Crypto Signals Telegram is specific to a particular exchange. So, determining the right group to join depends on the exchange you want to use. Also, not all markets offer certain coins. Therefore, if you are interested in a particular coin, it is vital that you carefully chose the exchange to work with.
Setting selling targets On Binance
Binance is the most popular exchange market with millions of traders. It provides traders with an opportunity to buy and sell assets at any time. If you are selling an asset, you will always find a willing buyer on Binance. Similarly, if you want to buy an asset, you will always find a willing seller on the platform.
Note that most cryptocurrency exchanges look alike. So, once you learn how to use signals on any one of them, you should be able to trade on other exchanges without a problem.
Protecting Your Capital
But every signal comes with the entry, stop-loss, and take profit price. The stop-loss price is the most important because it safeguards your capital. Note that the crypto market is highly volatile and so anything can happen at any time. At some point, altcoin prices will soar and or drop in the next minute. So, it is a good idea to secure your funds against possible losses. Placing the stop loss at the right point secures your investment and will allow you only to lose that which you can afford to lose.
If the signal does not come with a stop loss, you may need to calculate the amount of money you are ready to risk.
Most traders risk 5-10% of their investment. So, calculate the amount you can lose and subtract it from the buying price indicated in the signal. You will then set the stop loss, and if you are using software such as Delta, you can set an alert to notify you as soon as the maximum loss threshold is reached.
To succeed in trading cryptos, you will need to know some vital elements which should always be present in the Signals that you may want to use. But you need to remember that the signals cannot be 100% accurate. Even though you should be able to identify those signals that come from random persons. Here are the five elements that can help you identify quality signals
Any good Signals group should state the action the trader must take. Here, you have two choices. You can either buy or sell an asset. Therefore, a signal that does not tell you what to do is from a random person and should be ignored. Trading using authentic and trustable signals is vital.
The Currency To Trade
It is important to assess the currency the signal refers to. A mistake in choosing the currency can lead to losses. Typically, most signals target the main cryptocurrencies such as Ethereum, Bitcoin, and Litecoin.
You must pay attention to the price suggested. Most markets will write the price of the asset a little bit higher or lower. So, getting into the trade as quickly as possible could help you rip the most from the signal. If you delay a lot, you are likely to lose momentum and squeeze your profit margin. Also, watch out for fast price movements. This will always happen when dealing with a major currency like Bitcoin.
Also, check out if the price offered is for a specified exchange. Some providers will offer the price for a specific broker or exchange. As a result, the price differences can make you lose profit if you do not act fast.
Take Profit and Stop Loss
They are essential elements that any Signals group must pay attention to. The two will allow you to trade while engaging in other activities. You should always confirm and enter the right stop-loss price to protect your capital and the take-profit values. The take-profit values allow you to protect the profits you make from being swallowed when the trend changes direction. Therefore, these two elements are essential and can give you the freedom you need to engage in other activities.
Any viable Signals group must have a section where they post other useful information. The section should explain to the trader why a certain action was taken, the strategy used, and the analysis results that made the team decide to take action.