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Proforextrades.com (PFT) is another learn-to-trade the Forex market operation.
The signals vendor provides Forex trading education and up to 5 signals per week that last anywhere between 9 to 20 days.
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Proforextrades wants to teach students how to find trends and trade setups.
They encourage students to trade with the team at Pro Forex Trades because trading alone can be difficult.
In addition to this, they claim that every signal is explained in details so traders can learn their strategies.
Proforextrades doesn’t disclose ownership details or people who run the service.
They’re not telling us their location or trading experience either.
Instead of disclosing these details, the team thinks this is not important and are only saying Proforextrades is made up of traders and businessmen.
They’re active on Instagram (@ProFxTrades) and also on Telegram because this is where their private signal group is hosted at.
In this Proforextrades review, we’ll see whether or not it pays to subscribe for their signals and trading mentorship packages.
The service was launched in August 2018. The vendor claims they’re actively training 340+ students.
However, this does not appear to be a popular Forex signals and training group.
We’re making this judgement based on the site’s alexa ranking. It would also be very difficult to find reviews of Proforextrades because they don’t exist.
This begs the question of whether the reviews or testimonial section of their website is legit.
If indeed there are 340 plus traders using this service, we should at least see their reviews everywhere on the internet.
Actually this will be the first review of this service. So we definitely expect traders to comment here about their experience with Proforextrades.com.
Pro Forex Trades strategy and product details
The team posts trade ideas and market analysis on their private Telegram group.
They use an app called OANDA fxTrade for news and mobile trading but students have the freedom to choose any other broker or trading platform.
In addition to these, Proforextrades packages comes with a strategy eBook that has their favorite patterns, indicators and trading methods.
Their 1-on-1 mentorship appears to be focused on new traders who have not tried trading at all.
The mentorship program teaches basic things like how to find a verified Forex broker, how to setup an account and ensure trades are entered properly etc.
Proforextrades claims that advanced students are also accommodated.
Students who have traded for sometime can send their analysis and have them compared with that of the Proforextrades team.
There are two membership packages. Students can either choose the monthly subscription or the annual plan (they currently have a discount for the annual package).
The details of the signal and trading education plans are as follows:
[tabs][tab title=”Elite Membership”]VIP Training group
1 on 1 mentorship
Basic signal group
Price: $120 per month
[/tab] [tab title=”Christmas Special offer”]Access for one year
One on one mentorship
Price: $295 per year
Subscription can be canceled anytime[/tab] [/tabs]
Proforextrades does not disclose which trading strategy they’re using.
They hint that the team uses price action but again this is not very specific because we don’t know how they enter and exit trades.
If they claim to identify trends, we would like an explanation about their strategy to trading the trends.
This information is very important and we also see most professional signal providers disclosing this information to their clients.
Otherwise, advanced traders who prefer a certain style of trading will feel that they’re blindly subscribing based on incomplete information.
All we know is that Proforextrades is a team that send signals for long term trades.
They’re basically swing traders who claim to hold trades for up to 20 days.
Again, we’d like to see records of these long term trades. We’d like to know how long they’ve been trading this way and the overall profitability as well.
Proforextrades Trading performance
The sales pitch is omitting this most important part of any signal and mentorship business…. results!
Trading results don’t guarantee future performance but at the same time, a trader who can prove that they are consistently in the profit can be trusted unlike those who don’t have this proof.
Pro Forex Trades is not providing the community with any of this proof.
Instead, they are just dwelling on the good and the things they’d like to help traders with.
When all has been said and done, the most basic question should be “Where is your myfxbook performance?”
Though no profit figures were mentioned, most vendors (including dubious ones like SignalForForex, CTP FX, Forex signals and Invest etc) make claims of earning certain number of pips per month.
Of course they can’t provide sufficient proof of the same. Pro Forex Trades fails to make mention of their accuracy trade, their average pip capability or their overall success rate.
Pro Forex Trades customer testimonials
There’s a page on the vendor’s website dedicated for “customer reviews”.
I wonder how legit these reviews are.
It can be hard to trust the so-called reviews if we can’t find a place where these reviews are published independently.
I’m not talking of dubious places like Trust Pilot. I’m talking about reviews that can be found in forums like ForexPeaceArmy or on the comment section of blogs like this one.
All we can conclude is that ProForexTrades is not very transparent as those reviews are questionable.
ProForexTrades skips the important things like proof of profitability and trading background.
We want to see whether these mentors are qualified and are profitable in their trading.
We want to know who is managing their Telegram group and Instagram page as well.
Transparency means traders can easily trust them.
At the moment, we find it hard to recommend a trading signal and education provider like Pro Forex Trades.
Thanks for reading the ProForexTrades review. We look forward to your comments.
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Profundfx is definitely a scam.