When you start your journey of learning how to day trade or invest in cryptocurrencies, you might have some lofty goals. Quitting your day job, increasing your earning potential, and being free to pursue your purpose in life are a few of the perks that are possible if you get good enough to be trading for a living. The reality is often much harsher than people expect, though. That’s where trading signals come in.
Even this young crypto market is full of expert investors and whales (i.e. people with large enough portfolios to impact the price when they buy and sell Bitcoin), and making money with such strong competition is a difficult task, to say the least.
However, there is one way to start trading like an expert even if you’re a brand new to the cryptocurrency investment game.
What are crypto trading signals?
As day trading started to grow in popularity in the 1990s and 2000s, some successful traders figured out that they could monetize their knowledge by sharing their trading decisions with subscribers in real time.
Essentially, a trading signal is a trigger to buy or sell a security that’s broadcasted publicly or privately to a group of subscribers. Signals themselves can be based on countless different criteria (e.g. trade volume, search trends, news, etc.) and can be sent out by human traders or by trading algorithms.
Now, the same idea from the stock market is becoming popular in the cryptocurrency market too. In fact, crypto signals may even be in greater demand than stock signals in the future thanks to the accessibility of cryptocurrency trading – which is open to anybody, 24/7/365.
Should you buy crypto signals?
Day trading for beginners is very rarely profitable. That’s why our bitcoin trading platform simulates a real cryptocurrency exchange using play money and fake trades so that you can learn how to trade cryptocurrency without any risk.
But even with the day trading simulator, it will probably take a lot of consistent practice before you become a profitable Bitcoin trader, let alone start trading for a living.
If your goal is to make money with Bitcoin and altcoins right away, then crypto signals can help you to do that: you can use our Copy My Mentor feature to automatically replicate trades from successful mentors you subscribe to in our platform and execute them in Binance, a real cryptocurrency exchange. Moreover, observing those investors is a great way to learn new trading strategies so that you can more quickly become profitable on your own. In case you’re stuck trying to pick the right coin(s) to trade, you can also view the portfolios of users in the Marketplace to discover which cryptocurrencies are most common among profitable traders.
How to pick the best trading signals?
Investing in the right crypto signals is a skill just like investing in cryptocurrency itself. Our Marketplace is designed to help you pick trading signals that will pay for themselves by boosting your ROI and enabling you to trade on real crypto exchanges while you learn with us.
Take a look at the available signals and pay close attention to the level and achievements of the signal seller, as those will give you a good idea of how successful that trader really is. Once you’ve done your research, subscribe to a trader (or two) and copy their moves on the trading simulator for a while.
If they help boost your ROI on the simulator, then you’re finally ready to make some real money trading cryptocurrencies. Good luck. 😉