In the previous article, we have understood what a trade copier service is, and its use cases. In this article, let’s understand how to copy trade Telegram Forex Signals to MT4 using a typical trade copier service.
Telegram is one of the most popular and secure messaging apps. That is why it has attracted several professional Forex trading groups and has become a platform for traders to exchange trading ideas and strategies. On the other hand, MT4 is one of the most popular Forex and CFD trading platforms.
Suffice to say, the combination of these two platforms attracts a vast community of traders. In the recent past, Telegram to MT4 trading signals and EAs have become popular with copy trading being the most popular.
In this article, let’s understand how we can use the power of telegram channels to copy and profit from professional trades.
Who can Copy Trade Telegram Forex Signals to MT4?
Anyone can copy trades from Telegram to MT4. Especially, beginner traders who are not confident with their knowledge of the forex market can use this service. Copying trades is also suitable for traders who have no time to conduct market analyses or follow market-moving events. For these types of traders, copying trades from Telegram to MT4 offers a seamless strategy of benefiting from the pros.
Note that for one to copy trades from Telegram groups to MT4, you must have a trade copier. A Telegram trade copier will aggregate forex signals from all the Telegram groups you choose. The trade copier converts texts and images from your selected Telegram groups into tradeable signals for your MT4 account.
The Telegram trade copier is capable of analyzing any format of signal from multiple Telegram channels. It reads all the asset symbols, the price entry, take profit and stop loss levels and automate them for you directly to your MT4 trading account. This means that once you have connected the trade copier to your preferred Telegram channels, you do not need to monitor trades continually as the process becomes fully automated.
Procedure to Copy Trade Telegram Forex Signals to MT4
For you to successfully copy trade from Telegram to MT4, you must have signed up with any trade copier service and be part of at least one Telegram channel. Here’s the procedure to copy trade signals from telegram to MT4 using a typical trade copier.
First, sign up on the trade copier with your mobile number – the one registered with Telegram. You will use a code to your phone which you can use to complete the registration.
Enter the code received on your Telegram account and sign in.
After signing up, you can add all your MT4 account to the trade copier. These are the accounts to which you’ll be copying trades from Telegram Channels.
The Telegram to MT4 trade copier will look like this.
After you have added and updated all of your MT4 trading accounts, proceed to select the Telegram Channels from which you intend to copy signals. Most trade copiers already have a list of top Telegram channels you can choose. This saves you the time you could have spent curating a list of Telegram channels to copy.
Here you can select all the telegram channels that you want to get a signal from. Most traders who copy signals from Telegram to MT4 accounts use virtual private servers. Using a VPS ensures that your MT4 trading account will be receiving trading signals 24/7 whether your computer is online or not.
Setting Execution Parameters
When copy trading from Telegram to MT4, it is crucial to set the parameters for which you want your trades to execute. This is part of money management. Once you have set these parameters, you can apply them to all your MT4 trading accounts, or you can alternatively set different money management measures for each account.
Under money management, you can choose how to calculate the size of your trades. The position opened can be based on fixed lot sizes or risk percentage. You also have the option to set the maximum lot size to be executed depending on your account balance. More so, you can set specific times on when to execute your trades.
In some cases, you can set for a position to be executed at the prevailing market price. This will, in turn, by-pass the entry price of the Telegram signal. However, you cannot do this for signals of forex pending orders.
Another essential feature for when you copy trade from Telegram to MT4 is the breakeven stop-loss strategy. This feature is handy when you have opened multiple trades. For example, let’s say there are numerous open orders at the same time. When the first order reaches the TP level and is closed, the SL level for the remaining orders is automatically adjusted to be equal to the entry price.
Features of a typical Telegram to MT4 trade copier
- They can filter out trade signals based on the parameters you have set for each of your MT4 accounts. Such parameters can range from the price difference to slippage.
- They allow you to independently set the size of trade you’d wish to be executed. You can set this to be a fixed lot size or as a risk percentage depending on your stop loss and take profit levels.
- It has multiple executable command types for trades. They include commands for trade entry – market buy, market sell, buy stop, sell stop, buy limit, and sell limit. Some include commands for re-entry of positions, i.e., to re-open an already closed order. Other commands include ‘modify order’ such as changing the initial SL level, adjusting the SL to a breakeven point, and changing the TP price. They can also allow you to close orders partially.
- In advanced settings, when you copy trade from Telegram to MT4, you have the option to either disable or enable some commands depending on your trading strategy.
Once you have identified a forex trade copier, it becomes relatively easy to copy and automate trading signals from Telegram to an MT4 trading account. However, note that these signals are no fool-proof or 100% profitable all the time. Always make sure to conduct your independent research into your service provider.
Finding this complex?
If you are a novice trader, you might find this entire procedure a bit complicated. But you do not have to worry because you have us. We have designed a state-of-art Expert Advisor which can directly detect the signals that are placed on the Telegram channel and perform the trading activities on your MT4 account all by itself. We are sure that this Telegram Forex EA will solve all the problems that you are currently facing. More about its working can be found here – Working of Telegram Forex EA. More information about this EA and its working can be found in our upcoming article. So, stay tuned. All the best!