If you’ve recently gotten interested in the crypto world, then you know that there’s a lot of different signals that can be used to gain an edge. One of the most important ways to make money in this industry is through trading — and just like traditional stocks, one way to do this is by finding a signal service and following it.
The problem is: many services have come out over the years, and when it comes to them all being legitimate, there’s no easy way for people to actually know for sure. In this article, I’m going to try to explain what crypto trading signals are at a more general level, and also try to answer the question: which is the best crypto signals service?
One of the best ways to find crypto trading signals groups is on Reddit. There are major groups for different coins (like Bitcoin and Ethereum) in the main sections, and then smaller channels that hone in on one specific coin or another. The major channels will always brag about how many people are following their trades at first, but when it comes time to actually follow them – not so much. So you’ll have to dig a bit deeper to find good channels.
What is Reddit?
If you don’t know, Reddit.com is a social media site where people can create their own “subreddits” – or forum boards on any topic they want. They have over a million people on the website, and they’re constantly posting new information on any and every subject. So if you’re looking for crypto signals, this is by far one of the best places to find them.
Reddit channels are also known as “subreddits,” because they can be created by any user. But if you want to create a channel on an existing topic, it’s not that hard to do so. The subreddit for Bitcoin is a good example of this – there are almost 4 million subscribers, and the more popular posts get thousands of upvotes. The most active channels tend to have very strict moderation rules, which means that the best ones have quality posts that people genuinely enjoy reading.
Popular Bitcoin and Cryptocurrency Subreddits
Here’s a list of subreddits you should be following if you’re interested in crypto:
/r/CryptoCurrency
This is basically a news feed for all things cryptocurrency. There are a ton of pictures and videos that show off what’s happening in the crypto world, so this is a good place to be for up-to-date information.
/r/Bitcoin
The Bitcoin subreddit is an essential place to go for any newbie when it comes to this forum. There are tons of information about the different cryptocurrencies and their values, as well as more advanced topics like mining pools and hardware. One thing to keep in mind is that the Bitcoin subreddit isn’t very good when it comes to trading signals, as other subreddits are more active.
/r/CryptoCurrencyNews
This is a place where you can find out the latest news that will help you to buy or sell coins. It’s similar to Bitcoin trading news but with less of an emphasis on different cryptocurrencies.
What are Trading Signals Groups?
Signals groups are basically a group of traders who share the same primary signal service but also add their own, more unusual ones. This means that you can be following the same signal service as everyone else, but adding your own personal tweaks to it.
What is a Good Crypto Trading Signal Service?
I’m going to admit right off the bat that like any other market, crypto trading signals are very much hit or miss. You pay for it, and you take your chances. I’m also going to tell you that there are a lot of people out there who are just looking to swindle people out of their hard-earned money.
There are a lot of people who buy trading signals without even knowing what they’re doing, and that’s why it may seem like so many of them are a waste of time. Some of the best services out there will have plenty of down days. Some of the worst ones will have it every single day.
That being said, I’ve been following some of these groups for a while now and can say that I’ve made many successful trades thanks to them. But that’s because I do my due diligence and only follow the signals for coins I already have a solid grasp on.
Are Trading Signals Accurate?
This is a hard question to answer. The truth is that not everyone will be accurate. This means that some days the signals will work and other days they won’t. Even if two signal services were following exactly the same strategy, there would still be a good chance that their predictions would not match up. That’s because of real-world factors outside of their control that can change the price at any time.
The human factor becomes important here as well. For example, I’ve seen people on trading signals Reddit do the exact same thing, only with a different price target. That’s usually how their trades get messed up, and why they don’t make much money.
Even if two signal services were following exactly the same strategy, there would still be a good chance that their predictions would not match up. That’s because of real-world factors outside of their control that can change the price at any time. The human factor becomes important here as well.
For example, I’ve seen people on trading signals Reddit do the exact same thing, only with a different price target. That’s usually how their trades get messed up, and why they don’t make much money. Actual traders can have an impact on the price. This is notable because it’s a whole new way to think about trading signals, and it changes the whole way you should approach them. For example, there are standard crypto trading signals that use Fibonacci retracements as a base.
Some other cryptocurrency trading signals groups have very accurate signals. As a result, their members will oftentimes have shorter trading windows, and that’s done to prevent their profits from being tampered with by the cryptocurrency market.
However, these signal services can get expensive if you’re only looking for a few trades. If you’re super interested in a specific coin though, it’s always best to skip the free services and get the ones that cost money. That way you know your capital is safe, and you won’t be getting thrown a lot of bad trades that could’ve been avoided.
How Can Reddit Help Me Trade Signals?
There are two different ways Reddit can be useful for you when it comes to trading signals:
1 – You can find a legitimate service and follow their updates to gain an edge.
2 – You can find out which groups are the best and make your own based off of them.
I personally did both of these things, but I prefer to build my own personal signals groups based off the ones I’m following. This means that when I find something that’s good, I can share it in my own channels without having to do anything else.
I know that once I find a group that follows a certain pattern and works for me, I stick with it until something happens to make me switch to another one. Some of them are very good at finding patterns in their charts, good at reading the market, or even good at creating chart patterns based on technical analysis.
Final Words About Crypto Signals Reddit
There are tons of different cryptocurrency trading signals Reddit groups out there, and you should always be careful when deciding which one to follow. There are some very good ones that have a lot of people working together and making money, but there are also smaller groups out there that can be just as effective.
That being said, make sure to do your own research before investing in any of them.
