In a volatile market as the crypto market, any resources or tool to improve your chances of winning in your trades is valuable. Unfortunately, so many crypto enthusiasts do not know how and when to open a trade position to be profitable. This is where crypto trading signals come handy.
Crypto signals are designed to help traders maximize their trading skills and also enjoy a decent return on their investments. These signals are generated and transmitted by expert traders who have a track record of earning huge returns on the crypto market. Whether you’ve been on the market for years or you are a beginner, trading cryptos since 2009, you need crypto signals to make your trading adventure meaningful.
Therefore, we will take a look at the concept of crypto signals, why you need them, and how to them, and much more.
What Are Trading Signals?
Crypto signals are trade suggestions to trade specific coins at a certain time to make a profit. They are usually generated by expert traders (known as signal providers) and shared to millions of traders across the world. These signal providers use different channels to deliver the trading signals to traders in need.
Why Use Signals To Trade The Crypto Market?
In a relatively young crypto market, so many crypto traders rely on signal providers and trading bots to provide them with signals and trade ideas. On the other hand, experienced traders generate their own resources to trade the market.
Whether you make use of a signal provider, a trading bit, or you leverage copy trading, the aim of using trading signals is the same – to get informed ideas to trade any particular coin profitably.
Below are other benefits of using crypto trading signals:
● Risk Reduction: Despite the possibility of making huge profits, the likelihood of losing your capital is also very high. One way to mitigate the inherent risk on the market is to use trading signals. It can help protect your trade in case the market goes south.
● Auto trading: Another benefit is that trading signals can help you to trade on auto-pilot so that you have free time to explore other investments.
The Sources of Signals
When looking to choose the best crypto signals to automate your trades, the first thing to look at is the source(s) of the trading signals. Cryptocurrencies trading signals can be obtained from various sources, including the following:
● Signal providers: These are signal generating platforms or services that send out trading signals to their paid members. As a rule, these providers require traders to subscribe to their services. However, there are still some providers that offer their services for free.
● Trading community: Trading community is a community of crypto enthusiasts where they network to share ideas. While they do not accept all traders into their fold, they share useful ideas that can help you to take profit even in the most difficult trading situations.
● Bots and Programs: These are computer programs that can suggest trade directions. They use historical data to predict the behavior of the market.
One cannot possibly say any of these sources are genuine or not; the onus lies on you to verify any signal before using it. If you use a signal from a wrong source, the chances are that you would end up losing your hard-earned money.
How To Identify Good Crypto Trading Signals
These are some of the important things to look out for in crypto signals service, in no particular order:
1. Crypto Coins To Buy: A good trading signal must specific coins to buy. For Instance, the signal may suggest you trade BTC/LTC, BTC/ETH, or ETH/XRP. A good trade signal will have some forms of comments and graphs. It may also come with some explanation regarding the use of the signals.
2. The direction of the trade: It will also suggest whether you should place a buy or sell order, the entry, take profit, and the stop loss price: The signal will also suggest the price to buy or sell a coin pair, take profit and when where to set stop loss to protect your assets from major damage. The trade signals’ status. The status will tell you whether the signal is active or closed. For emphasis sake, closed signals are expired signals.
3. Telegram Support: A signal provider should have a Telegram group for sharing trading signals. With the Telegram group, users would be able to make comments when they make a profit or suffer a loss.
4. Website: A good signal provider should have a website where traders can order their signal services. The website should be user-friendly.
How To Use Signals
Using the crypto trading signals should not be complex. In this section, we have explained how to maximize the use of trading signals to make a profit of the crypto market. Find below how to use crypto trading signals:
1. Use a demo account first before switching to a live account, so that you don’t lose your precious money due to bad signal service.
2. Choose a genuine signal provider.
3. After identifying a worthy signal service provide, subscribe to the package that suits you.
4. Make yourself familiar with the way to get signals at earliest. Usually via email or telegram group/channel.
Final Thoughts on Crypto Trading Signals
If you are keen finding real success as an independent crypto trader, you need to start using crypto trading signals. Some signal providers offer what is known as copy trading service. Before you trade independently, ensure you identify yourself with the copy trading service. At its very core, the service involves copying the trading strategies of expert traders. When you are confident that you can be on your own, you can start to trade without using the copy trading service.
Should you subscribe to crypto trading signals? The answer is entirely up to you. But, if you want to reach your profit projections on time, without a doubt, crypto trading signals can help you achieve that with ease. You don’t need to stay awake all night analyzing the market and studying market trends, with trading signals all that would be a thing of the past.
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Finally, do not use trading signals directly with a live account. You may lose your hard-earned money if you don’t understand how the market works. You can start with a demo account, and grow yourself up the trading ladder.