the RP Forex alerts on Telegram and are for using the TP1 (take profit 1) targets.

There is another signals service as part of the Forex Lens subscription called Institute Trader, although we have not been able to verify their results. They are sent out via Telegram but are in graph format and are not very clear. Our preference would be in simple message format like RP Forex, with an entry level and SL and TP levels.

Anyway, in terms of RP Forex the results have been very good so we can’t complain overall.

 

 

 


Forex Lens – Results Update

24th June 2020

Forex signals service Forex Lens has continued to perform excellently, racking up another 355 pips profit since our last update a month ago.

That means they are now 516 pips up for our trial overall.

You can view full results here.

Just to clarify that these results are for the RP Forex alerts on Telegram and are for using the TP1 (take profit 1) targets.

There is more to the Forex Lens website than just the signals though, with a live trading room for an extra $23 per month which includes guidance from their top forex trader every morning at 11 am EST.

Great to see the positive progress here, let’s hope it continues.

 

 

 

 


Forex Lens – Results Update

22nd May 2020

It’s been a positive start to our trial of forex signals service Forex Lens with a profit of 161 pips made to date.

You can view full results here.

It has been a little confusing as to how to follow the signals, but after contacting them we were informed:

“After take profit 1 is hit, close your position. If you are satisfied with take profit 1, then wait for the next trade. If you are looking for more pips, open another position that is half the size of your first one with stop loss at the entry of the first trade and take profit as the second take profit. Once take profit 2 has been hit, open a position half the size of the second position. Then target take profit 3 with stop loss at entry of the second position.”

For the purposes of the review we are just focusing on recording results for using take profit 1 and then moving on to the next trade as it’s a little difficult with the times some of the trades are sent (UK time) to execute the TP2 and 3 elements, which have sometimes already concluded.

In any event, just following the simple strategy of using TP1 and moving on to the next trade has delivered a nice profit so far which is encouraging. Let’s hope for more of the same going forward.

 

 

 

 


Forex Lens – New Review

29th April 2020

Today we are starting a new review of a forex signals service called Forex Lens.

This is a service that’s been around for a couple of years and the results published on their website look pretty phenomenal. They seem to make a profit pretty much every month and so far in 2020 their RP Forex signals have returned:

  • January: +1115 pips
  • February: +1593 pips
  • March: +2187 pips
  • April (so far): +1049 pips

And going back through their records to 2018 for their other signals sees similarly impressive results.

Of course we won’t know if these results can be repeated under a live trial until we test them out, so that’s exactly what we’re going to do!

If those results could be repeated under a live trial it would be pretty awesome and be some of the best returns we’ve seen from forex signals.

At the same time, Forex Lens also have a trading room where you can follow them along in live trading sessions, pick up tips and trading strategies and discuss ideas with other members.

They have been featured on Sirius XM which gave an insight into what they do and their approach to forex trading.

Anyway, without further ado we will kick off the review and will record results here as we go along.

In the meantime you can check out Forex Lens for yourself here. 

 

 

The contents of this website are intended for educational and information purposes only and do not constitute any form of advice or recommendation and are not intended to be relied upon by you in making (or refraining to make) any specific investment or other decisions. Appropriate expert independent advice should be obtained before making any such decision. We cannot and do not offer individual investment advice.

 

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