Telegram is a highly popular and secure messaging app that has caught the attention of numerous professional Forex trading groups, making it a go-to platform for traders to share trading strategies and ideas. Similarly, MT4 has also garnered widespread use as one of the leading Forex and CFD trading platforms.
The synergy between these two platforms has resulted in a large community of traders using them. Likewise, the Telegram to MT4 trading signals and EAs have recently become increasingly popular, with copy trading being the most prevalent method.
This article will delve into how to harness the power of Telegram channels to copy and profit from professional trades.
Who Can Copy Trade Telegram.Forex Signals To MT4?
Copying trades from Telegram to MT4 is an accessible service for all traders, particularly beneficial for beginners who lack confidence in their forex market knowledge. It is also an ideal solution for traders who lack time to perform market analysis or keep up with market-moving events. By copying trades from Telegram to MT4, traders can seamlessly benefit from the expertise of others.
It is important to note that you must have a trade copier to copy trades from Telegram groups to MT4. A Telegram trade copier is an innovative tool aggregating forex signals from your select Telegram groups. It converts the text and images from your chosen Telegram groups into tradeable signals for your MT4 account.
The Telegram trade copier is a powerful tool that can analyze any signal format from multiple channels. It reads all the asset symbols and the price entry, takes profit, and stops loss levels, automating them directly to your MT4 trading account. 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
To effectively copy trades from Telegram to MT4, you must be registered with a trade copier service and be a member of at least one Telegram channel. Follow the steps below to learn how to copy trade signals from Telegram to MT4 using a standard trade copier.
Start by registering on the trade copier using your mobile number, the same one linked to your Telegram account. You will receive a code on your phone that you can use to complete the registration process.
Enter the code received on your Telegram account and sign in.
After signing up, you can add all your MT4 accounts to the trade copier. You’ll be copying trades from Telegram Channels to these accounts.
The Telegram to MT4 trade copier will look like this.
After adding and updating all of your MT4 trading accounts, 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 from. This saves you the time you could have spent curating a list of Telegram channels to copy.
You can select all the telegram channels you want to get a signal from here. Most traders who copy signals from Telegram to MT4 accounts use virtual private servers. Using a VPS ensures that your MT4 trading account will receive trading signals 24/7, whether your computer is online or not.
Setting Execution Parameters
When copy trading from Telegram to MT4, setting the parameters for which you want your trades to execute is crucial. This is part of money management. Once you have set these parameters, you can apply them to all your MT4 trading accounts or 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 percentages. 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 to execute your trades.
Sometimes, you can set a position to be executed at the prevailing market price. This will, in turn, bypass 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 simultaneously. When the first order reaches the TP level and is closed, the SL level for the remaining orders is automatically adjusted to equal the entry price.
Features Of A Typical Telegram To MT4 Trade Copier
- For better trade control, customize trade signal filters to match MT4 account parameters, from price differences to slippage.
- Trade copier lets you execute trades independently with a fixed lot size or risk percentage tied to stop loss and take profit.
- Execute multiple command types for trades, including market, buy, sell stop, sell stop, buy limit, sell limit, re-enter positions, and modify orders.
- Advanced settings disable/enable specific commands based on trading strategy when copying trades from Telegram to MT4 for intended execution.
Finding This Complex?
You might find this entire procedure a bit complicated if you are a novice trader. But you do not have to worry. We have designed a state-of-the-art Expert Advisor who can directly detect the signals placed on the Telegram channel and perform the trading activities on your MT4 account. We are sure that this Telegram Forex EA will solve all the problems that you are currently facing.
Copying trades from Telegram to MT4 can be a convenient and beneficial solution for traders of all levels, especially those lacking the time or confidence to perform market analysis. However, it is crucial to note that not all forex signals are foolproof or profitable, so conducting thorough research is essential before choosing a reliable trade copier service provider. For novice traders who find the process too complex, an Expert Advisor that can directly detect signals from Telegram and execute trades on your MT4 account might be a better solution. Regardless of your choice, always manage your risks and trade responsibly.