Forex trading signals on Telegram are widely used by traders looking for actionable insights, but are they truly profitable? We put the Ben, Gold Trader channel—boasting 354,086 subscribers—to the test using a robust backtesting process. Here’s what we found about the channel’s performance and whether its forex gold signals on Telegram are worth following.
Running a Backtest on Ben, Gold Trader’s Signals
We used the backtesting tool on mltiplai.com, a database with over 20 months of backtesting data on hundreds of Telegram signal channels. The goal was to determine the profitability of Ben, Gold Trader’s signals using a systematic approach.
- Accessing the Backtesting Application
Users log in and navigate to the backtester. From there, they input their Telegram-linked phone number, verify it via two-factor authentication (2FA), and access the list of subscribed channels. - Extracting Trading Data
Telegram data extraction can be time-consuming, and the platform itself limits large data requests. To avoid soft bans, we extracted one month of trading data—January. This timeframe provides a solid sample without running into Telegram’s rate limits. - Generating the Backtest Report
Once the data was extracted, it was converted into a CSV file and processed through the new backtesting system, overcoming past limitations with MetaTrader compatibility issues. This new system successfully ran the backtest on Ben, Gold Trader.
January Backtest Results: Performance Breakdown
Ben, Gold Trader’s forex gold signals on Telegram resulted in a -16.75% loss for January. This was calculated using a 0.1 lot size per trade and a simulated $10,000 account, equating to a loss of $1,675 for the month.
- Total Signals: 50+
- Winning Trades: 4 (8% win rate)
- Losing Trades: 46
- Average Win: $41.25
- Average Loss: $40
- Sessions:
- Asia: 22 trades
- Europe: 24 trades
- U.S.: 4 trades
- Stop Losses Hit: 46
- Target Prices Hit: 4
- Largest Loss: Notable drawdown
- Cumulative P&L: A steady downward trend
- Profit Factor: Below 1 (indicating a losing system)
- Sharpe Ratio: Negative (suggesting poor risk-adjusted returns)
Key Takeaways from the Backtest
1. Low Win Rate & Poor Risk-Reward Ratio
The win rate was a concerning 8%, with nearly five times more stop losses hit than target prices. A healthy signal provider should ideally aim for at least a 40-50% win rate, depending on the risk-reward structure.
2. Session Analysis: Where Did Trades Go Wrong?
Most trades came from the European and Asian sessions, yet the losses were widespread across all three major trading sessions. This indicates no session-based advantage.
3. Execution & Pending Orders
The system treats trades as pending orders, meaning they only trigger if the market reaches the specified entry price. Some traders may prefer instant execution, but this can affect risk-reward balance.
4. Lack of Adaptability
Despite market conditions changing in January, the strategy did not adapt, leading to sustained losses. A robust trading system should have filters to recognize unfavorable conditions and reduce trading volume accordingly.
How Can Traders Improve Their Results?
Use Verified Backtested Signal Providers
Instead of relying solely on unverified signals, traders should check backtesting databases like mltiplai.com, which offers more than 20 months of data on hundreds of channels.
Automate Execution with telegramfxcopier.io
A valuable tool for serious traders is telegramfxcopier.io, which automates trade execution from Telegram signals directly into MetaTrader, improving speed and reducing human error.
Conclusion: Should You Follow Ben, Gold Trader’s Signals?
The backtest results indicate that Ben, Gold Trader’s forex gold signals on Telegram struggled significantly in January, posting a -16.75% loss. With a low win rate, frequent stop losses, and a declining equity curve, traders should be cautious when considering this channel for trading signals.
Before committing capital to any Telegram signal provider, it’s crucial to verify their profitability using backtesting tools like mltiplai.com and optimize execution with tools like telegramfxcopier.io. Always backtest and analyze signal quality before following any provider blindly.