Editor’s Verdict
Overview
Review
Headquarters | United Kingdom |
|---|---|
Year Established | 1996 |
Netpicks has been providing Forex and futures trading signals since 1996 and are based in Texas, USA. Netpicks actually offers tons of different services: Forex (20 currency pairs!) and futures trade signals (intraday and swing), training with a live trader, automated trading, and a new Forex trading system and training package called Universal Market Trader. Though their monthly subscription is a bit higher than most at $197/month, there are some nice advantages to this service that make the additional fee worth it. Since Netpicks has been in the business of trading signals for more than 10 years, you would think their website would be incredibly beautiful and professional. Actually, it is pretty basic and a little hard to navigate, there are so many aspects to the Netpicks arsenal it is easy to get a little lost. Netpicks does offer a free 2 week trial and access to their members only site. This members only site is very rudimentary and simple, with just a table showing the current swing trades per currency pairs, each with a planned stop loss and target, and also a schedule of the current week of when the live trading sessions would be given. After much searching and an email to Netpicks, it became clear that they do not offer emailed or texted trade signals, but rather a live chat and video room to get the actual trade signals. This live trade room is actually very good, Ralf the trader is very knowledgeable and he walks the attendees through each trade set up and the why’s and where’s of what to trade and what not to. There were approximately 30 traders in the chat room on average and Ralf was very open to answering questions and helping each of them. All of the trade room sessions are scheduled for London open or New York during the economic news releases. Ralf discusses the current news trades but also discusses any swing trades that are current or in progress. It is helpful to be able to see Ralf’s charts as he discusses his trades, for anyone wishing to learn to trade this service is invaluable. The Netpicks trade signal performance is a little vague on the website. There is not a place that shows the intraday trade room trade performance, however the swing trades are posted in the member only area. December so far is a down month for their swing trades, but the past 6 months have shown good performance from +45 to +769 pips per month. It is pretty impressive that they post trades for 20 different currency pairs, majors and crosses. For their automated trading, Netpicks requires clients to open a live account with $5000 with the broker PFG. More details about their automated service may be added with our managed account reviews. For any trader wanting to learn and trade Forex signals then Netpicks is a good option. If you would prefer a trade signal sent to you then this is not the best option for you. They have good customer service, emails were responded to pretty quickly, and Ralf and the team seem to be genuinely interested in helping new traders learn the ropes of Forex trading. During the review process the futures and training system (Universal Market Trader) was not tested, only the Forex trade signals were reviewed. The free 2 week trial is definitely worthwhile to see for yourself. Caution though, after the 2 weeks Netpicks will automatically charge your card or paypal for the next month, so if you do decide to cancel be sure to do so before 14 days have passed. After the 2 week trial this reviewer gives NetPicks 3 stars. Only reason for the middle of the road rating is the daytrading room performance is unclear, and lack of signal distribution method. Otherwise a 4 would have been given.