As we saw a lot of major changes in 2020 from businesses closing to new ways of going about living our day to day lives, even day traders are seeing changes in the way their industry operates.
Why are investors using Telegram and Discord for trading advice?
On the surface it may seem like only noob traders that have recently come into some stimulus money are the ones signing up for these signal / analysis groups but after doing some further research it seems like even professional traders are using telegram and discord to chat with their team and trade together. These communities are known as "signal groups" or "analysis group chats" and they are taking over social media with "trading mentors" hosting private group chats that people pay every month to be subscribes to like an OnlyFans for investors. You can pick and choose what mentor you want to get signals from and then trade exactly like them.
Signal Groups - Good or Bad?
Signal groups are not risk free. Just like anything to do with investing, there is risk that you have to take into account. First, you need to make sure you pick your mentor / signal group wisely because there are a lot of scammers in the forex industry that make all their money from selling signals and courses on how to trade but they themselves don't actually know how to trade. After you have found a mentor whose group you want to join you need to make sure you yourself know how to trade and use risk management because your mentor is sure to lose trades every once in a while and if you don't know how to manage risk in the market you are destined to lose all your money. At the end of the day signal groups are a great tool for new investors to see how more experienced traders trade but they are not a holy grail to financial freedom, it will still take work on your end to make your account consistently profitable even with signals.
Best Signal Groups?
If you are looking to join a signal / analysis group that is hosted by a professional trader and not a demo trading scammer you can check out the list of verified mentors down below. Go follow them on instagram!
VERIFIED FOREX MENTORS
Daniel Savage - @fxdanielsavage
Cooper G. Thomson - @coopergthomson
Samy - @Sam9y
Raul Gonzalez - @lamboraul
Platinum Traders Club - @platinumtradersclub
Professional Sniper - @professionalsniperfx