Although most of the forex signals are scams, there are a few Free Forex Signal Telegram groups that still share useful signals. But before you use any of their signals, you must establish the authenticity of the signals. However, if you are still learning to trade forex, following some groups could be the best way to get started.
Free Forex Signals Telegram are tips and suggestions shared on telegram which are intended to help the user determine the currencies to pair and the price at which to get into the trade. The signals will indicate the take profit price and the exit points. Also, they must show the stop-loss price.
If you are just starting to trade forex, it may not be a good idea to jump into trades as soon as you receive the Free Forex Signals Telegram. Here is how you should use the Free Forex Signals Telegram.
Verify the signals
The most important thing you will need to do before you make use of the Free Forex Signals Telegram is checking and comparing the signal with what is happening in the market. Look at the suggested entry price and the current price of the asset. If there is a big disparity, it could be too late for you and the free signal may not be of help. Also, look at the take profit price. If there are more than ten pips before the price is reached, you may get in the trade.
Check the current status of the signal
Signal providers will always keep traders posted on whether the signal is active or has expired. In most of the cases, they will show this below the instrument’s symbol. However, if the get ready button is on, it suggests that a new signal is on the way. In such a case, you should note waste your time on the outgoing signal. However, if you see the word closed, it implies that the signal is not viable.
Check and confirm the suggested action
The Free Forex Signals Telegram will require that you take either the buy or sell action. But before you press the buy or sell button, you must confirm the trend. Look at the resistance and the support levels. If it is a buy action, determine how far the current price is from the resistant price before you take an action. If it is a sell signal, check the support level price. If it is still a few more pipes away, go ahead and sell the asset.
Check the stop loss
The Free Forex Signals Telegram will give you both the entry and exit points. It will also give the stop-loss price. So before you get into the trade, ensure that you fix your SL. It will protect you against heavy losses if the price moves in the opposite direction.
Once you are satisfied that you have taken the necessary steps to mitigate the risks and protect your capital, you can get into the trade and allow the platform to trade for you. But before you do this, read through Free Forex Signals Telegram once more and go through the steps to confirm that you have taken the right action.
All said, you will need to remember that there is no guarantee that the Free Forex Signals Telegram will be profitable. It may move in the suggested or in the opposite direction. That is why you will need to test the signals using the demo account before moving trying to trade with your real money.