iconFX Software

[mustang]

Has anyone had experience with this software.Thanks.

Never heard of it.

I Googled iconfx and couldn't find anything to do with Forex.

Terry

[mustang]

Try "Data Signal International" or itsignal.com all the same company based in San Francisco.

Well, just briefly looking through the site, it seems that IconFX (ICFX) is an IB for FXCM. I've never used FXCM, but when I Googled "fxcm review" I didn't find too many good reviews.

Also, ICFX charges a commission to use their platform! Not only is it an outrageous amount (1 EUR/GBP per 10,000 on mini, 10 EUR/GBP per 100,000 on standard), but the commission is from the IB (ICFX), not the broker (FXCM)!!

Since FXCM is not an ECN and they do not charge commissions, paying a commission to an IB for using their "special" platform is ludicrous.

I don't know if their signals work or not, but I wouldn't touch them with a 10 foot pole.

[mustang]

I went to a seminar 18mths ago and that's how I started using their charts. I use FXCM as a broker and have no issue with them, any failings are my own and not the brokers fault. I don't use iconFX's signals but find their charts to be good but resent paying them a monthly fee when there seem to be plenty of free options available.
I approached FXCM on this subject and they offer free charts and data feed but the charts are nowhere as good or as convenient to use.
Any suggestions would be appreciated.

The final decision is really up to you.

Personally, I don't see the sense in paying someone for a signal service. In my mind, it defeats the purpose of learning to trade. A signal service is no different than the "123" software, where people simply buy when it turns green and sell when it turns red. Nobody learns anything from that, they just blindly do what they're told.

As for the charts, most brokers have charts available and there are many good ones out there. I wouldn't pay a broker for their charts. What could they possibly have on their charts that nobody else has that would make them worth paying for? As long as you have whatever indicators you use for your strategy and can use them on the charts, then there's nothing special that requires payment.

GFT Forex has some of the best charts around. MT4 has great charts with a lot of flexibility for those who use indicators. Both options are free.

[muddbuddha]

I went to the site to check it out as well....but I'm a little confused as to whether it is a signal service software package or a charting package that can signal a trade.

I use Fibonacci Trader SRV for short term charts (30 min) to trigger alerts on my own system, which is strictly based on volatility, but I couldn't determine if itsignal was similar.

How much do they charge for the use of the software?