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To make optimal progress in your crypto trading journey, the timing of when you enter or buy an asset and when to sell it matters. This is what is referred to as “entry and exit points.”
Finding the best entry and exit points to trade a crypto asset is what separates ordinary traders from top traders and investors that make big profits using quality crypto trading signals.
However, before getting into crypto signals, a beginner needs to know exactly what signals are, the types of trading signals, and how to use them. This article is a guide to understanding all about crypto signals.
For a simpler explanation, crypto trading signals are information or data showing a crypto trader when to enter the market and leave to make a profit. To understand crypto signals better, a trader must know the meaning of every piece of information in a crypto trading signal.
The first piece of information a crypto trading signal contains is the cryptocurrency the trader or investor will buy. For instance, a trader can decide to trade bitcoin or altcoins such as Ethereum, Cardano, and others. Besides
The next information that a crypto trading signal has is the entry point of the trade, or you can call it the buy-in point of the trade. This is the price at which the trader should buy the cryptocurrency before trading them. The next information is the exit point: the price a crypto trader should sell their coin to make a profit or reduce losses.
Another information that some crypto signals have is the stop loss data; it is a risk management strategy and can come in handy to avoid making losses.
There are different crypto trading signals that every crypto trader should be aware of, and they include the following:
As the name suggests, free and paid crypto signals are a category of crypto trading whose comparison focuses on price differences.
A free crypto trading signal is a signal that a trader receives without having to make a payment for the information. Many people are drawn to free trading signals because they are free, but they can be risky. Most platforms usually offer free trading signals as free trials or when they have a promotion campaign.
For paid crypto signals, they are trading information that a trader needpay foro pay if they want to make a successful trade. While fewer people subscribe to paid crypto trading signals, the information are usually top quality as the expert trader has a reputation to preserve.
You can access profitable trading signals through the BingX copy trading platform, where you can easily copy the trading signals from top experts.
The next category of crypto trading signals is manual and automated, focusing on the signal generation mode. The manual mode of signal generation is the type that involves the provision of trading information from experienced professionals.
To understand better, the manual generation process is when someone with a good track record of trading success provides signals. In other words, successful crypto traders are the ones who manually provide these signals. Copy trading is a perfect example of this process.
The automated signal generation mode involves a highly programmed computer that provides profitable trading information to traders. These machines can detect a trading opportunity in the crypto market and subsequently alert traders with a subscription to their service.
Read More: What Is Copy Trading
According to the definition, crypto trading signals are very important if crypto traders don’t want to play around and lose money in the market.
Crypto trading signals can help amateur and professional traders save time and money. As a crypto trader, the first thing one does before any trade is technical analysis; it can be hard and tiring; one can spend hours or even days with technical analysis.
This is where crypto trading signals come in; they eliminate the stress of piling and analysing so much information before engaging in a trade. It gets even better for beginners; they only need to know the entry and exit points to begin a trade. This also eliminates the amount of money traders would have spent paying for technical analysis platforms and other tools.
Now that you have a clear idea of crypto trading signals, how do you use them well? If you are a crypto trader and want to use signals prepared by others to trade, there are certain things to do first.
First, you need a good platform to get quality trading signals, like the BingX Copy trading platform. Some factors should determine your signal provider, such as a good reputation, a trial option, good customer support, and a community.
This is what makes BingX safe and appealing to customers. BingX is a global crypto exchange licensed to operate in Canada, the US, and other countries. The crypto exchange has a presence in over 100 countries and keeps expanding.
Within the short period that the crypto industry has existed, it has become one of the biggest financial markets worldwide. Even for people in developed countries, the crypto market now serves as a means of making money through cryptocurrency trading.
When you receive a trading signal, you first look at the entry and exit points and implement exactly what you see. If the signal came with stop-loss information, you should also implement that.
To profit from crypto trading, you need quality crypto signals, which are only useful when you have a good knowledge of trading signals. Now that you do, you need a leading global crypto exchange like BingX to get top signals