Telegram Signals for Forex have become increasingly popular. Day Trading is challenging, and so traders around the world often seek out the best guidance for their trades. One channel that has recently caught attention is The Inner Circle Trader. With 17,670 subscribers, the channel claims to offer high-quality forex signals. But how reliable is it? This article will break down the performance of this channel for February, discuss the profit made, and provide insight into whether it’s worth following. Additionally, we’ll explore how tools like mltipl.AI can help you find the best free Telegram channels for trading.
A Closer Look at The Inner Circle Trader Channel
The Inner Circle Trader channel on Telegram stands out for a few reasons. The channel presents itself as a reliable source of forex signals, though there are some doubts about its authenticity. For one, the channel uses a lot of Arabic, which raises questions. It’s my understanding the original ICT (Inner Circle Trader) is known to live in Florida and does not speak Arabic. This discrepancy leads to the suspicion that this might be an imitation of the well-known ICT trader.
Despite these concerns, the channel offers a variety of forex signals, primarily focusing on Yen crosses, GBPUSD, USDCAD, and Gold and some Binance Futures. However, it’s important to note that some of the signals provided by the channel were not testable since our broker doesn’t offer Binance Futures.
Telegram Signals for Forex Backtesting
The backtest conducted for February showed a return of about 1.5%, which, while not extraordinary, is still a positive result. Here’s a detailed breakdown of the performance:
- Total Trades: 57
- Net Profit: $148
- Gross Profit: $440
- Gross Loss: $292
The net profit, after considering the losses, was $148. The trades primarily occurred during the Asia and Europe market times, with some early morning U.S. sessions. Interestingly, the channel did not seem to trade on Fridays, which is somewhat unusual and could be another indication that the person behind this channel may not be the real ICT.
Assessing the Signal Quality
While a 1.5% return may not seem impressive, it’s essential to consider it in context. The results show that the channel didn’t do terribly for February. However, with a modest profit and some questionable signals, it’s clear that this channel might not be for everyone. The inclusion of some signals that were not testable, and the overall profit margin, suggests that users should be cautious and not rely solely on this channel for trading decisions.
Additionally, the channel is cluttered with chatter and some dubious claims, such as promises to pay back 200% of investments. These types of statements should be red flags for any trader, as they often indicate scams. It’s critical to approach such channels with a healthy dose of skepticism.
The Value of Backtesting
Backtesting is a crucial step in evaluating any trading signal provider. By running the signals through historical data, traders can get a clearer picture of how these signals would have performed in real market conditions. In this case, backtesting revealed that while The Inner Circle Trader channel did generate some profit, it was modest, and the channel’s signals might not be robust enough for serious traders.
Backtesting helps filter out channels that may not provide consistent or reliable results, allowing traders to focus on those that show more promise.
Finding Reliable Telegram Channels with mltipl.AI
For traders looking to find reliable free Telegram channels, mltipl.AI can be an invaluable resource. This database of backtested channels allows users to see which channels have consistently delivered profitable signals over time. By using mltipl.AI, traders can avoid the pitfalls of unreliable channels and focus on those that have a proven track record.
Given the mixed results from The Inner Circle Trader channel, using a tool like mltipl.AI could save traders time and money by guiding them towards channels that are more likely to deliver solid results.
Conclusion: Should You Trust Telegram Signals For Forex from The Inner Circle Trader?
The Inner Circle Trader on Telegram provides a mix of forex signals that resulted in a 1.5% return for February. While this shows some promise, there are also reasons to be cautious. The questionable authenticity of the channel, along with the modest profit and untestable signals, suggests that this might not be the most reliable source for forex signals.
For traders serious about finding profitable channels, it’s worth considering tools like mltipl.AI, which offer a more data-driven approach to selecting Telegram channels. By leveraging the power of backtesting, you can make more informed decisions and increase your chances of success in the forex market.
In summary, while The Inner Circle Trader channel may deliver some returns, it’s important to approach it with caution and to utilize tools like mltipl.AI to find channels that have a proven history of success.