Silicon Signals is a new Forex service that gives traders control over the strategy. This isn’t like any other signal service where a group of traders will analyze the market and provide trading opportunities. With this service, traders are required to combine different trading indicators in order to come up with an algorithm that will then send them signals. It really feels like the developer is making the client do a lot of work here, which isn’t exactly what traders are looking for in the signal market. Today we will be providing a review and letting the community understand if this is worth the time and effort.
The company headquarters are located at 111 Baker Street, 1st Floor, London, UK, W1U 6SG. Their about us page goes into many reasons why traders should trust their service, but doesn’t introduce us to who they are. We are hoping to find some information about this development team, so if you know who they are, please leave a comment below the article to clear it up. As you likely already know, we really don’t like purchasing products from vendors that aren’t willing to introduce themselves.
In order to get in touch, traders can email [email protected]
Silicon Signals Review
The Silicon Signals service is very hands-on, as clients are required to go through an extensive process in order to build their strategy. While the process is simpler than coding a robot, it still requires a high level of trading knowledge in order to utilize. Clients have to create conditions, rules, add money management, select indicators and then test them all to see if the strategy they created is profitable.
This is a really unique concept, and the platform is easy to use, but it’s a lot of work. Most traders when looking for the best Forex signal service, aren’t looking to create their own strategy, which means this development group is targeting a niche audience. This is not for new traders, or even traders with an average level of experience. In order to create a trading strategy to completion, you either have to have a lot of time to test, or a lot of experience in the markets to understand how indicators can work together.
As a team that’s been in this market 10 years, testing and creating strategies, we know that this is a difficult process. Finding the right combination of indicators and rules can often take months or even years depending on the length of optimization you are looking for.
As previously mentioned, traders are required to create their own strategy for the Silicon Signals service. The strategy builder system comes with a bunch of different indicators for traders to build their strategy around. Here are those indicators:
- Moving Average
- Linear Regression Forecast
- Bollinger Bands
The website shows step by step instructions on how to add each indicator and apply rules. The client chooses the indicator, and then goes through 18 different steps in order to create the strategy.
It’s a seamless process, but it’s not easy, and does require a fair amount of time to master. Most signal services come with a pre-defined trading approach as you can see in our reviews of Forex Guru Team, Pulse FX Signals and AndyW LTD.
- Type: Forex Signals
- Price: Undisclosed
- Strategy: Indicator-based
- Founded: 2020
- Signal Frequency: Depends on strategy
At this point in time we are unclear what the cost of the Silicon Signals is. They require traders register before they provide any pricing details, which isn’t always our favorite technique. We rather see this information up front so we don’t have to sign up and then decide whether it’s worth it or not.
There are no trading results provided by the Silicon Signals team because each strategy is different and up to the client to create. That being said, we do believe that the vendor should create their own strategies and show us their trading results. It would go a long way in proving that the service is viable. As, if they can’t make a profitable strategy, then why should we use their platform?
Hopefully they take this advice and decide to provide us with pre-packaged strategies that are working in today’s market conditions. That way, traders of all skill levels can use the service.
Silicon Signals is a very interesting trading service, but it isn’t being cast correctly, as it’s not really a signal service. This is more of a Forex strategy building software than anything else, akin to a product like ForexSB.
In order to provide a recommendation we would have to see profitable clients, or the vendor provide proof that profitable strategies can be created with their platform.
If you have anything you would like to add to the review, please comment now.
- Seamless platform
- Multiple strategies
- Easy to customize
- Not proven
- Requires high level of experience