DDMarkets is a Forex signal service provider that has been active since 2014 and claims to be using a proven strategy with more than 7 years of performance. These signals are based on fundamental and technical indicators and according to the vendor, they help the trader to become familiar with the Forex market.
Is this the perfect Forex signal provider?
The presentation on the official website is not structured properly. On the homepage, there are long paragraphs describing the strategies behind the signals, the signal accuracy, and performance, signal methodology, etc. We can find the pricing details and other signal-related information on the other tabs, but noticeably, there are no verified trading statistics.
There is no data on the parent company apart from the fact that it was founded in 2014. The vendor has not shared the official address or contact information like email or phone number. We have a contact form on the website, and this is the only way you can get in touch with the team. The lack of vendor transparency for this service is a major red flag.
Through DDMarkets, you can get signals for all Forex pairs. Traders receive the signals via the MT4 platform. The vendor recommends using a VPS service with this system for the best results. They have also suggested that the leverage be kept under control.
Day traders can get daily signals from DDMarkets. It uses the Moving Average indicator to generate these signals, using MA lines with periods of 21 and 100. Depending on how the two lines cross each other, the system generates long or short trade signals.
DDMarkets also uses a price action strategy, searching for bullish and bearish engulfing patterns. For creating entries, it often combines different technical indicators. It deals with both trend signals and reversal signals. If there is an indication that the trend will persist, the system joins the trend with a stop loss in place.
How to start trading with DDMarkets
There are two pricing packages for this signal provider for 30-day and 90-day durations carrying monthly charges of $138.70 and $392.40, respectively. Both of these plans are quite expensive and there is no refund policy.
DDMarkets presents the entire strategy behind the signals while also providing updates on the market and open trades. Traders receive the alerts through email and mobile notifications. The signal provider deals with the longer timeframes for daily, weekly, and monthly charts.
According to the seller, this reduces the sensitivity of the entry price. The software also displays the price range in which you need to execute the signal. You can use the signals with ECN and STP brokers. For risk management purposes, DDMarkets uses a stop loss with every trade.
We don’t have the backtesting data for this Forex signal provider. Since it is not an automated trading system, the vendor has not tested it using historical data.
First of all, we must mention that there are no verified trading results shared on the official website. Nevertheless, we managed to find this live trading account on Myfxbook that was launched on June 19, 2016. As you can see, the account has not been updated since August 20, 2016.
It comes as no surprise that the vendor decided to discontinue the trading results because for the two months the system was active in the live market, it suffered some horrible losses. It placed a total of 204 trades, losing 188 out of them, and suffering a total loss of $37061.96.
The daily and monthly gains for this account were -0.29% and -95.57%, respectively, while the drawdown was extremely high at 99.91%. It is obvious that DDMarkets follows a high-risk trading approach that leads to heavy losses.
The DDMarkets also provides trading education. You have a Forex trading guide, where you can learn how to calculate pips, and how to use strategies like day trading, margin trading, swing trading, etc.
There are some user reviews for this signal provider on the Trustpilot website. One user claims to have suffered large losses while trading with this service. They have stated that the system makes early exits that lead to disasters.
- Detailed strategy information
- Discontinued trading results
- High monthly charges
- Lack of vendor transparency
DDMarkets is a signal provider that suffered huge losses during the short time it was active in the live market. This caused the vendor to discontinue the results. Thus, there is no reason why you should pay high monthly fees for this service.