A Telegram to MT4 copier, or simply a Telegram signals copier, is a piece of software that copies forex signals sent in Telegram and executes them in MT4. It does this via an Expert Advisor. Depending on the exact piece of software, the signals can be sent as images, or as text, or both.
What is a Telegram to MT4 copier
It doesn’t matter how good a signal provider’s signals are. If you can’t execute them at the right time and at the right price, then you’re not going to turn them into a profit. This is particularly true for things like gold, which is highly volatile. The price can rapidly jump away from the entry point and never come back to it
The average retail trader who wants to make a side income from forex trading probably has a full time job. This obviously affects their availability to trade. Or, they may have social and leisure commitments which make it hard to do so. Or, they simply may not want to have to sit at their desk or stare into their phone all day, waiting for signals to come in.
At any rate, they probably do not have both the necessary availability and speed to respond. A good Telegram to MT4 copier can solve these problems.
Telegram to MT4 copier overview
Telegram to MT4 copiers are typically available on a monthly subscription basis, with the possibility of a free or reduced cost trial. Depending on the publisher, you may be able to purchase a “lifetime” package, where you can use the software without any further fees after a single one-off payment. Many copiers also support multiple accounts, meaning that the copier can copy signals into more than one MT4 account.
A typical Telegram to MT4 copier consists of:
- An Expert Advisor
- A Program/Client for managing the channels whose signals you want to copy
A key feature of a good Telegram to MT4 copier is the ability to customize trades. Copying trades “as is” may not be practical for a lot of traders, so it’s useful to have the option to customize settings so that the software works in accordance with the trader’s strategy or strategies.
This will obviously allow you to pick and choose exactly which channels you want to copy. This usually runs on the “magic number” principle, as every Telegram channel, whether public or private, has a unique ID known as a magic number. Some copiers can support different strategies with different channel signals, all while running in the same instance of MT4.
You should have the option to select whether the software opens a position via market execution, or whether it strictly follows the price set by the provider. In this case, the software may set a pending order if the entry price is outside a range that you specify. There may also be the option to set custom take profit and stop loss prices.
A good Telegram to MT4 copier will offer several different ways for managing the size of your trades. For example, a percentage of your balance or your equity, or a fixed lot size. You may also have the option to set specific lots for specific instruments, and whether or not you wish to trade the same instrument more than once at the same time.
Many Telegram signals come with multiple take profit points which, for example, represent a 20 pip, a 50, and a 100 pip gain. In this case, one signal suggests three separate trades.
A good software solution should not only support multiple take profit points from a single signal, but should also offer the ability to customize the lot size of each individual trade. For example, depending on your strategy, you may wish to set 50% of the money allocated to a signal on the trade for TP1, 35% for the TP2 trade, and 15% for the TP3 trade.
We all know that good risk management is critical to forex trading, and copytrading is absolutely no exception to this. The best Telegram to MT4 copier will offer multiple ways for you to protect your capital. Common options include moving the stop loss to your entry point once TP1 is met, or trailing the SL in orders with multiple TPs. You should also be able to to set a custom breakeven or even a custom trailing stop i.e., determining after how many pips or points the trade runs in your favor before the copier should change the SL.
A key area of the software’s settings is likely to be the trigger words which prompt the software to react accordingly. Customizing these could be absolutely critical – for example, you may need to adjust them or insert new trigger words so that the software reacts to your signal provider’s signals appropriately.