There are tons of free forex signals in telegram right now. It gets quite hard to differ which one is good and which is bad. And it is vital to test out free forex signals before you purchase any subscription. We get it!
Hence, Telegram Signal Copier is here to help you out! We have tested 5 Free Forex Signals channel in telegram. We have tested them for a week, and here’s our full detailed review.
For your convenience we decided to thoroughly back-test the trades from the past week and evaluate the performance of each free signal channel. We have selected 5 free forex signals to review based on our user preferences. We will be reviewing Easy Forex Gold Snipers, SureShotFX, FX Guru, SureShot Gold and James Gold Master channels.
Gold Sniper by Easy Forex Pips
This channel is by easy forex pips– ranked in the top used free channels by our users. So, we decided to test it out. Easy forex pips gold channel prominently advertised high profits. Let’s find out whether easy forex pips should be on top or not.
We only traded 4 signals from easy forex pips Gold Sniper, which was too small a sample to make definitive judgments. However, on Monday– Easy forex pips shared a GOLD sell around 1979.5 was a decent setup following short term bearish trend & but the risk to reward was not that good. Because even with the 3 TP it wasn’t worth 1RR compared to the stop loss size. There’s a good chance to hit SL and make loss with such risk.
On the next day, GOLD sell was sent out during Asia session which is not ideal session for trading gold. But it was taken after higher timeframe swing high got broken. We looked for confirmation at the entry point but couldn’t find any. However, the signal played out quite nicely.
Wednesday’s GOLD buy around 1997.5 level played out perfectly for us. It hit all the TP following the bullish trend. On the following day, GOLD BUY at 1996.3 hit Stop-loss directly. As the previous day’s high impact news pushed the price down & price was in a consolidation for a while, traders should’ve wait for clear direction first before sending out these type trades. 53 pips loss was a bit much for a sideways market.
In this telegram signal channel, trades are mostly sent out without confirmation and regards to market trend. The risk-to-reward ration of all the trades are below 1:1, that we find unreasonable.
Additionally, the issue is handling 3 TP can be difficult for trade management & moreover all 3 TP combined is barely 1RR. BUT, you can use Telegram Signal Copier to not only manage three take-profits, but also set your predefined SL-TP for each trade. Learn more: Set Predefined SL-TP pips in Telegram Signal Copier
SureShotFX Free Forex Signals
Second, on our most selected list is SureShotFX VIP. This channel’s name sounded promising. So, let’s get into how they performed during our back-testing.
The first GBPJPY sell trade was shared during London session around the market price 185.92. It was a trending move taken after liquidity sweep on M15 timeframe. With a clear 1:2.5 RR risk to reward on mind. The price just melted down within the session as you can see from the chart below. We made around 90 Pips in profit from this trade.
Second trade was EURUSD SELL. It was a pullback trade taken after long rejection & bearish momentum entered the market around 1.0855 price level. It was counter trend trade but there was Higher timeframe POI supporting this trade. We got 33 pips immediately on this trade.
Third, this GBPUSD BUY signal was sent around 1.2236 price level. Another very smooth bullish continuation trade following higher timeframe bullish market structure. And it played out nicely hitting the take profit level with over 164+ FREE PIPS profit. Risk to Reward was around 1:2.5 RR.
In summary, we took three free forex signals from SureShotFX channel, and all of them had proper trade setup with nice risk-to-reward ratio. They provided around 290+ FREE PIPS. As many of our own TSC clients are using SureShotFX VIP, we can certainly say that they do justice to their name. 💯
Forex Guru Free Forex Signals
Third, on our list of free forex signals was Forex Guru channel. Here’s our in-depth review about the trades we took from them.
The first trade we tried was a gold signal at 1967.66 price level. We could see that they were taking a clear counter trend move because price was exactly reacting from a H4 order-block & overall trend was bullish. As a result, with instant reaction from the order-block, 100 pips Stop-Loss was hit during the same NY session.
Up next, CADJPY signal was sent with a sell signal at 107.854 price level. According to their shared Analysis, trade was taken after trendline break, but on Daily timeframe market was going sideways, & the entry was near the support level, even though 50 pips was secured–market shot straight up from daily support.
Another Gold sell trade at 2004.96 shared on Wednesday, following the 4h support reaction. But it was counter trend trade against the strong bullish momentum in the market. Price gave a reaction & 80 pips was secured. However, it was not even 1RR & price eventually reversed.
To summarize, among the three trades we have tried out from this channel, we had 2 wins and 1 loss and around 30 pips Net gain. Most of their wins were wiped out from one stop-loss. However, this was our experience while back-testing, yours can be different.
James Gold Master
Even though this channel is not on our most used list, we wanted to test it out as it has over 80k members in its free channel. That seems quite convincing to any trader. Here’s our take on their free signals-
Gold sell signal sent out on Tuesday around 1991-1994 level hit stop-loss (60 pips) in a very short period of time. The short-term bearish move was just a pullback of the bigger bullish market structure. So, without considering the overall market structure they aim for counter trend scalping.
Next, a GOLD buy trade at 1998.50 trade. A very risky trade taken right after high impact news release. It could’ve gone both ways. Thankfully, the price reached 40 pips in profit & we closed our position but on the next hour price dropped massively due to another red news.
Last Friday, another High-risk news trade taken on GOLD for a quick scalp. But it was a total counter trend trade & most important is that it was taken at the exact news time which is again very risky.
In our opinion, we will not recommend the channel due to continuous high-risk and opposite trend trading. However, if you feel this suits your style, you can take a look at their service.
SureShot Gold Free Channel
The first free gold signal that we tried was during London session around 1938 price level. It was a reversal trade that played out nicely during the New York session. Even though price was initially in drawdown but on Daily timeframe the trade was inside the Point of interest which eventually made us 170 pips in profit.
Second, a Gold Buy trade taken just before the London open. Higher timeframe market structure was in line with the entry timeframe & after the New York session started & NFP was released market pushed the price even deeper in profit of 125+ pips.
Overall, our analysis says if you are a gold trader and want to copy gold signals–you should check out SureShot Gold Signals. They share good and profitable gold signals.
Finding a Source of Quality Over Quantity
In conclusion, after tracking and analysis of the trades, we determined that blindly following free Forex signals on Telegram is not a reliable way to trade. While there are some forex signals providers who maintain transparency and reliability somewhere in the free signal ecosystem, most free providers had flawed trade management or selection. So, we recommend you to do a full review of their trades before you try it! And as always Happy Trading!