diff --git a/freqtrade/rpc/telegram.py b/freqtrade/rpc/telegram.py
index dcb667d2d..7eef18dfc 100644
--- a/freqtrade/rpc/telegram.py
+++ b/freqtrade/rpc/telegram.py
@@ -326,24 +326,27 @@ class Telegram(RPC):
         avg_duration = stats['avg_duration']
         best_pair = stats['best_pair']
         best_rate = stats['best_rate']
-        # Message to display
-        if stats['closed_trade_count'] > 0:
-            markdown_msg = ("*ROI:* Closed trades\n"
-                            f"∙ `{profit_closed_coin:.8f} {stake_cur} "
-                            f"({profit_closed_percent:.2f}%)`\n"
-                            f"∙ `{profit_closed_fiat:.3f} {fiat_disp_cur}`\n")
+        if stats['trade_count'] == 0:
+            markdown_msg = 'No trades yet.'
         else:
-            markdown_msg = "`No closed trade` \n"
+            # Message to display
+            if stats['closed_trade_count'] > 0:
+                markdown_msg = ("*ROI:* Closed trades\n"
+                                f"∙ `{profit_closed_coin:.8f} {stake_cur} "
+                                f"({profit_closed_percent:.2f}%)`\n"
+                                f"∙ `{profit_closed_fiat:.3f} {fiat_disp_cur}`\n")
+            else:
+                markdown_msg = "`No closed trade` \n"
 
-        markdown_msg += (f"*ROI:* All trades\n"
-                         f"∙ `{profit_all_coin:.8f} {stake_cur} ({profit_all_percent:.2f}%)`\n"
-                         f"∙ `{profit_all_fiat:.3f} {fiat_disp_cur}`\n"
-                         f"*Total Trade Count:* `{trade_count}`\n"
-                         f"*First Trade opened:* `{first_trade_date}`\n"
-                         f"*Latest Trade opened:* `{latest_trade_date}`")
-        if stats['closed_trade_count'] > 0:
-            markdown_msg += (f"\n*Avg. Duration:* `{avg_duration}`\n"
-                             f"*Best Performing:* `{best_pair}: {best_rate:.2f}%`")
+            markdown_msg += (f"*ROI:* All trades\n"
+                             f"∙ `{profit_all_coin:.8f} {stake_cur} ({profit_all_percent:.2f}%)`\n"
+                             f"∙ `{profit_all_fiat:.3f} {fiat_disp_cur}`\n"
+                             f"*Total Trade Count:* `{trade_count}`\n"
+                             f"*First Trade opened:* `{first_trade_date}`\n"
+                             f"*Latest Trade opened:* `{latest_trade_date}`")
+            if stats['closed_trade_count'] > 0:
+                markdown_msg += (f"\n*Avg. Duration:* `{avg_duration}`\n"
+                                 f"*Best Performing:* `{best_pair}: {best_rate:.2f}%`")
         self._send_msg(markdown_msg)
 
     @authorized_only
diff --git a/tests/rpc/test_rpc_telegram.py b/tests/rpc/test_rpc_telegram.py
index 29820fba3..500acaa30 100644
--- a/tests/rpc/test_rpc_telegram.py
+++ b/tests/rpc/test_rpc_telegram.py
@@ -420,7 +420,7 @@ def test_profit_handle(default_conf, update, ticker, ticker_sell_up, fee,
 
     telegram._profit(update=update, context=MagicMock())
     assert msg_mock.call_count == 1
-    assert 'No closed trade' in msg_mock.call_args_list[0][0][0]
+    assert 'No trades yet.' in msg_mock.call_args_list[0][0][0]
     msg_mock.reset_mock()
 
     # Create some test data