The world of trading was once only available to elite investors. Big financial institutions were simple middlemen that matched both sides of the trade while earning hefty commissions. Today, this is not the case anymore as this forbidden world opened up to the masses. Anyone today can grab his smartphone, open an account with a broker and start trading from anywhere in the world. Many services started to pop up to cater to the average Joe. From easy guides to trading schools…the world of trading became an industry by itself. One of those newly established services is trading signals, which are pieces of information sent to traders about the asset’s price direction. Can those signals be worthy and REALLY make you money? Let’s talk about crypto trading signals.
What are Trading Signals?
If you’re looking for an easy explanation, trading signals are helpers that give traders a helping hand in determining if a specific asset was to go up or down. If traders know the direction of the trade, they would directly place a buy or sell order accordingly. Thing is, not all traders are good at technical analysis, or some even get too emotional when the markets are highly volatile. Trading signals represent green lights that highlight potential entries or red lights that highlight bad ones.
Why would Trading Signals work for Cryptocurrencies?
The equity market has two sides that work in tandem: a technical aspect and a fundamental aspect. Most portfolio managers rely on fundamental analysis around 70% of the time when trading for their clients, and only use technical analysis to assess good entries and exits.
For cryptocurrencies, things are a bit different. When there is good news in the crypto market, all cryptocurrencies rise in value. That’s why there’s no need to assess individual cryptos. On the other hand, technical analysis is mostly used when there is no fundamental news in the crypto markets. So far, crypto traders are 70% of the time using technical analysis to correctly forecast future crypto prices. This is turning out to be a good strategy so far. The cryptocurrency market is purely driven by supply and demand, the fact that makes the market fairer than legacy markets that have much governmental and institutional intervention.
Should you use Trading Signals?
Do you feel very emotional when approaching your trading? Are you barely sleeping and have your eyes glued to the screen? Are you losing when day trading cryptos? If you answered yes to any of those questions, then it is time to either quit your trading journey or find a solution. One of those solutions is using a trusted signal provider like Profitfarmers. Those guys have sophisticated AI algorithms that search the markets for specific data points. Their trading experts then handpick the best trading signals and put them in their users’ dashboards.
Profitfarmers provide extensive datasets for users in order to place educated trades. They provide an entry zone, which gives users the flexibility to buy or sell within a price range. This is followed by up to 4 profit-taking price points, allowing users to pick how long they’d want to hold. They also provide a stop-loss area that limits the trader’s losses and acts as a safety feature in case things turned sour.
What makes Profitfarmers worth it?
Using Profitfarmers is very simple and easy. Within a few clicks, you register for an account and are already inside your dashboard. Other than a good user interface, they boast a “co-pilot” system that guides beginners who just started trading. Along the way, traders will definitely learn and become experts with time. Additionally, Profitfarmers offer a Copy-Trade system that does all the researching and planning on your behalf. Users just pick a signal, choose an entry price and copy the trade.
One unique feature that this company also offers is the Price Action Scanner (PAS) which quantifies hundreds of crypto values into simple-to-understand colors and gives users cues for finding the best trades of the day. So instead of spending hours flipping through charts, users get one color-coded view with ALL THE DAY’S ACTION.
Another cool feature that Profitfarmers offers is the Relative Strenght Index Scanner (RSI Scanner). This will show users overbought and oversold assets, so they can identify price trends BEFORE other traders. That way, they can get in on all the action BEFORE the market is aware it even exists.
Not everyone is fit to correctly assess the market and make sound decisions when it comes to trading the markets. With cryptocurrencies, it is even harder as those markets are highly volatile. Using a crypto trading signal provider is a sound alternative. On the other hand, users should always research the provider and look through their credentials and history. Profitfarmers looks like a trustworthy crypto trading signal that can guide beginners on their trading journey with their intuitive platform.
You might also like
More from Bitcoin News
What if stores accepted direct cryptocurrency payments without the hassle of converting your cryptos to fiat first? Meet EXENO.
A bitcoin exchange-traded fund (ETF) tracks the behavior of the Bitcoin price, therefore, you don't buy the asset itself, but …