How To Automate Telegram Signals?
Automating Forex trading signals from a telegram channel involves coding scripts to pull out the trade recommendations, parse the text and send it into a trading platform such as Metatrader 4 or 5. This can be done by writing your own Python code or by using telegram copier programs.
Automating trading signals on any platform can be tricky to execute and extract, but the proliferation of data, information and innovative tools around the world makes it more attractive to consider with every passing day. With over 800 million monthly active users, Telegram has become a highly influential social media platform and an effective marketplace for providers of trading signals. There are many sources of free Forex signals Telegram channels offer.
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How to automate Telegram signals?
It is important to state up front that traders need to do some research to find the best Forex signals. Assuming you have done that research, then the process of automating telegram signals includes using one of two methods. The first includes using Python to code a telegram listening tool to identify and parse out trade signals that appear on a telegram channel. The second includes making use of a pre-built program known as a telegram copier to generate these trade signals.
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How to create a Telegram signal bot?
No matter how you extract the signals from a Telegram channel, you’ll want to make certain you trust the quality of the signals coming from the channel. Additionally, you’ll also need to generate Python code to turn those trade signals into orders that can be sent to your trading platform. You could use trading copier programs instead of writing your own Python execution code, so long as the signals provide sufficient information for you to be able to do this.
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Is it easy to automate Telegram signals?
It takes a bit of knowledge, and possibly some well-crafted tools, to pull these resources together and put them to work in an automated trading system. Now if you have a fair amount of trading expertise, you don’t have to be intimidated by the work. Here’s the key item you need to know: you don’t have to be a programmer and write your own code to accomplish this task, but it does help you create a higher quality solution if you have and use those skills. Also, you should be aware that trading with Forex signals is much more straightforward than trying to use options trading signals on Telegram.
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Is algo trading profitable?
Like any form of trading, it can be profitable, but it takes a some work to develop the skill and it helps to have a little bit of good luck along the way. Traders Union helps you avoid bad luck by providing good information to help traders get legit Forex signals, avoid Telegram trading scams. With information like this, the path to profitable algorithmic trading is not impossible to traverse. Let’s walk through the process from both angles so you can see the difference.
How to automate Telegram trading signals?
Whether you program your own automation system for processing signals by using Python (the most practical coding language for this task) or make use of tools that others have built to accomplish this, either way, you’ll likely want to make use of a Telegram copier. A Telegram copier is a program that parses and extracts signals from a telegram channel into usable data that you can turn into trading rules on a platform such as MT4 or MT5. You can spend time coding one or look for simple tools that accomplish that step for you. With that in mind, here are general steps in coding your own automation.
Code with Python
To code your own automated signals with Python, you first install necessary libraries such as telethon for interacting with Telegram, pandas for data manipulation, and libraries for MetaTrader4/5 for placing trades. Next, you’ll code up a connection to Telegram using a client and log in using your API ID and API hash (you can get this from the Telegram developer website).
Once connected, you can listen for new messages using the events.NewMessage event. When a new message is received, you can extract the trading signal information from the message text, but you’ll then need to parse the text. The trading signals should typically include the currency pair, entry price, stop loss, and take-profit levels.
Figure 1: Python code accessing the Telegram Client API (author’s illustration)
Next, connect to your trading account (the MetaTrader5 library makes this easy), and code the functions to actually place trades. Once connected, your system can use the order_send function to actually place the trades. Finally, you’ll want to code error handling and logging procedures. You can use Python’s built-in try/except blocks for this. Now you can run the script.
If you have coded it properly, it should continuously listen for new messages from the Telegram channel and automatically place trades in a timely manner based on the signals that come through.
Use pre-built tools instead of coding
Now let’s look at how you can reduce the need for coding expertise and substitute pre-built tools to automate Forex trading signals from a Telegram copier. This has become feasible in a relatively short period, and the process is evolving and improving rapidly. Consider how the process could work, as of this writing, with the following overview.
To begin with, you’ll first want to identify what you consider to be a reliable Forex signal channel on Telegram. Assuming you have identified a source of signals you trust, you must be certain your signals include the currency pair to be traded, the entry price, and stop-loss and take-profit levels.
Next, use a telegram copier to analyze and execute the trading signals you receive on your chosen Telegram channels. This program can execute them directly to your trading account on a trading platform such as MT4 or MT5. Thirdly, you’ll configure the telegram copier to connect your trading account and the Telegram channel. This usually involves a little more than entering your trading account details and the Telegram API credentials into the copier.
Figure 2: TelegramFXCopier and Telegram channel (courtesy TelegramFXCopier YouTube channel)
The fourth step will be to customize your trading preferences. You should carefully consider any customization so you understand its impact on your automated system. Fifth, at this point, you are ready to automate the trading process and give it a test run. The final step is to monitor and adjust until you are ready for live production.
If this process sounds attractive to you, then you’ll want to research the matter further by looking into some of the tools you could likely use. Here are three readily available products that could warrant further research.
TelegramFxCopier: This is an AI-powered software that uses smart algorithms to automatically copy trades from any Telegram channel or group to an MT4/5 account within 0.01 milliseconds. It claims to have established itself as the top automatic Forex signals copier in the Forex market over the last three years.
TelegramFXCopier backtest screenshot (courtesy TelegramFXCopier technical support)
Telegram Copier: This software can copy Forex signals from any Telegram channel to MT4, MT5, DXTrade, and TradeLocker anywhere, anytime, automatically.
Telegram Signals Copier EA integration with MT4 (courtesy telegramcopier.com)
Copygram.app: is a trade copier that can work with multiple sources and multiple accounts including Telegram, TradingView, DxTrade, and many others. The app has features for helping users integrate automated accounts, selecting channels, replicating trades and customizing settings.
Copygram.app screen showing tradingview integration (courtesy copygram.app)
It’s important to remember that while these tools can automate the trading process, they do not guarantee profits. Traders should still monitor their trades and adjust their strategies as necessary.
Best Forex Brokers
Top 5 Reliable Forex Signal Providers in Telegram
RoboForex
RoboForex's CopyFX allows investors to copy the strategies of professional traders without needing to have any trading experience. With the CopyFX Investor account, investors can subscribe to a professional trader's account and copy all their transactions without dealing with complicated trading strategies or platforms. Traders also have the option to set their risk level, with four levels of risks available: Minimal, Moderate, High, and Maximal. They can also specify the required minimum deposit that an investor must have in their account to subscribe to the trader's strategy and set their investment period between one to four weeks.
1000pip Builder
For those who are searching for high-quality Telegram Forex signal groups, 1000pip Builder is the best. This group has a loyal following, as they have been helping users make successful Forex trades for over ten years. The group is heralded for providing high-performance Forex signals of all kinds. Moreover, it offers upper convenient one-to-one support via its lead Forex trader, Bob James.
In addition to the rave customer reviews, these results have also been independently verified by MYFXBook, making these assertions far more reliable. It is also the highest-rated Forex signal provider on Trustpilot. Typically speaking, there are trading signals throughout the entire day. This means users can tune into the channel internationally and always find signals to follow. This makes it highly convenient for everyone, regardless of location. 1000pip Builder offers full help and support. Once users join the channel, they immediately receive enough information to start using signals in their trades. With direct access to a highly experienced trader, the sole objective of this channel is to ensure that all users succeed.
Additionally, they offer a trading plan that helps produce powerful and reliable results with minimal drawdown. Using a number of trading strategies, each of which is specially tailored to different market conditions, users enjoy using this Telegram channel because it essentially provides them with personalized advice, while also enabling them to trade notes and tips among each other. Making it a point to use tight stop losses and close monitoring to maximize results, users can enjoy the perks of having access to an expert-level Forex signal provider without wasting an abundance of time and money to do so.
👍 Pros
• Highly recommended by members
• Excellent performance (fully verified)
• Full expert support
👎 Cons
• Limited free options
ForexSignals.io
If you want to trade in the Forex market with a reliable and lucrative group, you should consider ForexSignals.io. This is one of the most sophisticated and one-of-a-kind signal channels for users working and trading in the Forex market.
ForexSignals.io has a free channel and a paid one. The free channel offers simple trading tips of currency pairs that you could consider trading and a few trading reports of the signals they offered that week in the VIP group. Overall, it is not a bad choice, and it could be a valuable resource for some beginner traders who want to research the Forex market.
However, if you are looking for professional daily signals and complex market reports, its premium version is the one for you. The premium ForexSignals.io version costs £79/month or £499 for lifetime access. They have thousands of positive reviews from clients that claim that it is worth it, and we agree with them.
👍 Pros
• Some beginner traders might find the free channel informative
• The VIP channel is definitely a great choice for traders who want high quality signals
👎 Cons
• The free channel is designed to be a gateway to the VIP channel
• If you want free, high quality signals, the free channel is not for you
FXPremiere.com
FXPremiere.com claims to be the best Forex signals provider at the moment. They currently have two Telegram channels; a free one and a VIP/paid one.
The free channel provides one signal per day and shares some trading strategies. However, most of the messages on that channel are advertising its VIP channel. All in all, it is not a bad Telegram channel because it does provide some value.
The VIP channel is where the real magic happens. The VIP channel’s members get access to up to 15 signals per day with a 70% success rate which come from approximately 50 trustworthy sources. The membership price starts at $37/month and goes up to $500 for lifetime access.
