Topic: If you must follow or use the services of trading signals providers - page 4. (Read 608 times)

In every trade, profit and loss are 2 things that will always go hand in hand and cannot be separated. I agree with you that what we are really preparing for is not getting profits, but we must be prepared to lose.
Also keep in mind that, we will not always be profitable and will definitely feel a loss, but on the contrary we will continue to lose without feeling a profit. Yes that will happen when we trade without knowledge, and even if we get a profit it is luck in my opinion if we trade without knowledge.

Ok now back to the topic, I would not advise someone to trade with signals, even if it's the only thing that can be done, I wonder what kind of situation can make someone in a situation of one choice only?

Well that's exactly right, in terms of risk it's the same. But it is true that this can help traders a little to expand their trading, and also those who choose to use copytrading are mostly from beginners who have just entered the world of trading, of course they choose this because on the other hand they do not have much knowledge as a trader and all they think about is just a profit without doing some market research or anything like learning from a mistake to be a little more advanced and create their own strategy. On the other hand I think it helps them a lot but I would say that it's not a good option for them to do on an ongoing basis. It will make them a loser trader who can only depend on others. I hope they will think about this, if they want to be a successful trader then they should go through the process that most people go through, because there is a lot we can refer to when we do it ourselves. Such as preparing their trading plan, setting stop loses, take profits and also creating various accurate strategies, all of which they can only get when they are willing to learn from a mistake. If they only depend on others then it is difficult for them to develop.

Of course, there are both gains and losses in the cryptocurrency market. We should always consider the pros and cons before making any decision. In any business we do, our first priority is to make a profit. Chances of loss are everywhere but our effort and hard work means to minimize the chance of loss and maximize the chance of profit. You are right that we should learn the trade first and in the process of learning we may face losses. When learning we should always trade with very small amounts. So that in case of loss we have more capital safe. Mistakes happen while learning but we should learn from our mistakes and try to make our profit rate better than our loss rate.

Trading has both profits and losses. If you only focus on profits, your emotions will influence your judgment. You are not wrong about making profits, but you need to learn to lose too. If you think about profit even before you start, you will never get profit. Instead, you will be making losses. Learn the process first. In this learning process, you will make losses. That doesn't mean you should give up on it.

Learn the process and learn to lose. When you master it, you will be making more than what you have lost. It's a process and you have to trust it. Only then you can become a good trader.

I think the risk is still the same, but for fraud to be carried out, it depends on the signal provider, sometimes it does or doesn't.
Most of them are new traders who don't have knowledge or are not confident so they decide to follow signals from other people, I think it's also likely the same but it would be nice while we learn so that we can finally decide to follow signals from the trust and knowledge we have we have, losing due to signals from other people and our own choices is different, even though we are both losing money, the impact we get is different, so it is recommended that we learn about trading and do it ourselves.

Trading signals are mostly unreliable since no one is smart enough to make right predictions in a very unpredictable market. So I don’t suggest following those market trading signals regardless if they come from authentic signal providers or not. Instead, do your own diligence to learn in trading. That way, even if you experience consistent losses from your initial trades, that is just normal, as long as you’ve gained lessons from your losses. And just keep doing the right thing in trading, eventually you’ll improve your knowledge and skills, and make you a profitable trader in the end.

While it’s helpful to follow trading signals particularly those that are given by professional traders, but on the other hand the risk of losing is also high as you might end up being scammed because you fall on fake signal providers. This is what mostly happening especially for beginner traders as they tend to satisfy their greed first by taking the free hassle method, that is relying their trades from signal providers. As a result, when these signal providers suddenly gone, they will also lose the chance to become profitable from their trades. That’s why trading on your own is the best solution not to fall from scams and ineffective trading tricks.

This is such a great way to look at it, this is the perspective that people needs and I think it should be important to make as much profit from it as you possibly could. I am not saying that it will be simple, but that doesn't mean that you are going to end up with a great result just because you copied someone great. You could copy them for a while and what happens if they leave? You are going to bet all your money on the future of some other person helping you?

I absolutely would not suggest that at all. Everyone should learn to trade themselves, that would be much better for everyone without a doubt. In order to make it happen, you need to reach to a point where you could make as much profit as you possibly could.

they also work to get a lot of followers and if it's wrong then there is no responsibility towards it, therefore learning gradually even though it takes a long time is not a problem, moreover we can learn to manage psychology by learning to be patient, when the time comes then we will face the market face to face real and just adapt to the real market. no success is achieved instantly, so we must be aware of it first before trading real

Instead of collecting all the information about their trades, why not try to learn on your own?
Analyzing all those data will already require so much time, and you won't even know how to trade afterwards.
So yes, it is better to learn those baby steps in trading rather than relying those people who are giving trading signals.
You can't learn how exactly trading works if you would just follow their suggestions. They are also humans who are relying on their instincts.
So would be advisable to learn the ropes in trading on your own, as you can use it later on when you want to make a living out of this activity.

I always say that people who use trading signals to trade are not classified among professional traders because these people don’t even know how trading works, and if they do, they won’t use trading signals. However, all this is happening due to greed; they are too greedy, and we all know greed has no favour. People who come up with these trading signals are hiding their losses to convince people to join in the run and to feed their pockets, so don’t even think of using trading signals to trade. Find a way to learn trading on your own, and you will earn money on trading. I can see you are about to come up with an idea on how to follow trading signals. I will advise you to trade on your own signals, which may not function properly sometimes.

