Cryptocurrency trading can be a lucrative venture, but it is also a high-risk investment. One way to minimize those risks is to use free crypto signals to make your trades. By following the advice of experienced traders, you can make more informed decisions about when to buy and sell and increase your chances of making a profit.
There are many sources of free crypto signals available online, so do your research to find the best ones for you. Be sure to check the credibility of the providers and make sure that they have a history of successful trades. Following the advice of a reliable source can help you make more money from your cryptocurrency investments.
Another way to reduce your risks is to practice with a trial account. This will allow you to familiarize yourself with the trading platform and learn how to use the various tools available. You can also test out different strategies without risking any real money. Once you feel confident, you can begin trading with real money.
Cryptocurrency trading is a high-risk investment, but by using free crypto signals, you can minimize those risks and increase your chances of making a profit. With the right approach, you can make a lot of money from your cryptocurrency investments.
Outperform the Market with the Telegram Group
First off, a large percentage of the crypto signals community resides on Telegram. As such, the process of joining the Platform is to get in contact with the admin of the signal group, who will then walk you through how to pay and join. Yes, you do have to pay to receive some crypto signals, and while that has some downsides, it’s a worthwhile investment — what you pay in fees will be more than recouped when you receive signals from a professional trader.
This is a good moment in the guide to explain how these signal providers structure their groups. Bearing in mind that these groups are all on Telegram, a typical structure may be:
Free Group – This Telegram group will contain all the non-paying individuals who are interested in signing up for a premium group. The free group typically contains the largest number of members and gives the signal provider an opportunity to show the non-paying members who can still make a profit by signing up for a premium account.
Paid Group – If you decide that you trust the signal provider, you may decide to sign up for their paid group, where you’ll receive all the premium signals. In this group, the provider must really demonstrate the value you’ve paid for by sending signals that generate returns. If the provider fails to do so, they risk their members not renewing their premium membership for the following month.
The premium telegram groups are often cryptocurrency exchange specific. This is why it becomes important to have an account with the exchange your provider is sending signals for.
Furthermore, in terms of pricing structure, these signal providers will typically require you to pay monthly in order to have access to their premium channel.
Get into the Best Group
By now, you should have a much better understanding of crypto signals and crypto signals providers. But how do you know which group to join? What makes one signal provider better than the next? Of course, providers will vary, but in general, a crypto signals provider should have the following features (in addition to the signals themselves!):
- Notify you of updates
- Provide the latest news stories
- Provide technical analysis
- Automated Trading
Notifying you of updates – We’ve briefly touched on this earlier in the guide, but a crypto trading signal provider should absolutely give you updates on any signal they’ve issued. If you decide to follow a signal but then have no idea how your trade is performing, that’s a terrible user experience. Providers will therefore ensure that they release updates on any previously issued signals, whether it’s updated on if the buy-in price has been achieved or a profit target has been reached; you can be sure that you’ll get a notification when something important happens.
Keeping you updated with news stories – Good providers will also comment on any news stories that may affect any signals they’ve issued. They can encourage their members to hold strong and stay in a position despite the seemingly bad news, or they may encourage them to sell. Either way, a provider has more knowledge than their members and should be offering guidance on how best to navigate any uncertainty.
Providing Technical Analysis – Some people are content to blindly follow the calls of a signal provider, but if you want to know a little bit more about WHY a signal is being issued, then you’ll want to join a group that provides technical analysis. Technical analysis, or TA, is simply the use of historical trends to try to predict future price movements. These are the tools that signal providers will largely use to try to identify profitable trades. You can use the fact that whether or not a provider decides to issue TA analysis is a factor when determining the competence of the provider. If the provider posts well-thought-out, and easily understandable analysis, it’s an indication that they know what they’re doing. However, if the analysis is nonsensical or non-existent, it may bring the credibility of the provider into question.
Automated Trading – Automated trading is becoming a staple when it comes to cryptocurrency trading. More often than not, the trade activity you may see in the order book of a cryptocurrency will be bots; this is due to the several advantages that the use of one offers. The biggest advantage of bots is the speed of execution, which is why when sending out signals, providers will typically have the option for their members to follow the signal through the use of a bot. The most popular bot used for following signals on Telegram is Crypto Chiefs.
Pros of Crypto Signals Trading
Now that you’re effectively an expert on crypto signals providers, what are the pros of subscribing to one?
Can be very profitable – The obvious advantage of subscribing to a crypto signals provider is that if they do what they say on the tin, then they can be very profitable. Even though you may not see news stories of people becoming millionaires from these groups, they can be a great way of adding an additional $1,000 to your monthly salary. With that being said, you can only be as profitable as the provider you’re with, which is why it’s important you select carefully. There are plenty of self-proclaimed professional traders out there offering paid signals, so it’s important that you find a group with a proven record of success.
No need to conduct research yourself – The second biggest advantage of using a crypto signals provider is the sheer amount of time you can save. You no longer need to spend hours looking at charts or conducting research yourself when you can pay someone else to do it. As long as you’re able to generate a return greater than the amount that you paid to be to be part of the group, then it’s more than worth it.
Great learning opportunity – Subscribing to a crypto signal provider gives you the opportunity to learn from those who are better at spotting profitable trades than you are. Given the fact that so many providers conduct technical analyses detailing the rationale behind each signal issue, you can read these posts and try to apply their teachings for yourself. Gradually, you’ll become more proficient at spotting trades to a point where you may not even need a signal provider anymore.