Forex Training Group Review: is forextraininggroup.com Scam?
A review of Forextraininggroup.com (FTG) would be helpful considering that it’s a very popular signal provider with a majority of customers coming from India.
I begin this review by correcting those who use the search phrase ”Forex Training Group blog”.
Forextraininggroup.com is not a blog but rather a business website that provides Forex signals, claiming to be transparent and has a blogging section. Trading signals are manually generated and filtered before they can be published.
Forex Training Group believes that their signals are manually researched and analyzed based on swing trading strategies which they have developed and once a trade setup has been found, the team conducts a risk-reward analysis and if all conditions have been met, they can send the trade to their followers.
They tell us that they are always aiming for a risk-reward ratio of 1:5 or higher because other Forex signal providers are always using a poor risk-reward ratio to artificially create a high win rate that does not make money in the long run.
Forex training group dispatches between 7-10 signals per month through email, SMS and members area. This is a rare find in the Forex signals market place because most providers just bombard their customers with multiple low-quality signals every day.
The less the number of signals, the more accurate the signals must be because it means the traders have taken their time to scan and analyze trades which they believe will hit their take profit.
Forex training group does not provide a proper introduction about who they are. The page only reveals that the lead trader is called Vic Patel and he will send you high probability trades only.
I’m impressed by their frequency of sending out signals because I also believe in quality rather than quantity. But at the same time, I think this method doesn’t always work well with impatient subscribers whose itchy fingers can’t allow them to keep off the charts.
Forex training group review
The FTG team is also providing free training series besides running a signal service. This training series is meant to educate their users of how to create big money by trading like professionals.
The anonymous team which is led by Vic Patel are always scanning the markets for high probability trades based on their many years of experience and testing.
In terms of strategy, Forex Training Group reveals that they are swing traders who are always looking for trade setups in higher time frames such as 4H, 8H or 24H.
Their trades last between 2-7 days and are always sent out using limit orders so that traders can enter the positions at the best price possible.
They reveal that the group uses technical analysis in combination with pattern recognition. The 3 proprietary elements which they are using here include Price Action, Support and Resistance and market structure.
Forex Training Group is definitely on the right track in terms of trading strategy because their strategy requires a lot of patience and this is one of the virtues that successful traders possess.
Forex Training Group provides intraday signals for up to 27 currency pairs. They also tell us that they trade end-of-day trading strategies. This is in line with how patient traders approach the market.
Is Forex Training Group a reliable signal provider?
While I am impressed with their methodology, I would like this team to provide proof of their trading performance.
They have created a page that documents all their results on the Forex Training Group website. But these results are lacking because I expected their serious trading strategy to yield returns which can be verified through statement sharing services like myfxbook.com.
You see, our website sells Forex signals and managed accounts to our readers and one of the things we have ensured is that our Forex trades are properly documented in a reliable third-party platform where we cannot manipulate or audit results for ourselves.
Forex Training Group lacks this transparency. So we are going to assume that their trial is affordable enough to let us in without feeling like we have paid a lot.
The monthly subscription price is $97 while there is also a 14-day trial costing $59.
I don’t know about you but I strongly believe that if the main product costs $97 per month, then trial should be much cheaper.
Forex Training Group appears to be a reliable signal provider with the exception that the team isn’t very transparent. In that sense, we cannot just use blind faith to believe them. We need some evidence of performance. It would also be good if they introduced the team properly.
Unfortunately, we can’t recommend this group until these changes have been made. We just don’t want to rely on trial alone.