As Bitcoin (BTC) and cryptocurrencies have been growing and expanding in recent years, a large number of users is starting to trade with signals providers. However, the main question we receive is whether we can make profits following trading signals providers. Keep reading and we will give you the answer to this question.
Before we start, we need to tell you that we are not financial advisors and that profits are not guaranteed at all. Before investing make your own due diligence, analyse the market and the services you use and always ask for information to your professional financial advisor. Never invest more than what you are able to lose.
That being said, let’s go into the article!
What are trading signals providers?
Trading signals providers are companies or groups in social media networks that allow traders to follow valuable information about the right moment to buy or sell a specific asset. There are trading signals providers for both the forex market and also for virtual currencies. Nonetheless, some other signals providers are also working with gold and Bitcoin, among other assets.
The benefit of following trading signals providers is to be able to have usually accurate information to trade virtual currencies or other assets. The information that we will receive can be used to open traders, establish take profit levels and also set up stop-loss orders to avoid being liquidated if we trade with leverage.
Not all trading signals providers have the same signals or the same strategies, this is why we consider you should search for the best trading signals providers in the market before you start paying for a VIP subscription to one of them.
Can You Make Profits Following Trading Signals Providers?
This is the question that we receive on a regular basis: if it is possible to make profits following trading signals providers. The answer is yes, it is possible to make profits following trading signals providers. However, profits are not guaranteed.
Indeed, you can still lose money with trading signals providers. What you should know is that the team behind these trading signals groups have been working to create trading signals that follow specific indicators that would be pointing to the best moment to buy or sell an asset.
If these signals are not accurate, then the group would go under and it would not operate anymore (it would not have subscriptors). There are many different strategies on how to better find accurate trading signals providers. Here we give you some tips:
● Check the number of followers they have
● Confirm the followers were not bought
● Check their official site
● Search for monthly reports about the signals provided
● Check their blogs to see if they have content uploaded on a regular basis
● See the comments on Trustpilot
There are many other ways you can use to understand whether the trading signals provider is legitimate or not. You can also try talking to the owner of the group if he is available, this can be a good way to get valuable information about the way in which they work.
If you want to remain profitable trading with signals providers, you will also need to understand how the signals the groups provide are going to fit into your trading strategies. Each group is different and would send diverse kinds of signals.
You can also automate your trading if you use the Cornix bot or other solutions but take into consideration that not all the trading signals providers and groups are going to be supporting trading bots.
Trading signals groups are also known for sharing with users technical analysis and also fundamental analysis. These reports can be useful to understand how to better trade in the market. You can compare reports over the last months to understand which were the most profitable trades and trading pairs and start following only these trading pairs rather than all the signals.
Conclusion – Can You Make Profits Following Trading Signals Providers?
We are very grateful you have read our post. Trading in the cryptocurrency market is not so easy but trading signals providers are there to help us remain profitable. Nonetheless, these trading signals groups do not guarantee results or profits. This is something you need to take into consideration if you are planning to buy a plan from these providers.
However, trading with signals can make the whole trading experience much better and also profitable if you made your own analysis as well.
