XAUUSD Telegram Channels and why they hurt your progress
The sheer amount of telegram channels and tiktok lives dedicated to trading signals, especially XAUUSD, is insane.
When i first started doing it nearly 3 years ago, there were a few here and there with varied results, some you could rely on if that was your thing, and some that were pure garbage.
The reason why they were such garbage was tactical. They hand you a few winners here and there to get the numbers up in the groups, then start sending multiple signals a day that end up losing. The reason for this is, they get paid more by brokers when you lose.
They know you'll revenge trade and up the lot size, and the signal provider makes more money on the affiliate deal and i know first hand, its BIG money. (i was offered lots of deals some at 15k a month and more)
Following multiple channels can hurt your progress as a trader as you will confuse yourself in positions as one channel may say buy, another sell and with different technical analysis. You will constantly second guess yourself and eventually, blow out. Then FOMO comes and you reload the account, the cycle continues.
There is nothing wrong with taking signals, if thats your goal from the markets. Make some money on the side of your job, stop loss here TP there, but remember ..
what happens when the signal provider disappears and get burn out like i did? then what? .. next guy?
The best thing you can do for yourself is learn basic market analysis but DO NOT buy a course. Ever. Take it from me .. the educational side of this business is a mess.
Find a mentor you trust with a record and ask for a 1 on 1 from them, learn first hand. no chat rooms, just knowledge passed .. thats the best way to learn .. and KEEP IT SIMPLE
TLDR:
Cut out the noise of telegram signals
Realise its a business and you are the product
Learn market structure and basic support resistance
find a MENTOR not a course seller
i post my trades and thoughts daily on X .. search tommyxau