Forex Signals in Telegram
Private traders often offer others to trade their strategy. They offer forex signals in telegram on different terms and conditions. How to find a good trading signal provider will be discussed in this review.
Who gives forex signals in telegram?
Messengers are convenient for fast delivery of trading signals. Therefore, traders who provide Forex signals or cryptocurrency signals often use this communication channel. Forex signals providers can be:
- Private traders who share their trades for a certain price. Paid Forex signals are often given as a subscription to a Telegram channel for some period – from a month to a year.
- Brokerage companies. Their telegram trading signals can be a related product to clients. Such companies offer free Forex signals, while earning a commission for opening trades by the client on their account.
- Consulting companies. These are groups of traders and analysts who do not provide brokerage services, but provide analytics, forex trading signals in telegram, and training.
- Partners of forex brokers. They can be private individuals or legal entities. Their co-operation is built on mutual benefit. Partners, who are signal providers, can recommend the company to open an account for their clients. And brokers pay remuneration in the form of a share of the spread earned on clients.
How to find profitable trading signals in telegram?
Telegram is used as a communication channel when transmitting trading signals. Of course, you can ask for Forex signals in the messenger search engine, but it is better to go the other way – look for a reliable provider.
It is important that forex trading signals in telegram are given by an experienced trader who works according to a proven system. Any strategy has profitable and unprofitable positions, but summarized by the results of a month or a longer period, it turns out to be profitable. What do trading signals look like, and how do they differ from each other?
If they are generated by one trader in his Telegram channel, a good signal will look like this:
- name of the trading instrument;
- type of transaction – buy or sell;
- position entry price and type of opening: at the market or by a delayed order;
- stop loss level;
- price for take profit or manual closing of the deal;
- argumentation of the entry point according to the strategy (indicator signal, bounce from the level, technical analysis figure, etc.);
- screenshot of the situation on the chart.
But there are other methods of giving a trading signal. For example, VIP Trading Signals in Telegram is where a team of experts selects the tools for the day and shows under what conditions you can open a position and why. Beginners are also taught so that they can adapt these signals themselves to their trading system and create a money management algorithm.
How to trade on other people's signals?
When choosing which signals to use in Telegram, you should first make sure that they are profitable. For this purpose, it is recommended to open all transactions on a demo account within a month, without missing a single position, so as not to distort the statistics.
Once you are sure that the strategy works, and you can make money on these trades, you can switch to a real account. The system will work holistically if:
- The trading style of the signal provider matches the schedule of the person who will place these trades on their account. For intraday trading, it is better to have a mobile version of the platform on your smartphone to quickly open positions.
- The capital management strategy will be correctly calculated. Money management and risk management are the responsibility of the account owner. You need to independently calculate what lot to enter into a deal with and what the risk may be for the position in the deposit currency.
- When working on the strategy of one trader, it is important not to miss trading signals, even if at some point it is the turn of losing trades. You can never know in advance whether a trade will bring a plus or a minus, but there should always be a stop loss.
Telegram signals and broker selection
The brokerage company with which a trader has an account is important when copying other people’s signals. Ideally, it is better to open an account with a company recommended by the provider of trades. Trading conditions can affect the results: the speed of order execution, the size of the spread, and possible slippages can affect the final result.
If for some reason it is not possible to choose the same broker, it is important to make sure that the trading conditions of the chosen company will suit the strategy. It is important to pay attention to:
- on the type of order execution (NDD, ECN, STP);
- on the spread (floating, fixed, its size);
- on quotes and liquidity providers. If quotes differ, it is important to look at the chart and the price at which the conditions for opening a position are met.