Forex Leaderboard – Why Should You Look at One
The forex leaderboard can aid you in becoming a successful trader yourself. Successful forex trading is all about surrounding yourself with data and re-evaluating trading strategies based on those figures. Given the volatility of forex, there have been great and powerful movements in the currency pairs. This has been prevalent across the years ever since forex trading became popular. Some traders make thousands of pips, yield a massive return, and encounter minimal losses.
The challenge of a typical forex trader is to use this transparency given by forex trading platforms or brokers to participate in similar moves for the rest of the year. In simpler words, you can access a forex leaderboard from various forex trading platforms to use as the leading indicator for a certain currency pair.
To begin with, what is a forex leaderboard?
Like any other game, sports competition, or tournament, the leaderboard ranks the leading competitors with their subsequent statistics and scores. The software helps provide real-time insight into the profit and loss statistics occurring across the forex market. By ranking the traders making the best trades in a span of time, commonly a month, other forex traders are able to extract valuable information about currency rankings and total returns.
Forex leaderboards need not always rank according to forex traders or forex accounts. Some forex platforms and brokers, like Telegram.Forex provides aggregates of profitability of hundreds of monitored telegram channels and their signals. The leaderboard ranks each telegram channel according to the profit and loss measure. This is done by the forex signals being copied from each channel. Telegram channel that has had the highest return and made the best profits for a set time period is ranked number one on the forex leaderboard.
Similarly, the leaderboard shows other important statistics under each telegram channel. These can include the currency pairs used, the number of trades, lots, prices, or stop losses. On top of that, it includes time for open and close and the percentage of wins. Forex traders who are using services like that of Telegram.Forex finds it hassle-free. It is especially easy to determine which telegram channel has been leading the forex leaderboard and why. As a result, one can either redetermine trading strategies or manually choose the channel to copy the signals.
Secondly, are all forex leaderboards the same?
Leaderboards operate in multiple ways on different platforms. On a basic level, the forex leaderboard can display the real-time rankings of currency pairs. Those currency pairs occupying the highest slots are not ranked there by accident. There are certain driving forces and strengths that make them top the forex leaderboard. Similarly, some leaderboards will rank telegram channels according to their profitability levels. Others can include the top traders or top trading accounts with various categories such as:
- Sum of profits made
- The net sum of profits for copiers
- Most successful copiers
- Best returns made
- Most copied trader
- Profits on trading cryptocurrencies
Finally, why should you look at the forex leaderboard?
Evaluating a forex leaderboard is incremental to a forex trader’s success. Only a few traders would want to stay for a long time in a currency pair. This is because it bypasses the larger swings accompanying larger moves. Therefore, traders can get a great deal of information from the leaderboard by evaluating the currency rankings. As a first step, it helps find out the strengths and directions of a particular currency pair. Along with that are its total returns per month.
We find a lot when looking at an old example of a currency pair in the year 2009. Specifically, about three currencies: the Russian dollar, the United States dollar, and the Euro. The first half of the year showed underperformance of the rubble; however, in the month of May, it had the seventh-highest return of 6.76%. The EUR/USD pair was also nearly down but showed a strong return in the month of May.
Therefore, studying and being informed about the forex leaderboard is crucial. This is because it enables traders to evaluate the strengths of the signals. Sometimes, the latest monthly rankings can change or reverse a trend that happened months ago. This can lead to signaling a change in strength or direction. Currencies that occupy the top five slots have rankings due to their total returns of the month. It can be due to shifts in the global sentiments of the commodity, significantly affecting their markets.
Are there any final forex leaderboard tips?
There is another powerful and fundamentally useful forex trading strategy developed from the data on the forex leaderboards. It is called the “leaderboard reversal”. Under this tactic, the forex trader chooses long for the currency pair at the bottom and short for the pair at the top of the rankings. This is based on the expectation that durations are short-timed. The forex trader finds it a reasonable expectation that the currency pair currently occupying the top slot can be knocked out of that spot sooner than estimated. While it may sound awkward to the ears, the leaderboard reversal strategy is actually a good one.
At the end of each month, the trader applies a mean spread. This leads to a higher profit margin. Like in real trading, the results may vary based on the entry and exit points. The leaderboard reversal strategy is only one way in which traders can utilize the forex leaderboard to reveal opportunities. There are several other methods and techniques forex traders can utilize to auto copy or evaluate the performances.
Get your best signal copier service’s leaderboard
Telegram.Forex makes use of the numerous telegram channels. It’s a place where expert forex traders send or translate forex signals that have always made them win. The automated expert advisor from Telegram.Forex copies the signals from your subscribed telegram channels to your MT4 or MT5 account to yield a good profit. If you’re wondering how to know which telegram channel has the best profitability review, get our forex leaderboard. It ranks the channels according to their P&L statistics, history, records, and costs.
