Updated: Feb 3, 2019
Telegram is one of the most popular social media platforms used by traders.
I discovered this platform in my early years of learning forex as well.
On this blog post, I will be sharing to you how to effectively utilize Telegram for your trading systems and/or strategies. I will be revealing my experience in using this platform, as well as pointing out the things that need to be avoided on it so you don’t make the same mistakes I did.
First and foremost I will be telling you the events that I experienced while using this platform. The first channel I ever joined was a free forex signal channel. I stumbled upon this on Instagram in the bio of a person that claimed to be a full-time professional forex trader. At the time I was skeptical to join as I had no Telegram account yet,
since I did not know a lot about this platform it seemed very suspicious. I thought that
I would be compromising a lot of personal data on my phone. So I asked a friend if Telegram was safe and to my surprise he already had an account and was in a lot of different forex channels/group chats. That was when I decided to setup my own account and join the free forex signal channel. When I had joined, I was amazed to see that there were a lot of people subscribed to the channel. After that moment I had joined several other groups such as forex news groups, forex signal groups, forex account management groups and forex EA (Expert Advisors) groups as well.
There was a plethora of forex-related groups to choose from and it was very overwhelming. Although some groups were helpful to me as a trader, there were a lot that were harmful as well. I mentioned on a recent blog post article of mine that I once blew 2 live trading accounts. One was lost because of my own naivety and
rash decision making. This was due to the fact that I had heavily depended on the free forex signals groups. Most of the trades I took then would be from these groups and a lot of them were “bogus” or “outdated”.
Now when I mean “bogus”, what would usually happen is that when a signal is released, let’s say a buy signal for instance, everything seems good at first but would actually turn out to be false and the markets will go down into the bears market.
I used to call these the “troll groups”, intentionally making unsuspecting traders lose their money to the markets.
When I mean “outdated” on the other hand, a signal group releases a signal but this turns out to be a signal released an hour or two in the “paid version” of the signal group rendering the signal released useless.
There were good signals at times but that would usually be 1 or 2 out of 15 signals released. Due to not knowing this well, I blew my first account.
Not only that, I was in different group chats where many traders were sharing and posting pics of their profits, trade setups and the rich lifestyle that a lot of people desire. This made my judgment very clouded at that moment, I was too full of myself, thinking I could stand up against the market all by myself and believe that it was easy to be profitable.
First tip: Read my story above and don’t follow my example.
I think I have shared enough to make you think that I was really stupid to do any of the things I have just mentioned. I personally blame myself of course, I had the
“get rich quick” mindset at the time. I was instilled with a lot of expectations such as making hundreds of dollars a day while eating the most expensive food I can find in a city. I would daydream about having expensive cars, clothing and mansions.
Basically, I was FOCUSING ON EXPECTATIONS and
NOT FOCUSING ON THE REAL STUFF THAT MATTERED which were: Price Action, Chart Analysis, Risk Management and Trading Psychology.
I will share more about this on another article but here you get the point.
I was following an unrealistic example that led to my downfall.
Second tip: Don’t join a forex related group for the sake of it
Get into groups that are ACTUALLY helpful to you. Don’t join group chats that are toxic and full of advertisements. There are many that do this. They create confusion and chaos to the up and coming trader. They feed you lies about their groups, not only that they also criticize others harshly. Avoid these at all costs.
Also stay away from forex account management groups. Usually these groups include high risk and show great chances of losing your money. If you do however prefer someone else to trade your money then please be careful. Check their credibility as well as their reviews. If they have a legit background and if they are transparent with their trades, what I mean by this is do they show losing trades as well, not only winning trades.
Finally, contact people that are actually in the account management group. Ask at least 20 or more people, what they experienced in the group.
Again, this is highly discouraged but just be cautious if you choose this path.
Forex signals group on the other hand are a hit or miss for me. Don’t get me wrong, there are great groups out there but there are more bad than good. The problem is even the good ones get a bad reputation due to the error of the subscriber. Follow my steps for choosing account management groups and apply for these groups as well. Signals can be used in a great way if you have a good combination of great traders with reliable credibility and your own knowledge in understanding trading. If you follow signals blindly then I guarantee you will more than likely lose money.
Finally for the aspiring trader, choose a forex group chat that helps you and your trading style. There are many groups that focus on day trading, swing trading, or dependence on indicators and many more. As a new trader you should follow one trading strategy and master it. Do not do what everyone is doing. Stick with the one that you understand the most and later on you will be able to understand other strategies.
For the students of ThatFxTrader such as myself, we consider ourselves swing traders or momentum traders that practice price action trading.
Final Tip: Get in a group that follows your trading strategy and share
Once you have chosen the suitable group for you, share your thoughts and ideas on different pairs you manage. This will in turn help you understand other trader’s point of view. Just because you have the same trading strategy doesn’t mean you also have the same execution. They might be able to give you more insight on how to look at different forex pairs. In doing so you should also be able to share your views and in return, possibly help the people in the group as well.
There are many paid groups out there but if you want to learn how to swing trade then I highly recommend joining the Full Volume Training Course of ThatFXTrader. A group chat for the students is accessible once you join and you will be able to have a lot of interaction and engagement with many traders.
To end this blog post let me summarize all the tips that I have mentioned above. Avoid groups that gives you a headache and stay on your own path. Don’t let your judgment be clouded by expectations of getting rich quickly. Choose your trading strategy and get in to a group that conforms to it. Again, this all depends on the trader’s preferences in the trading industry.
I hope this helps a lot of you out there!
If it does then please share this to people you think would absolutely need it.
Again, stay tuned for more content!
Follow my forex journey on Instagram @persistent_jfx
Or send me a message on Telegram if you ever need anything.
Thank you and have a great trading day!