👍 Pros
• The VIP channel offers accurate signals
• Their signals come from trustworthy sources
👎 Cons
• The free channel sends only one signal/day
• There is too much advertising on the free channel
Free Signals Pro
Free Signals Pro is a great Forex signals Telegram channel that provides free Forex signals daily.
Free Signals Pro is 100% free and provides Forex signals that could make you money. This channel is focused on Forex signals and trading reports only. This means that there are no annoying messages that invite you into a paid version of the channel.
This Telegram channel helps beginner traders identify trading opportunities and guides them in making a few trades. However, some traders might find the one signal per day too little for them.
👍 Pros
• It is free
• It doesn’t have any annoying message that invite its members into a paid version
👎 Cons
• Some traders might find the one signal per day not enough for them
Pros and cons of automated Telegram trading signals
Deriving trades from automated Telegram signals has its pros and cons. Let’s consider each.
👍 Pros
• Capture Expert Analysis: Telegram Forex Signals may be generated by professional traders who have done extensive research and have years of experience in the Forex market. If you can find these, it makes sense to consider piggybacking on their work.
• Real-Time Alerts: Telegram Forex Signals are sent in real-time, ensuring that traders can react quickly to the latest market information. This matters in a 24-hour market. You need to have your computer system slaving away for you while you sleep, and an automated system can help your trading account be instantly reactive.
• Educational Value: Many Telegram Forex Signal services provide detailed explanations and analysis along with their signals. This can help traders learn and understand the reasoning behind each trade recommendation, thereby enhancing their knowledge and skills.
👎 Cons
• Dependence on Signal Provider: For better or worse, you make the choice and hitch your wagon to a single horse. Traders relying on Telegram Forex Signals are dependent on the accuracy and reliability of the signal provider.
• Limited Control: Subscribers of Telegram Forex Signals have limited control over their trading decisions. They must blindly follow the recommendations provided by the signal provider, which may only sometimes align with their personal trading strategies or risk tolerance.
Is automated trading legal?
Yes, using automated Forex signals you get from a Telegram channel is legal. However, it is not legal to turn around and sell them as your own. There’s nothing illegal about selling Forex signals or giving them away for free if they are signals you came up with on your own, but taking the work of others and pretending you came up with and making money from doing so? That’s not good behavior or good business and you can get yourself in trouble with authorities or the originators of signals or both.
How to avoid risks?
The most potent way to avoid risk is also the simplest and most often overlooked mechanism: trading with a smaller position size. Simply making smaller trades reduces the opportunity for gain, it's true, but it also reduces your risk of loss. When you are just starting, minimizing risk is far more important than maximizing opportunity. Here are four other tips for reducing risk:
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Write code with a partner who can check your work, or at minimum use an AI tool to check for flaws in your code.
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Work with a partner who is familiar with Telegram copier programs.
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Make at least 100 trades in a demo account with virtual money before committing live funds.
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Pay attention to the detractors and complainers who have negative comments to say about your choice of signals. See if there is something more to their complaints that just gripes about customer communication.
Expert opinion
Automating Telegram trading signals involves using Python or a telegram copier to parse and execute trades from signals received on Telegram channels. Beginners should ensure the reliability of the signal source and may use Python to convert signals into orders for platforms like Metatrader. While programming skills are beneficial, they are not mandatory.
Automated trading is legal, but selling signals as your own is not. To minimize risks, trade with smaller positions, test strategies in demo accounts, and consider partnering with someone familiar with telegram copier programs. Pre-built tools like TelegramFxCopier, Telegram Copier, and Copygram.app can simplify automation but require monitoring and strategy adjustments. The key is to find trustworthy signals, understand the automation process, and trade responsibly. Remember, automated trading has its pros and cons, and while it can capture expert analysis and provide real-time alerts, it also creates dependence on the signal provider and limits personal trading control. Always prioritize risk management over potential gains.
Conclusion
Automating Telegram channel signals by putting them into a Forex trading mechanism takes a bit of coding know-how and skill unless you are using one or more prebuilt tools that pertain to this task and have been recently developed for Forex traders. The tools are worth researching for the enthusiastic algorithmic trader.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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Forex Trading
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly.
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Take-Profit
Take-Profit order is a type of trading order that instructs a broker to close a position once the market reaches a specified profit level.
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Extra
Xetra is a German Stock Exchange trading system that the Frankfurt Stock Exchange operates. Deutsche Börse is the parent company of the Frankfurt Stock Exchange.
Team that worked on the article
Gordon Scott is a 25-year veteran trader and co-founder of EdgeFinder software (genetixfin.com). He is also an author, trading coach, and content developer. He is the originator of the Everyday Trader and Everyday Investor programs, developed in partnership with Trusted Trading Institute. He co-authored the book Invest to Win, with Toni Turner.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).