Introduction
If you’re looking for reliable forex signals on Telegram for using a Telegram Signal Copier, you might have come across the Easy Forex Pips channel. With over 30,000 subscribers, this channel offers a mix of free and paid signals. But how effective are these signals, especially the free ones? To find out, we conducted a detailed backtest of their performance over six months, from October 2023 to March 2024. This article will walk you through the results and help you determine if using a signal copier with EasyForexPips is worthwhile.
Overview of EasyForexPips
Easy Forex Pips is a Telegram channel that shares forex trading signals to be used on a Telegram signal copier. The channel has both free and paid versions, but for this backtest, we focused on the free signals. The signals typically include entry points, stop-loss levels, and take-profit targets. However, the format of the messages can be a bit cumbersome, especially when using a signal copier, which we’ll discuss later.
Backtesting Methodology
For our backtest, we used a simulated trading account with a balance of $100,000 and a lot size of 0.1 for each trade. This approach allows us to measure the channel’s performance consistently across different months. We tested the signals from October 2023 to the end of March 2024, evaluating the returns and overall effectiveness of the signals.
October 2023 to January 2024 Results
Overview
During the first four months of the backtest, from October 2023 to January 2024, EasyForexPips generated a total return of $789. While this might sound promising, it translates to a return of less than 1% per month, which is relatively modest for forex trading.
Performance Analysis
The equity curve during this period showed a few ups and downs, with some losses at the beginning of the testing period. However, the account eventually recovered, and the overall trend was positive, albeit not very strong. Most of the trades during this period were executed during the Asian trading session, which might be a consideration for traders who prefer other sessions.
February 2024 Results
Overview
February 2024 saw similar performance, with a total return of $978.60. This was slightly better than the previous months but still represented less than a 1% gain for the month. The equity curve showed a peak of $267 before experiencing some losses toward the end of the month.
Performance Analysis
The statistical scattering of wins versus losses was fairly even, but the channel didn’t generate a high volume of trades. The lower number of trades may be a factor in the modest returns. Additionally, most of the trades continued to be concentrated during the Asian trading session.
March 2024 Results
Overview
March 2024 was another month of modest returns, with a total profit of $91.80. This brought the six-month total to just under $2,000, or about 10% of the initial account balance. The equity curve for March showed a few early losses, but the account managed to recover by the end of the month.
Performance Analysis
The performance in March was consistent with the previous months, with most of the trades being in currencies. Like February, the number of trades was relatively low, which may limit the potential for higher profits. The channel’s format also posed challenges, especially when using a signal copier, which we’ll discuss next.
Challenges with Using a Telegram Signal Copier
One of the major issues with EasyForexPips is the format of their messages. The signals often include a long string of orders, which can be problematic for signal copiers. For instance, some messages include “Victory lap” trades that complicate the copying process. These trades don’t follow the standard format and can cause issues if not properly filtered.
To work around this, you might need to set up specific filters in your copier, such as ignoring certain keywords like “Pips” or “Victory lap.” However, this approach is not foolproof and can lead to missed opportunities or incorrect order placements. The bottom line is that while EasyForexPips provides signals, the format is not ideal for automation through a signal copier.
Is EasyForexPips Worthwhile?
After reviewing the results of our six-month backtest, it’s clear that EasyForexPips offers consistent, albeit modest, returns. Over the period from October 2023 to March 2024, the channel generated a total profit of $1,978.60, which is roughly a 10% return on a $100,000 account.
While these returns are not spectacular, they are positive. However, the challenges with using a signal copier due to the format of the messages can be a significant drawback. If you’re manually following the signals and have the time to monitor the trades, EasyForexPips might be worth considering. But if you’re looking to automate your trading using a signal copier, you might find the format of their messages frustrating.
Leveraging mltipl.AI to Screen For Telegram Signals Copier
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Conclusion
Backtesting EasyForexPips over six months has shown that the channel can provide modest returns, with a total profit of around 10%. However, the format of their signals can be challenging for those using a signal copier. If you prefer manual trading or have the time to filter through the signals, EasyForexPips might be worth exploring.
For those looking for a more streamlined approach, mltipl.AI offers a valuable resource for finding high-performing Telegram signal channels. By leveraging mltipl.AI’s database, you can save time and increase your chances of finding a channel that delivers strong, consistent returns.