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 refresh their trading knowledge, it has also helped create many groups where pitfalls and flaws abound. Here are the details of these disadvantages and the alternatives to be preferred:
3 big flaws of Telegram trading groups
There are a host of abuses and scams operating on Telegram at all times these days, and virtually every regular Telegram user has been targeted by at least one form of these inconveniences on the platform.
1. Poor organization of Telegram groups
The first big flaw of Telegram trading groups is the lack of organization. Indeed, for many of them, the messages are numerous, unclear and it is often difficult to extract something relevant from the mass of information.
The signals provided generally lack formalism (position size, money management) and can be sent at any time (time difference) and at any frequency (10 signals in one day then none for 5 days for example).
This lack of organization often leads to great difficulty in correctly following the signals provided over time.
Moreover, 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 results presented).
Otherwise, you will have to have an account open on many platforms, which involves capital management between them more tedious.
The basic rules of risk management are often overlooked in favor of dubious “pump and dump” strategies (sending a signal to a large community on a low-liquidity asset to cause its price to explode, which then collapses) .
In this case, you will often be the last to arrive, buy at the highest and will suffer a heavy loss.
When it’s not about these risky and illegal strategies, it’s often for the holders of these groups to send many signals to make it almost impossible the calculation of an actual performance.
It will then be 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 then without interest and sometimes even inconvenient for the community.
This will bring you nothing and above all will in no way make you progress on your own.
Free Telegram groups are usually filled with spam. Before joining a Telegram trading group, you should be prepared for a large stream of advertisements, which help the owners of the free groups to monetize their business.
Trading experts with often dubious skills
In proportion to the number of opportunities Telegram trading groups offer, you can deal with them like a trap in most of the cases.
Although these groups of signals may seem interesting at first glance, you cannot be 100% sure of the reliability of its predictions.
They are usually provided by eager beginners of short-term success and perfectly mastering the tricks of communication.
Proven services work in the market for years and win with their customers, taking 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 accessible to any user connected to the Internet, there is a permanent and daily flow of new providers who can be crooks.
Indeed, beyond a lack of organization, seriousness or skills, some groups are actually pure scams.
They can take several forms whose main purpose is to make you promise extraordinary performancewith false 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 quickly disappears 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 scams seem to be fewer than on Telegram but the seriousness rarely stays 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 messaging is not particularly suitable for trading groups.
There are many disadvantages to consider when joining a Whatsapp trading group.
Many of these group chats lead you to read messages that you don’t want to read (off topic, vulgar). Indeed, 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, in the same way as on Telegram, the skills of expert nicknames are often questionable and risk management rules regularly ignored.
Finally, unlike Telegram, there is a great lack of confidentiality on Whatsapp. In Whatsapp groups, each participant can easily have access to your phone numbereven if you leave the group.
These groups are therefore often infiltrated by people simply wishing to retrieve your details in order to then send you private messages or sms for scam purposes or simply wishing 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.
Indeed, the platform is more adapted and user-friendly but the problems of spam, scams, lack of seriousness and skills remain present.
These Discord groups are generally large and it remains complicated to navigate and find relevant information.
If your goal is to make money, then it is recommended to trust the experts by accessing genuine trading groups with proven signals.
For a trading 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. Indeed, 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 attests to the seriousness and relevance of the group.
Supervision by recognized and available experts:
The experience and skills of the expert mentors are key elements that will allow you to succeed and progress in the trading group.
This will ensure that you get reliable information, advice and signals with well-calibrated money management which will not jeopardize your capital.
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 progress and help others to progress:
The community of traders involved in the group is also a particularly important point to take into account.
Indeed, an active, benevolent and motivated community will necessarily allow you to progress more quickly and benefit from advice from of the experience of each member.
In addition, you will then benefit from the training effect of the group which will put you in condition to become a better trader or investor.
You will not have to deal with off-topic or even hateful remarks and will be able to fully focus on your trading objectives.
Progress alone or in a group thanks to coaching:
Finally, it is very beneficial to be able to attend specialized coaching that will allow you to progress alone or in a group and to deepen key points.
Thus, you will be able to avoid the scams that abound on the trading groups hosted on the classic messaging services.
Are you tired of navigating between Telegram and Whatsapp trading groups that waste your time and money? Would you like to have access to a unique digital trading room, supervised by recognized experts to win and progress? Then join EnBourse Elite™ now:
