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Crypto signals show beginners a profitable path to trading in cryptocurrencies. Some crypto experts even claim it is impossible to gain success without relying on crypto signals. Therefore, when you’re first starting out, look for a reliable crypto signal source, either a channel or a service provider.
However, finding a reliable source for crypto signals can be a difficult thing. There are several things to consider, including the four major components we discuss here. These should be at the your top of your list of what to look for. Without guidance you won’t be able to trade successfully, so make sure these components are your first priority.
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Four Major Components of Crypto Signals
There are many components needed to consider among the best paid crypto signals groups. However, expert traders usually think of the following four components as the basic ones.
1. Use Crypto Signals to Determine Which Coins You Will Invest In
There are more than 3,000 crypto coins on the market. People usually think only bitcoin, Ethereum, Doge and some other famous coins are worthy to invest in. But while these coins have a high market value and can bring you good profit, you can also lose big with them as well.
There are many other coins in which you can invest and possibly gain profit. By watching the crypto signals for various coins, you will get ideas about the coins you want to invest in.
2. Use Signals to Decide When to Buy and Sell
Crypto signals will tell you a great deal about how the various coins are behaving in the market. This can help you decide precisely when you should buy and sell. For example, you should probably purchase a coin when it reaches its lowest value. Conversely, you should sell when a coin is at its peak value.
This will help you to “buy low and sell high.” In this way, you can earn greater profit. So make sure your source of crypto signals includes this component.
3. Crypto Signals Can Tell you at What Price You Need to Buy and Sell
Crypto signals will also tell you the price value of the coins you’re interested in. Watching the prices of the coins will help you to earn good revenue.
4. Use Signals to Properly Apply Stop-Loss Orders
Many traders’ believe that crypto signals guide them in applying stop-loss orders properly. This is because signals give you a coin’s historical range. For example, you will be able to see the lowest price a coin has ever reached. Then, when the price value of the coin reaches to this value you will know to buy.
In the same vein, you will also be able to see the coin’s historical peak value. You can set this value in maximum range for your stop- loss order and your coin will automatically sell when it reaches this price. Knowing a coin’s historical range will guide you in setting boundaries. This can save you from losing your hard-earned money. So make sure you get this extremely important signal from whatever source you choose.
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These are four major components every crypto signal provider must give you. However, some signal providers miss these components. Make sure you’re getting all the information you need to be a successful cryptocurrency trader by looking for these crypto signals in the service provider you choose.
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