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What are Trading Signals?

Trading signals are instructions sent directly to an individual telling them which cryptocurrency to buy. A typical signal would contain the following information:

  • The cryptocurrency to buy -- The signal will specify which cryptocurrency that should be bought, e.g. BTC, ETH, XRP.
  • The buy-in price -- The price you should try to buy the cryptocurrency at
  • The sell-targets -- The price you should sell the cryptocurrency at in order to achieve a profit
  • Stop losses -- A mechanism to automatically exit your position to mitigate losses

Binance Trading Signal - Example

Typically, traders may not achieve the ideal buy-in price, which is why you may see providers give a range. For example, instead of specifying a buy-in price of $8500 per bitcoin, a signal provider will provide a range of $8500 -- $8600 per bitcoin. This gives traders plenty of scope to try and achieve the correct buy-in price as this would affect their resulting profit.

The sell-targets, or profit-targets, are the price point traders should look to exit the trade. Typically, signal providers give 3 sell-targets, all of which you should be notified by your provider if any are hit.

The stop loss is a mechanism that allows you to automatically exit a trade in order to mitigate losses. A stop loss is standard practice that any good signal provider should be using.

If all goes well and the the signal provider is trustworthy, you should hopefully make a nice profit:

Binance Trading Signal - Profit

Trading signals are cryptocurrency exchange specific. For example, Binance signals are trading signals that can only be followed if you wish to place a trade on the Binance cryptocurrency exchange. However, there exists other trading signals that are specific to other crypto exchanges such as: BitMex and Coinbase.

Now that you understand what trading signals are and how profitable they can be, we can now get onto the 10 best Binance signals groups on Telegram.