When you drag and drop the Telegram Signal Copier in the chart, the EA settings window will open. You have to set your own risk management in forex trading. There are several options for setting up the risk management.
With our Telegram Signal Copier, you can set either LOTS or RISK PERCENTAGE. Let us show you where to find these options-
How to set lots for risk management?
Whether your telegram signal provider has one TP (take-profit) or more than one, you can set your lots according to your needs. Just open your TSC EA settings and scroll down to LOTS TP1, LOTS TP2, LOTS TP3, LOTS TP4, and LOTS TP5 options to set your lot size.
This option will split the lot among the 5 different TPs. Usually, multiple TPs are given in one signal and this option is used when 3,4,5 positions are opened for a single trade.
if you select TRUE then lot will be split. For example, you input lot 0.05 for TP1 and activate the split lot. It will divide the lot size among the 5 TPs.
⬇️If you set FALSE, you can use different lot sizes for different TP⬇️
First set the split lot to false. Then put how many lots you would take for each trade. Kindly note that if you put -1 in any TP, the TP won’t be placed.
Special Lots option is used for manually mapping a symbol to take a lot size. This option is applicable when you want to use different lot size for different pairs. You can set any lot size for different symbols . For example, you want all currency pairs to take lot 0.04 but for Gold, you want to take 0.02. You can customize your preferred lot size to your desired symbol and reap the profit!
Here is how you can use special lots-
Let’s say, you want to take 0.07 lot for XAGUSD, and 0.11, 0.22 for TP 1-TP2 for XAUUSD. You have to set up like this- XAUUSD:0.11-0.22,XAGUSD:0.07
Remember to put comma in between each pair like above.
There is no difference in risk factors and risk management in forex trading. This portion is the same as the dynamic lot size, and here you can take any percentage, but basically, we prefer trading with 2% risk management. So just input 2% in TP1 and keep the split lot TRUE and keep TP2 and TP3 default.
If you do not want to set a specific lot size but want the copier to calculate lot size depending on your preferred risk percentage, then this option is for you.
1. First set the Split lot to false. Then, Set Lots TP1-5 to 0.
2. Put 2 in Risk Factor TP1, TP2, TP3, TP4, and TP5 and click OK.
Kindly note that if your provider doesn’t share any SL/TP with the signal or update it later, you need to set SL/TP Override Mode to If Only SL/TP Not Provided if you want to use risk percentage.
You can only use one risk setting here. Either by lot calculation or risk percentage.
Yes, Telegram Signal Copier will even help you add the spread of your broker automatically into your signal’s SL/TP.
You have to select True in this option and the copier will add spread by auto calculation based on your broker. Note that, broker spread can vary from 0.05 to 10 pips. For more clarity, you get a signal like EURUSD BUY 1.2050 SL 1.2020 TP 1.2080. If your broker spread is 2 pips then copier will set your SL for BU ORDER (SL -2 PIPS)= 1.2018 and TP accordingly.
This is everything you need to know about setting RISK MANAGEMENT. You can check out our other resources, if you have more questions lingering about Telegram Signal Copier EA. You can reach our 24/7 support too!