Price Action

Price Action

General information about the website

Creators of the company talk about huge numbers of traders who trust them. Also, they created a public Telegram channel with 312 thousand subscribers. It is a great fact but we need to check if they are real people or bots.

Also, as these companies often do, there is a private Telegram channel that gives signals for indexes, stocks, and commodities. They propose people who love scalping to work as usual using PriceAction LTD signals. Also, they haven’t forgotten about algorithmic trading. It is typically for this type of company. Passive income is popular, which isn’t surprising. 

There isn’t any official registration. The website doesn’t give any information about physical addresses. 

Also, we don’t have any links to accounts or direct data with the investor's password to watch the statistics. This is an irresponsible approach that doesn’t give any guarantees - just trust this company, without any additional conditions, buy a subscription, and then, with high probability, you can say “Goodbye” to your deposit.

Under the “products” tab on the official website, they propose to buy a secret indicator. It detects what banks are going to do if the prices move to the key levels. 

Do you understand what it means? “Secret indicator” gives insider information about where and when banks will buy or sell. It sounds very hilarious. Just imagine. The banker is sitting and sending secret information to the broker’s servers, and this data is taken by the indicator provider and given to you. 

Also, you can find a service for copying orders, different courses, literature, and something like risk-manager. That’s all that we can find on the website. Let’s move to social networks.

Social networks

This company has its own YouTube channel that was created on the 20th of May, 2020. This channel has 3+ thousand subscribers. It is weird for a company that has more than 700k traders. 

Also, they have their own Instagram page with 14k subscribers. 

Now, we need to analyze the activity of the audience. Let’s look at some posts. The average post has 100-150 likes and 0-10 comments. It is nearly 1% of the audience. It is a very small number, isn’t it? That’s why we can draw a conclusion that these subscribers are fake. 

Statistics and rating

Let’s try to analyze the rating of this website. It isn’t bad - 6300 people a day and 14300 views per day. It is not a bad result.

What about statistics and reviews on Trustpilot.com? The average rating is 4.3. It is great. But you should understand that the total number of reviews is 163. If we recall the number of their clients (700,000+), it isn’t clear why they don’t write reviews.

We want to focus your attention on the part of all the reviews that are negative. It is about a quarter of all the customers. It is too much, actually. 

Let’s look at the content of these positive comments. They are simple: several strings, words about signals, service of copying orders. All of them are not interesting because they are all very similar. Negative reviews, at the same time, are detailed and confirm what is being described above and below. 

Principle of work

How does this company work? You look at the website, social networks, and videos for an answer. At first, everything is OK. You can subscribe to a free Telegram channel with 310 thousand subscribers. You also can find a lot of reviews, posts, and ads there.

We get ideal orders but the company doesn’t send unprofitable signals. It is understandable. Why do they need to cast doubt? The victim of these scammers looks at this channel and doesn’t see unsuccessful orders and draws a conclusion: this company really sends great signals.

We have analyzed some free signals. Here’s one of the examples. 

Also, we bought a subscription to paid Forex signals and checked them. Let’s look at some signals from March of 2021.

What have we got?

  1. Take Profit is absent.
  2. Orders are closed autonomously without any system.
  3. Signal accuracy is very low. Sometimes they don’t even give directions.
  4. Mistakes in orders like “First, open, then, close. Sorry, we sent signals to the wrong channel, sorry”.

These situations are especially important:

  1. Stops are moved without taking any income. The logic is not understandable because people who trade with these signals have just set SL and now, they need to change them. But what if the order has just opened?
    People buy signals because they want to avoid problems and focus on fixed values when trading. If these values are moved regularly, they are closed with minimal income without even initial information about TP.
  2. They are moving stops after income. Naturally, there is logic in this action but the problem is that the main goal isn’t written. There isn't an exact risk-reward ratio. It is always different. 

Signal accuracy

It is awful. Data about signals is sent by different messages. The first message is a signal of opening an order, the second is about stop losses. The next message is about reaching the goal but initially, nobody talked about the goal. 

Also, they often talk about “free take profit”. Sometimes, the sequence of information is not followed. They can send 3-4 signals about positions that we need to open and then, send stop losses and no one tells exit points. Traders need to decide it themselves. But why do they even need these signals in this case?

Let’s talk about “free take profit”, that is, floating. What does it mean? Most traders don’t understand where to seek exit points on the graph. Some psychological aspects can also affect the decision. That’s why targets are often set in the wrong place. Professionals don’t have to do it this way. If you get money from subscribers, you have to help others from A to Z. But these scammers only write positive results in a public Telegram channel. 

Let’s look at examples from private chat with descriptions.

You can read statistics and about all the errors in the table above.

Also, we want to pay attention to the following:

 

Look at the order from 2021.03.08. There isn't any entering data. They told us to sell and then they said the following: “Close, it was the wrong update for this channel". What is it? It isn't a professional signal. 

This screenshot has two problems.

  1. Pay attention to the partial closing of the orders. They said to sell at a certain price. Take profits haven’t been mentioned but you need to close partially.
  2. Moving stop-losses. It looks as follows: if your risk-reward ratio is 3:1 and 3 your orders are profitable and 1 is unsuccessful, you will earn money in any case.
    Why do you need to move stop-loss without any reasons for that? You expect closing orders based on breakeven. In this case, trading becomes ineffective.

 


   

Wrapping up

What positive things can we say about this company?

  1. It is a choice by direction. You can choose what you like. 
  2. The work of marketers is great.
  3. You can read something interesting and useful about trading and copy orders. 

The number of negative aspects is significantly bigger:

  1. Reviews on TrustPilot are fake.
  2. There aren't any statistics and data about trading. 
  3. Subscribers are also fake. 
  4. The quality of the signals is extremely bad.
  5. Partial closing the orders with 2-4 pips of income. When you close one part, the other can be closed with losses. 
  6. Moving SL. 
  7. Underestimate/overestimate profit/loss indicators in their favor.

The company doesn’t have a legal address but its PR is great. 

0 Comments

All Categories