How to make money in Crypto with Trading Signals
I always believe that I can do what any human does. Do you think that? Well, while that is a motivating remark, it appears that people have different skills and strengths.
I think that is while the economist invented the concept of division of labor.
Some people are good at investing, while some are good traders in the crypto space.
However, it appears that trading does not just end in seeing bullish run-in tweets; it involves combining technical and fundamental analysis to analyze the market trend. While technical analysis looks complex, but there is a way you can become a trader by not always exploring the market using TA.
It is to use trading signals. Trading signals are suitable for people who don’t have the time to analyze the market but are interested in trading.
It is good for those who want to make money in crypto regularly. However, get your signals from a reputable platform that have knowledge and result.
Therefore, in this article, I shall help you understand how to use a trading signal profitably. By the end of this article, you will know how to use trading signals like a pro.
How to Interpret Trading Signals
The first thing to know in trading is how to interpret a signal and how to use it. Here are the components of the Trenndify signal for BNB/USDT and how it works.
BUY ALERT BNB/USDT
BUY ALERT BNB/USDT
It simply means you are predicting that the price of BNB will rise in the future. So, you will be buying some BNB with your USDT to expect the price to increase.
When you sell-buy alert, it simply means buy at the current price and expect an increase in the crypto asset price.
Entry Point (ET1):
It simply indicates that the price to place a trade. The entry price for that BNB/UST is 534, meaning you should buy BNB at 534 and wait until the price rise to a level where you will take profit.
However, to place a trade, you need to know how to use the Binance spot market. It is demonstrated in the video above.
Take profit 1 (TP1)
It simply means that when the market starts rising based on the prediction, the trader should take profit at that level. The analyst knows that the price increase will not be continuous, so traders need to know when to cash out.
The above signal shows TP1 to be 540.4. At this first level of price increase, the trader should take profit.
Take Profit 2 (TP2)
It indicates that when the price of BNB keeps rising, the second level to take profit is 560. When a signal reaches TP2, it shows that the market is in a bull run.
So, the best thing to do is make TP1 your new stop loss when you see that the price is rising beyond TP1.
In some signals, the TP can be from level1 -level 3.
This component of the signal shows the price level at which the trader should manage his loss. It is a risk management strategy because prediction or forecast does not always happen the way we analyze.
With a stop-loss, when the price of BNB is reducing or falling, the trader should sell-off. In the above signal, the SL is 510.
Hence, you should know that you will turn into win all trades. Trading is a calculated probability.
Trading Signal and Risk Management
The good thing about using trading signals is that there is a stop loss and take profit levels. Many exchanges have functions to automate this.
It means you can set up a trade on Binance and automate it to either stop loss or take profit simultaneously.
It enables you to both manage greed and loss that might be the outcome of the trade. Greed in trading is when you are making a good profit, but you want more.
Loss in trading is when the price of the crypt asset falls below your buying price. A good signal helps you to manage both profitably.
In the crypto space, we have full-time traders, but some are not technical analysts. At the same time, other players are both holders and traders. Another group is the full-time investors. Opportunities abound for all players.
Making money trading crypto is made easy and effective with good signals.
At Trenndify, we provide accurate signals and support couples with rare crypto gems to community members. Join the Trenndify community here.