FirePips Forex Academy (Jeffforex) Telegram Channel Review: A Low-Trust Signal Provider
Trading signals for forex and gold are available everywhere nowadays. The best channels in Telegram help you earn a lot of money regularly. In this review, we will talk about FirePips Forex Academy (Jeffforex), a popular channel with over 237,486 subscribers. The channel started its work on August 15, 2018, and has around 3 posts a day. Usually, there are about 45,000 views per post. However, it may appear that everything is not as good as it seems to be at first glance. Here we present a detailed analysis of the channel, and we have conducted comprehensive backtesting to reveal the issues you should know about if you want to trust FirePips.
Channel Overview
Telegram Channel Link -Ā https://t.me/firepipsignals
Feature | Details |
Channel Name | FirePips Forex Academy (Jeffforex) |
Operating Since | August 15, 2018 |
Subscribers | 237,486 |
Posts Per Day | Approximately 3 |
Average Views Per Post | 45,000 |
Social Networks | YouTube, Instagram |
Main Content | Free signals, trading results, trade updates, paid channel promotion, luxury lifestyle pictures and videos |
Free Signals Provided | Yes, approximately 1 per day |
Main Market | Gold (XAUUSD) |
Trading Style | Scalping and day trading |
Trading Sessions | London and New York |
Free Education | No |
Paid Services | Premium channel |
VIP Subscription Bot | No |
Real Face | Yes, the owner often shows himself in live videos |
Free Signal Win Rate | 21% (based on 6-month backtest) |
The Problem with Signal Format
Our members asked us to backtest FirePips Forex Academy (Jeffforex). It was a challenging task because this channel gives signals in a particular format. Let's take a look at the example:
XAUUSD
BUY
SL: 4467.09
Besides a signal text, a chart with the setup is attached. The exact level of entry and TP can be seen on the chart. In such a way of providing signals, backtesting becomes quite complicated. But with the help of AI technologies, we successfully parsed the information and gave you this review based on the results.
The Results of Backtesting Are Not Positive
The first issue with these signals is that price hardly reaches the TP. Usually, updates come to close the trade early before the price reaches TP. It means that real profit is usually smaller than that one which is predicted by initial setups.
Another thing which is disappointing is that the majority of Gold, Forex, Silver signals reach SL. Our backtesting shows a 21% real win rate.
Even though this trader works with a positive 2.2 average R/R ratio, it is not enough to cover all the losses. Free signals have negative long-term performance.
The Most Important Warning Sign
As for the warning signs, the most significant one is the fact that free signals are actually VIP signals which are just sent to the free group. It means that quality of VIP signals is almost the same as that of free trades.
Luxury Lifestyle Is Used As a Marketing Tool
The luxury life is often shown in the posts of the channel. It is a usual marketing trick when signal providers try to present themselves as successful traders. However, the reality is quite different.
Conclusion and Recommendations
FirePips Forex Academy (Jeffforex) represents itself as a highly successful trader with many followers and an active community. But after backtesting and careful analysis, we revealed that the win rate over the last six months is only 21%, which is far from being profitable. Also, the fact that free signals are just forwarded VIP signals means that buying premium version brings you no value.
We recommend conducting your own sophisticated chart analysis before using any signals from this channel. Only in case your ideas coincide with their signals can you earn something.
3/10 TRUST SCORE
Final Verdict: Low Trust Channel ā Approach With Extreme Caution
