Want to get crypto trading signals on a regular basis? When you buy the “right” coins, you unlock the door to outstanding returns and that’s exactly where these crypto signals come into play – to help you recognize which cryptocurrencies have the greatest potential.
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The Crypto trading signals can be based on multiple factors such as technical analysis, latest news and rumors and market situation. If you wish, you can also opt for crypto trading signals provided by professional and experienced traders.
You can only benefit from these crypto signals if they are trustworthy and have a proven track record. Otherwise, it’s best to just do your own crypto trading charts analysis as in the end it will probably yield better results.
Crypto coin trading requires some level of experience, which everyone lacks when they get started in this new business. Getting free crypto signals when you’re just getting your feet wet can be a good way to learn crypto coin trading.
Crypto Trading Signals – Definition
Crypto trading signals are trading ideas or trade suggestion to buy or sell a particular coin at a certain price and time. These crypto trade signals are generated either manually by a professional trader, or by trading algorithms and bots that send the trade signals automatically.
Usually, the trade signals also have attached a take profit and a protective stop loss. Basically, your back is covered from all sides.
Nowadays, there are many crypto trading platforms that allow copy trading. If you really believe in your trading abilities you can use these crypto trading platforms to share with others your trades and earn an extra profit.
There are free crypto trade signals, but if you want something more reliable you need to pay a subscription fee to a crypto signal service provider. There are monthly subscription plans, quarterly subscription plans and even annual subscription plans.
That crypto signal provider will send you the trade signal directly to your email, smartphone and through any other fastest means of communication.
The cryptocurrency trading signals are transmitted in a timely manner so you can take advantage of them.
Below is an example of a cryptocurrency trade signal:
We are going to explain to you what all the parts of the signal mean…
In layman terms, the above trade signal indicates to BUY Bitcoin, at $7,450, using a take profit level of $8,200 and a stop loss order at $7,000.
Without further ado, these are the five elements of a good cryptocurrency signal.
Feature #1: Action – Buy/Sell
The first element of a typical trade signal would indicate the action you need to take. If you’re trading cryptocurrencies, there are only two types of action you can take, either to buy or to sell.
Obviously, if there was a SELL shown instead of a BUY, you would of course have to hit the sell button.
That is easy!
Feature #2: What Coin to Buy/Sell
The second element of a crypto trade signal would indicate what coin you need to buy (or sell). In other words, we need a particular instrument to buy or to sell.
In our example above, the trade signal was issued for Bitcoin. Of course that trade signals can be issued for Ethereum, Litecoin, Ripple or any alt coins that the crypto signal service provider finds right to send.
There is nothing much to add here.
So far, we have learned that we have a Buy signal for Bitcoin.
Let’s now see the next element of a typical Bitcoin trade signal.
Feature #3: The Price
All signals suppliers will give you the price at which you have to buy or sell a cryptocurrency. The crypto price can either be the current market price or a price that it’s above/below the current market price.
Now, if the cryptocurrency signal provider sends you a coin that needs to be bought or sold at the moment of signal’s issuing, then you need to act fast if you want to get the same price. In most instances, when you’re given a crypto signal with a current market price value you’ll get a slightly different price.
You might be using a different cryptocurrency exchange that has slightly different prices, or due to the short-term high volatility the market might be moving too fast to catch the same price. An automated solution like the arbitraging trading software would resolve this issue.
You can still take advantage of this type of crypto signal if the market didn’t move that much, so a good portion of your potential profit to vanish away.
Feature #4: Take Profit and Stop Loss Orders
All signals should come with a take profit and stop loss order that offers you a decent risk to reward ratio. By using take profits and stop loss orders you’re going to be able to leave the trade work for you without monitoring it all the time.
You’ll not need to guess where to close the trade. That’s a hard thing to do because this treding idea was not yours in the first place. And you don’t know what are the reasons behind the trade unless they are specified in advance.
Using a predetermined SL is a great way to minimize losses related to unfavorable changes in the crypto price.
Feature #5: Additional Information
Additional analysis and supporting crypto trading charts can be added by your favorite cryptocurrency trade signal provider. This additional information can come in various forms.
For example, the crypto signal provider can give you ways to trail your SL. Or to incorporate the time element and inform you to close the trade by a certain hour. Additionally, you can also receive a full analysis of the reasons that went into that specific trading idea.
The cryptocurrency trade signal can even contain some risk management as well.
Crypto Trading Charts
There are really two types of crytpocurrency traders. The first type of crypto traders is the one who wants to put in the necessary time and effort to learn by themselves the art of trading. The second kind of crypto traders is those who want to make money from the cryptocurrency market without too much effort.
If you find yourself in the second category, then you should try to use some of the best crypto signals to achieve your goals. Learning to cryptocurrency trading is not an easy task and something that you can do overnight, and that’s where a crypto signal provider comes to the rescue.
However, if you find yourself in the first camp, you should try using crypto trading charts to analyze the crypto market and find the best trading signals for yourself.
When you follow a crypto signal service, you basically shift the responsibility onto someone else. In this situation, it’s very easy to blame someone else when the crypto strategy doesn’t work.
To trade the cryptocurrency market successfully, you need to take some responsibility. You need to understand the reasons behind the trade signal. By using your own crypto trading charts analysis you can gain more trust in the trade you take and you’ll be able to better manage your market exposure.
Conclusion – Crypto Coin Trading
If you want to be an independent crypto trader and find real success you need to learn the art of crypto trading and not rely on others. However, if you think that crypto trading signals can help you grow your crypto trading account into something very substantial, you can use some of the crypto trading platforms that allow copy crypto trading.
Should you subscribe to crypto trading signals?
It’s up to everyone to do his own research and decide for yourself if this is a good or a bad idea. However, you have to keep in mind that reliable cryptocurrency trading signals are very hard to find.
If you want to leave the whole decision-making process in the hands of a professional and if you don’t have enough time or experience to analyze the crypto market and come with your own trading ideas, relying on others can be a good idea.
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