This is what most people don't understand. When you learn to lose and identify your mistakes, only then you can work on those mistakes. If you are just copying or following others, you will not be able to identify your mistake. Worst case scenario, you will be blaming them for your losses. What will you do then? Move on to someone else? This is the mistake that they have been doing and learning nothing about real trading. This will lead them to their doom.

For the best experience and to achieve success, learning it on our own is the best option. We can not be the best version of ourselves unless we rely only on ourselves. The more we follow others, the more we will become dependent on them. The moment they are gone, we are left with nothing. This is why learning it from the ground up is our only option.

This will be helpful if everyone follows this procedure before trading. Newbies will just jump into trading blindly, following the signals they were given without having any basic knowledge about crypto trading.

The best trading signal is to have a basic understanding of cryptocurrency and Bitcoin so that while following signals you will know what is right and what is wrong and you will be able to understand the market movement.

What are you referring those free signals come from other people or come from the technical analysis with the strategy you are using in the tradingviews for example?, for me its consist of combination of those, with your knowledge coming from your research you can execute those and if you see the other peoples experience you can use those trades they made and prevent mistakes like they've been use before, also in trading there's a lot of signals, indicators you can use so you can identify with the next price movement, ideal to listen too came from experience but not as always to follow other people to prevent blames from those positions. Ride if you are sure and skip if you doubt.

You will be able to make analysis faster than the first time you try to do it as you continue practicing. A new trader does not need to be afraid of long time involved with proper analysis, they should be able to devote their time to learn and become better, than jumping the process. It is better you take long time on your own and make correct analysis, than be in a rush and make mistakes. Speed should not be the focus, accuracy should be.

It will be good for the signals from signal groups that you get to be what you use to confirm your analysis. If they tally with what you have analyzed, then there is a better chance for a better outcome, but if they do not tally, then it raises your awareness to double check to find out who is wrong, if you are the wrong one or the signal group is.

Literally gambling since you are really just following others signals and trading analysis on which you cant be sure whether it would be profitable or not. This is why its never been recommendable i would say.

If you do have plans on making yourself as a good trader then you should not really take this path on which making yourself that go with that easy go lucky kind of approach on your trading style
because copying someone is never been that a good thing on your part, not only on the sense that outcomes or results wouldnt be assured but you would definitely be having that kind of regret on the time
that you would really be that suffering huge losses just because you had copied someone. Unlike if you do make use of your own analysis and trading approach then the feeling of regret wont really be that bad since you are already accepting that you do made out a mistake and not something regrettable on your part.

Dont trust up on those signals and better start and trust your own analysis rather than on making yourself that heavily reliant with other calls and signals which it doesnt even assure
that you would be having that good winning or profitable rate.

Well, my opinion is, don't rely on signals. It is easy to follow or copy other's work and trade. But at this point, you are not trading. You are gambling. It becomes a 50/50 chance on win or loosing trade. And the worst thing is, you learn nothing from following signals. Unless, you are analyzing it on your own and comparing it with the signal. But using multiple services and comparing them with each other can increase the success rate of winning trades. You can verify correctly which is providing the best and most accurate results.

But as I said, never become dependent on it. It will lead to nothing but loss. Use it as a learning method. That will help you learn and give the best outcome for the future.

Although only a few of those channels are real and you are unlikely to even know the real one unless by luck, a trader must learn to even rely on their trading decision and strategy and even learn more trading strategy.

Recently, there was also a warning from one reputable member (the cryptovator) regarding the trickery of these signal providers. Here in the trading discussion board, such a topic is much needed. You can read it below.

Trading signal channels can be quite clever, so exercise caution !

I don't think there is a necessity to follow trading signals. maybe it will be quite helpful for those who lack skills in trading analysis. but to be honest it won't develop us.
even there are trading signals that are paid, no one will guarantee the success of the signals given. which is taken into consideration, ultimately also returns to us to carry out a more in-depth analysis of the signal given. and if you have been suggested by some successful initial signals, you may neglect to do more in-depth analysis and just follow the signals as they are.

Why follow trading signals? If you want to trade and make money, then do the analysis yourself and be your own signal provider. I do see lots of groups on Telegram claiming they are providing signals, most of them only know the basics of trading, but they will start providing signals just to earn money, and people will pay for the fake signal. I see no reason why we won’t be able to dedicate our time to learning about what we are planning to be earning from. If you are a trader, you need to have passion for it, and your aim shouldn’t be to make money alone.

Some people don’t even know how to validate a signal given to them, they just follow it blindly. Most people that I notice that do follow trading signals are people that are trading just because they heard from their friends that they are making money from trading, then they also decide to jump into trading without having the basic knowledge required, and they will end up looking for signals.

Most of those signals are being paid for, don’t you think it’s a total waste of money? You have to recheck the signal and do your analysis again. Why don’t you just do your analysis from the beginning and follow it without paying anyone for that? It sounds somehow like you will pay for a signal, then you will re-analyse the signal.