Forex Precog Review - Facts About the Forex Precog System
Forex Precog is an extensive training, mentoring, and signal recognition alert system that covers everything people need to get set up and start trading Forex. It analyzes enough information and is capable of reacting and adjusting to market changes.
This, along with my personal use of the software, has enabled me to share with you some insights on this expert adviser.
First let us take a look at what the creators of the software claim:
Their claim was -and still is- that Forex Precog can double your money every month, however, let us take a look at some facts.
When the Precog was first launched, it offered something no other software had in the past (this really sparked my curiosity at the time): the result of live trading accounts updated on a daily basis.
As you might know if you visited Forex Precog's website at the time of the launch, they set up three accounts which the funded with different initial amounts of money, and they displayed the results of all the trading activity taking place with the help of the Forex Precog.
The results where encouraging to say the least, and the Forex Precog really proved to be very profitable, however, the truth is that they fell short on their promise because even though the accounts showed an exponential growth of their equity, they did not double every month as they claimed.
As of now the Forex Precog's website has reduced the number of live accounts being traded with the software, leaving only the larger account, and again this one, having started at $5,100 is now at $31,000 after roughly 6 months, which is an impressive performance, but double the money every month.
A look at what comes included in the package:
a) The Forex Precog expert advisor which is a tiny file you must install in your MT4 trading platform provided by your broker.
b) You will of course get the Forex Precog manual.
c) Access to a members' forum.
d) Regular updates of the software, which of course you must have if you want Forex Precog to go on working properly.
Considerations about the Mechanics:
Due to the fact that this is a "gray box" expert advisor, one cannot sneak peek into the logic of the system, however there are some things I have observed through the use of the Forex Precog that are worth pointing out regarding the Scalper.
a) This component enables you to trade on several currency pairs, which is usually a weakness in most expert advisors.
b) It will usually attempt some 3-7 trades per day (this number might be higher or lower depending on market conditions) with a tight profit range.
c) The Scalper trades during day hours and also later in the night, following the direction of the trend.
d) The stop loss range will vary depending on the currency pair and price movements. Trades may be also closed based on what appears to be a time limit.
e) The Forex Precog can operate on stealth mode, which will prevent a naughty broker from tampering with the prices and stop loss settings against your position.
The fact of the matter is that Forex Precog is a good performer, but just not as good as the developers claim.
The software is easy to use, but I think that particularly newbies should not rush in into a live account. Proper testing in a demo account is always in order, because you have to make sure that you have the software properly configured (if not, it will not work as you expect).
As for other issues like money back guarantees and such, there is nothing really special about Forex Precog, since it comes with standard 60 money back guarantee. The support does exist if you need it and you also have the members forum.
I am personally happy with the software so far, particularly with the Scalper, which I think is the main strength of the system, so if you are thinking about getting an expert adviser for your MT4 platform this would seem like the best option available right now.
To find out more about the Forex Precog system, read mu review at http://www.jennreviews.com/