Cryptocurrency traders understand that you have to have one or more strategies that work for you to make a consistent profit. The downfall of many new crypto traders is that they don’t know how to develop sound strategies. They’re not even sure what works. Coin Telegraph reminds us that up to 95% of Bitcoin traders lose their money and fail at day trading. The way that some traders get around this is investing in a signals service.
What are Signals?
According to Investopedia, a trade signal is a suggestion to buy or sell a particular commodity (including cryptocurrency) based on analysis of the markets. Several different sources of signals exist, ranging from those generated by expert analysts and sold through a signals service, to bots, programmed to read the market and suggest buyers an action they should take. Within the Bitcoin trading community, there are a series of essential trading signals that traders use. We’ll cover the seven most popular ones here.
1. CryptoWolfSignal
This signals service comes from the Runet and belongs to a signals service that started operation three years ago. Since then, it has risen to become one of the most trusted sources of signals in the cryptocurrency world. The signals are developed by a team of professional investors with years of experience trading on traditional markets.
2. Alliance Crypto Trades
Despite not being as reliable as CryptoWolfSignal, Alliance does demonstrate a high volume of reliable trades. It’s also easy to understand and interpret. Even if you’ve never used a trading signal before, Alliance Crypto doesn’t make it hard for you to get into it. This is a paid group, and before you buy in, you should go through the group’s details to make sure you’re aware of the risks.
3. Liberman Trading Signals & Tips
Liberman operates a different type of subscription service: you only pay for the signals you use. There are no monthly subscription fees, so you pay based on how many signals you consume. Users that are skilled in doing their own analysis need only pay for the signals that they decide to acquire from the group. The accuracy of forecasts regularly hit 70%.
4. RXI Team
RXinvesT Team are the authors of one of the most noticeable trading platforms in the cryptocurrency trading world. It’s also one of the more expensive options for traders since a subscription can run you into hundreds of dollars a month.
5. CryptoSignals.io
CryptoSignals.io is based around offering users real-time analytical tools. The algorithm collects current news and insider expert opinions and generates signals based on what it interprets from the input. Prices vary based on the clients’ needs. If you want to develop a balanced long-term portfolio or know what’s going on with your favorite coin, the dashboard makes it easy for you.
6. Golden Island
At a $500 per year subscription fee, it’s not the most expensive signals generation community around. Many users swear by its signals, and it has a ton of subscribers, even though it’s a relatively new signals generation community.
7. InsideTradeBot
This signals generator is a bot designed to aggregate and boost the signal of some of the more impressive trade analysis on the market. The bot doesn’t do any research itself but offers users a chance to capitalize on experts’ advice. Subscription fees start as 0.02BTC.
Do I need a Signal to Trade?
You don’t need a signal, and if you’re good at fundamental or technical analysis, you can get by without paying for anyone else’s advice. However, these signals survive because they are usually right. It’s impossible to be right 100% of the time, but being right at least half of the time can net a trader some good profits. Since some of these are good for at least seven out of ten trades, you stand to make enough money to pay back for the monthly subscription fee, if you use your trading skills properly.
