Telegram has become the reference platform to discuss everything related to trading, cryptocurrencies. Virtually every major blockchain-based project and cryptocurrency community now has a Telegram group and/or channel. While this popularity has made Telegram a great tool for anyone looking to brush up on their trading knowledge, it has also helped create many groups where pitfalls and mistakes abound. Here are the details of these disadvantages and the alternatives to be preferred:
3 Big Mistakes of Telegram Trading Groups
There’s a ton of abuse and scams on Telegram at any given time these days, and pretty much every regular Telegram user has been targeted by at least one form of these genes on the platform.
1. Poor organization of Telegram groups
The first major flaw of Telegram trading groups is the lack of organization. For many of them, the messages are actually numerous, unclear, and it is often difficult to extract something relevant from the amount of information.
The given signals generally lacks formalism (position size, money management) and can be sent at any time (time difference) and at any frequency (10 signals in one day and then none for 5 days for example).
This lack of organization often leads to great difficulty in following the signals given correctly over time.
Furthermore, the assets in question are not necessarily available on your trading platformwhich implies that you may be forced not to take all the signals (performances different from the presented results).
Otherwise, you will have to have an account open on many platforms, which involves more capital management between them boring.
The basic rules of risk management are often overlooked in favor of dubious “pump and dump” strategies (sending a signal to a large community about an asset with low liquidity to cause the price to explode, which then collapses).
In this case, you will often be the last to arrive, buy to the highest and will suffer a great loss.
When it is not about these risky and illegal strategies, it is often for the owners of these groups to send many signals to make it almost impossible the calculation of an actual performance.
It becomes so complicated for you to follow them all, and without strict risk management rules, your capital risks evaporating quickly.
Finally, these groups are usually frequented by people who are primarily interested in making a quick buck. The messages exchanged are so without interest and sometimes even inconvenient for society.
This will get you nothing and above all, it will in no way make you progress on your own.
Free Telegram groups are usually full of spam. Before joining a Telegram trading group, you should be prepared for a large stream of advertisements that help the owners of the free groups to make money from their business.
Trading experts with often questionable skills
In terms of the number of options Telegram trading groups offer, you can handle them like a trap In most cases.
Although these groups of signals may seem interesting at first glance, you cannot be 100% sure of the reliability of their predictions.
They are usually supplied by eager beginners of short-term success and perfect mastery of communication tricks.
Proven services work on the market for years and win with their customers, take care of their reputation. They almost never use the Telegram platform to deliver the signals.
As a result, you very often risk wasting your time and money by following these Telegram trading groups.
Scams and scams in many Telegram trading groups
In the Telegram groups, which are available to any user connected to the Internet, there is a permanent and daily flow of new providers who can villains.
In addition to lack of organization, seriousness or skills, some groups are actually outright scams.
They can take several forms whose main purpose is to make you promises extraordinary performancewith fake evidence and very credible testimonials to extract a large payment from you to access it.
Then your access to the group is suspended and it disappears quickly to make way for another group of scams.
In some cases, scammers subtly steal bank details or cryptocurrency access keys from beginners and then empty their trading accounts.
These scams are common on Telegram and that is why it is important to stay away from it. It should also be remembered that the provision of trading signals is regulated (or even prohibited in this way) in many countries.
And what about whatsapp trading groups?
WhatsApp is one of the most popular instant messaging platforms. Considering the trading groups, the scammers seem to be less than on Telegram but the seriousness is rarely there.
Whatsapp groups are considered to be the best means of communication, especially when it comes to communicating with friends, family and colleagues at the same time. However, this message is not very suitable for trading groups.
There is many disadvantages to consider when joining a Whatsapp trading group.
Many of these group chats have you reading messages which you don’t want to read (off topic, vulgar). In fact, in a Whatsapp group everyone can write and not only the person who created it and who provides information.
The signals are therefore quickly drowned in a mass of messages (sometimes hateful or simply irrelevant). It therefore becomes very difficult and unpleasant to follow them.
Also, similarly to Telegram, the skills of experts are nicknamed often questionable and risk management rules are regularly ignored.
Finally, unlike Telegram, there is a great lack of privacy on Whatsapp. In Whatsapp groups, each participant can easily has access to your phone numbereven if you leave the group.
These groups are therefore often infiltrated by people who just want to get your details and then send you private messages or SMS for scam purposes or just want to chat with you and offer you useless services.
By default, people who want more often go on Discord groupswhich is still not up to par.
In fact, the platform is more customized and user-friendly, but the problems of spam, fraud, lack of seriousness and skills remain.
These Discord groups are generally large and remain complicated to navigate and find relevant information.
If your goal is to make money, then it is recommended to trust the experts by accessing real trading groups with proven signals.
For a trade group to be truly effective, it absolutely must contain these elements:
An independent, solid and reliable platform :
Access to a reliable and well-organized platform is essential for a trading group to be truly effective. In fact, you will be much more comfortable with smooth navigation, clearly mentioned categories, a clear schedule and content quality.
The fact that the platform is hosted on the Internet and not on a messaging service often testifies to the seriousness and relevance of the group.
Supervision by recognized and accessible experts:
The experience and skills of the expert mentors are key elements that allow you to succeed and progress in the trading group.
This will ensure that you receive reliable information, advice and signals well-calibrated money management which will not put your capital at risk.
In this case, transparency is in order because you will be able to observe the real performance of the members thanks to the shared portfolios.
A serious and involved community of traders who want to make progress and help others make progress:
The community of traders involved in the group is also a particularly important point to consider.
In fact, an active, benevolent and motivated community will necessarily allow you to progress faster and benefit from advice from of each member’s experience.
In addition, you will then benefit from the group’s training effect, which will enable you to stay a better dealer or investor.
You don’t have to deal with off-topic or hateful remarks and can fully focus on your trading goals.
Progress alone or in a group thanks to coaching:
Finally, it is very advantageous to be able to participate in specialized coaching, which gives you the opportunity to do so progress alone or in groups and to elaborate on key points.
Thus, you will be able to avoid the scams that abound on the trading groups hosted on the classic messaging services.
Tired of navigating between Telegram and Whatsapp trading groups that waste your time and money? Do you want access to a unique digital trading space, supervised by recognized experts to win and advance? So join EnBourse Elite™ now: