Topic: Better to have a trading knowledge than depending on signals. - page 7. (Read 940 times)

well, it's better to have knowledge about trading than to depend on signals. it's just that, depending on the signal also has a pretty good effect until now. that's why there are still so many who depend on signals compared to deep learning about trading. besides that, signals are also something that is important in learning to trade, it's just that people are sometimes lazy enough to do analysis so they are willing to buy signals where they believe in the analysis.

Definitely, experience makes the work easier. But in order to gain experience, you need to start at some point, and as mentioned in the OP, knowledge is the key to everything. Yes, I would also suggest that you gain knowledge first before you start trading. As in trading, There is a huge risk of getting losses, and you don’t want to lose your hard-earned money in a second, so at first, take some time to learn the terms, the strategies, and how the market works, and then only trade. Moreover, sometimes the signals don’t work, and you blame the one who provided them.

Additional to that, for sure, they are lost when the market is on red if they are like holding for a coin that was said in their signal group and they don't have a concrete explanation as to why that is why it is better to have your own knowledge so that you only depend on yourself. Just imagine paying them to have that signal and why those owners do it if they can just be rich in trading and it is time-consuming for them to manage those groups. For sure, it has a hidden agenda on it as always.

Very good point!

I'd prefer it that way. I respect those who think they are making profits out of buying signals, it might be doing good for them. But I know a lot more people that are scammed this way.
So why not just learn it instead of asking what to do next? You save some money and maybe a headache. Leaning on something or someone else will not do us any good in the long run. What if they are suddenly gone? What weapon do we have afterward?
It's not like we are losing every day in trading, we fall then we learn. The experience will always be new. That's my point of view on how to do things when I realized that crypto trading is not something that is idle. It will keep on moving, upgrading, and changing, so we just have to adapt to it.
Having someone telling you what to do next is not adapting, it's called relying. There will be a point in our life where we cannot rely on anyone anymore.

This is nothing more but the proverb “Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.” put in action, newbies want to rely on signals as this is in their minds the easiest way to become profitable on the markets.

But even if the signals worked, which they often do not, then they will become dependent on them, and once the group closes or the money charged for the signals go up they will know nothing about trading and they will be unable to trade the markets successfully, something which is not a problem for the trader which learned how to trade on their own and does not rely on those signals.

Although it is the right of each person to decide, we cannot stop people from selling signals nor stop people from buying signals, but I think that behavior should be condemned. Because if we encourage this, it will cause many bad consequences for the market, such as many scammers will take advantage of that to create signal groups to scam newbies.

Self-study and self-trading are not guaranteed to bring profits because it depends on many factors and each person's ability. But at least we have more knowledge and experience after each fall, and if someone is smart enough, they can use it to generate profits in the future. But by relying on others, we will lose money and get nothing in return.

Acquire crypto knowledge is profitable to traders, because it will help you to understand so many things that concerned crypto investment and it will also make you to know when to buy crypto and hold and when not to buy crypto than to maintain holding at the moment. Those that depend on signal in the community find it difficult to get the right signals, because they are too lazy to acquire crypto knowledge to become a professional in profits making in the community. If you have the knowledge of crypto trading, I think you will not panic about what is happening in the crypto market than to continue holding your coins until bullish market appear.

Paid groups are not all good groups.

If they give trading signals and call for entries to open trading positions but don't call for cut loss exits and don't have alarm notifications for their customers, they are not good signal groups.

Those alarms, notifications to their customers are very important when market turns bad and professional traders must close their positions, cutting loss to avoid bigger loss or worse forced liquidations. If those groups don't give you such messages, they fail to help you reducing losses and protect your capital. Following their signals will case serious loss some day.

I'm not saying that subscribing to paid signals is not really good, it depends on the group you joined. Because there are some groups that paid but at the same time they are teaching their subscribers, or they are explaining why they end up trading on that pair.
This, is also helpful especially if you are learning it also, not only the signal.

I am not one but I'll have my answer on the question.

Those that are relying on signals aren't confident of their own selves. It could be a big help to them as it makes trading easier based on the signals that they have.

But not at all times that it will be good as what they think even if they're bought as the premium offers from those providers. Pretty much that most of them are just plain analysis by someone who knows how to trade better than the starters.

It is "better" but also very hard as well, people need to keep remembering that part very well, there is nothing wrong studying like crazy when you are handling trading but that doesn't change the fact that we are talking about a huge amount of studying, so you need to be ready for that. Copying others signals and trading based on that will result with a loss, that's why we warn people to not do that, but you have to accept that its simpler, you just find someone and they tell you the signals so when to buy and sell, and you do that, and you hope to make a profit that way. The unfortunate truth is that if you do that, you will lose money, so you have to do the hard one and just study like crazy to become a good trader.

Reliance on trading signals only makes it too difficult for you to make decisions independently. The more you manage to profit from other people's trading signals - the more you will not believe in the results of your own analysis, even after you study them.

To be honest that I don't have such habits in trading - so I have to study and study for knowledge development instead of relying on others in decision making for my own trading plan.

I lost a lot of money when I first started trading and didn't know what I was doing. I'm really stressed, and then I discovered a trading signal group to see if their signals work. When I back read, I noticed that their signals were functioning because they were posting it. It encouraged me to join, but I was still uncertain, so I extended my observation period, and then I understood that they were merely posting a signal that only works. And I'm not sure how many signals failed. That's why I made the decision to learn how to trade by participating in a mentorship program. I never regretted my decision because trading your own money is far better than depending on trading signals.

The funny thing is that the majority of those purchasing signals had no knowledge of cryptocurrency trading; they simply heard that people were making a lot of money through cryptocurrency trading, and instead of learning enough about Bitcoin, they ended up fully relying on their trading signals, which mostly led them astray.

These signal providers are also losing money in bitcoin trading, but they never publish their trading history; they only show the once they have profited.

Before you begin trading, it is best to ensure that you have proper knowledge of Bitcoin trading.

How will you be planning to make money and you won’t want to dedicate your time to learn, if you are looking for trading signal in cryptocurrency trading, then you won’t be able to stay long in crypto, and I don’t even their is anything like trading signals, am sure those people providing the signals, if they really have it they won’t be stressing themselves looking for people that they will sell it to. Those people claiming they are providing signals are just after money, if you pay them they will recommend a random coin for you to trade, if you are luck then their guessing will be right and if you are not lucky you lose your money and they will apologize to you and recommend another coin for you to buy.

Am condemning buying signals, how will you depend on someone else before you make money, most people depending on signals will end up losing money in the long run, If you pay people for signal, then you are not in crypto space to learn but to make money alone, some people requesting for signals don’t really know about trading, they just hear from people that they are making money through trading and they also want to make money also that’s why they are always looking for trading signals.

Some people are always looking for trading signals due to laziness, they are not ready to do analysis on their own, they want someone that will do it for them and they are going to pay them.

You're right that if you've trading knowledge, whether there is a signal or none, you'll get there and you know what you're doing. So, let us say that there's a legit signal and you're able to make it. You'll understand more about what you must do whether to believe or not because you have an idea of what's the market situation.
But if you're just too reliant on it, you're likely to get fooled by those signals because those that release it can just give you fake ones or nonsense signals at all and they'll determine that the people that have availed their signals are gullible folks that will just take anything what they feed them.

Trading knowledge is very necessary because signals not always work and as you buy signals so sometimes you have dual problems like your signals will be wrong so buying and selling will take place in wrong direction and your money will be wasted by buying wrong signals.

I think those who have complete knowledge does not have any need to buy signals because they are experienced and they know what should be your next step. Experts not always buy signals but actually they use their own mind which should be a better way of earning so try to learn by yourself so there will be no need of spending money on signals.

Knowledge is very prioritized, because if you trade without having the knowledge of how to trade and read the market well, then you are just trading without any foundation and just following trading signals that you don't know where to get.
That will be very risky to lose. There will be no one responsible if the signal makes him even more lost.

Should not just rely on signals from others. Learning to analyze independently will provide better knowledge than relying on others.

See how many people have lost because of wrong signals. There will be no prediction or signal that is 100% correct.
Even a professional can be wrong in reading the market, let alone just a free signal that will only trap someone.

Just keep in mind that if the groups that are providing you with signals disappear, you will feel void. Though there are still a ton of newbies that are availing themselves of those signal groups, we know that others are too lazy to learn trading or it is difficult for them to learn, which is why they just subscribe to those signal groups. But if that group just goes away and you don't know how to trade, what will you do now? For sure, you'll find another signal group that works for you. It is really better to rely on yourself than on someone else; it is a sign that you don't trust yourself, which is why you are just joining signal groups for the sake of profit.

What signals do you actually mean?

Is that coming from a self proclaim trading coach? Or it came from a telegram group telling that they could pump a token or coin?

If you are a trader its good to know basic fundamentals or even get a signals coming from your chart since this could give you a possible hint to know the next move you wanna do. Compare if you only have knowledge on trading which is not actually enough since to many crazy conditions happened in the market and its hard to trade with it by having a knowledge only since you might caught up for not doing proper market analysis.