If You Can’t Explain the Trade, You Shouldn’t Be in It

[Joeboy]

One of the first things most newbies in crypto trading think about is how to get access to signals, whether it is following a “guru” on Telegram, or paying for so-called "sure signals." The truth is that due to the market's volatility, there is no such thing as a sure signal.

Signals are simply just the conclusions of someone else's analysis, and just like any other analysis it is not 100% certain. And relying fully on someone else's signals without backing it up with your own research is synonymous with betting your funds on another person's thought process, without even knowing how they arrived there

My final words: Being a trader simply means "being a student of the market."  You must learn to research, analyze, and then to build your own strategies and adjust them when necessary. This doesn’t mean you can’t learn from others, or that one shouldn't make use of signal. Rather the newbies should note this - signals should only be used as a tool to complement your thinking, not replace it.  
Meaning that before hopping onto a particular signal/ signals, you should already have a personal strategy or signal on ground which will then be used to compare with the signal you got to know if you are right on track.

[Charles-Tim]

If you know you are still a student, just use demo account. Or you can trade with low amount of money like $10 which should be enough for learning.

Do not be a student but a pro. A professional trader will use small amount of money to trade, an amount of money that he can afford to lose.

Risk management is very important.

Trading signals are scam. I can create 10 positions right now. I will make money and screenshot them. Only what is needed to be done is to created both long and shot positions of the same coins pairs at the same price using the same amount of money for both pairs. No loss than the transaction fee. I will then only share the winning part for people to see how good I am. They will think that I am a pro bro which is a lie.

[rachael9385]

One of the first things most newbies in crypto trading think about is how to get access to signals, whether it is following a “guru” on Telegram, or paying for so-called "sure signals." The truth is that due to the market's volatility, there is no such thing as a sure signal.

Signals are simply just the conclusions of someone else's analysis, and just like any other analysis it is not 100% certain. And relying fully on someone else's signals without backing it up with your own research is synonymous with betting your funds on another person's thought process, without even knowing how they arrived there

My final words: Being a trader simply means "being a student of the market."  You must learn to research, analyze, and then to build your own strategies and adjust them when necessary. This doesn’t mean you can’t learn from others, or that one shouldn't make use of signal. Rather the newbies should note this - signals should only be used as a tool to complement your thinking, not replace it.  
Meaning that before hopping onto a particular signal/ signals, you should already have a personal strategy or signal on ground which will then be used to compare with the signal you got to know if you are right on track.

I met someone few years ago that told me that he was a trader and showed me some of his orders and how they were successful so I decided to meet up with him to share some ideas. I started out by showing him that trend lines that I did over the weekend and I was the only one talking. Even when I asked him some little details he couldn't really place his words correctly, then he opened up and told me that he only copies trade of others, it was disappointing

[dunfida]

One of the first things most newbies in crypto trading think about is how to get access to signals, whether it is following a “guru” on Telegram, or paying for so-called "sure signals." The truth is that due to the market's volatility, there is no such thing as a sure signal.

Signals are simply just the conclusions of someone else's analysis, and just like any other analysis it is not 100% certain. And relying fully on someone else's signals without backing it up with your own research is synonymous with betting your funds on another person's thought process, without even knowing how they arrived there

My final words: Being a trader simply means "being a student of the market."  You must learn to research, analyze, and then to build your own strategies and adjust them when necessary. This doesn’t mean you can’t learn from others, or that one shouldn't make use of signal. Rather the newbies should note this - signals should only be used as a tool to complement your thinking, not replace it.  
Meaning that before hopping onto a particular signal/ signals, you should already have a personal strategy or signal on ground which will then be used to compare with the signal you got to know if you are right on track.

One of the main reasons on why I cant find myself on trying out to believe with those so called gurus or professionals on running up some group and asking for subscription fees. If they were that profitable then they wouldnt be bothering themselves on handling up a group and asking for some mere amounts if they were indeed that profitable then it doesnt make sense on which it would be that putting up into my mind that these fellas arent that profitable at all. In speaking for an individual who had been that trying out to believing into those things that they might be seeing around and wanting to have that trying out to follow just because they do believe that it would brings out that success into their trading journey on whereas the truth that it would be just that only bring out that huge disappointment and regret if ever those trades would be ending up on a loss.

When making up some trades then of course you should be that needing up to be wary about on the position that you do made on or copied into. You cant just that simply blind off following on which you dont know even the meaning or what are the things considered on why someone choose up that particular trade. On the time that you do make out some trades or copy someone  then make it sure that you do also learning from it instead on copying it totally without any basis then you are just that basically having no progress in terms on learning up that trading skill.

[Su-asa]

Actually what Charles-Tim said is right, do not be a student but learn to be a professional and you becoming a professional need practice, that's why you need to use an amount that you can afford to lose. However the demo account is for beginners but while learning and you know you becoming quit good on the trade, you just need to use small amount of money to try. Traders who don't actually know what they are doing always end up losing their money while trading.

[Awaklara]

Meaning that before hopping onto a particular signal/ signals, you should already have a personal strategy or signal on ground which will then be used to compare with the signal you got to know if you are right on track.

There are beginners who want to trade and are willing to pay to obtain trading signals. Even some signal groups provide analyses according to the requests of the group members for the desired asset analysis. Indeed, there is nothing wrong with joining to get trading signals; it's just that those joining the signal groups are not doing so to learn. They want to trade instantly without going through a complicated process. Currently, it should not be difficult to find sources of information for practicing trading.

[bitzizzix]

Becoming a profitable trader isn't as easy as those already successful or professional might think, as they embark on a long journey to become a profitable trader. Essentially, it requires not only knowledge but also self-development, such as self-control, discipline, and emotional and mental resilience. Psychology plays a crucial role in becoming a truly profitable trader, and all of this takes time and experience. Most traders give up after experiencing repeated losses because becoming a trader isn't easy. In reality, every loss is part of the journey to becoming a profitable trader, which is a long one. If you simply learn all the trading knowledge but don't practice and dedicate yourself, it will be in vain.

[Questat]

Simply put, if you don’t know what you are doing, then never go for a trade. Sometimes, one only trade due to peer influence or due to greed because of extreme poverty. And so they enter trading hoping to be successful like others, but only to find out than trading isn’t as easy as they expected it.

Know what is trading and develop your own knowledge, skills and strategies, and most of all have your own working trading signal. If you fail on these, this only proves that you aren’t actually a real and effective trader.

[Ultegra134]

Simply put, if you don’t know what you are doing, then never go for a trade. Sometimes, one only trade due to peer influence or due to greed because of extreme poverty. And so they enter trading hoping to be successful like others, but only to find out than trading isn’t as easy as they expected it.

Know what is trading and develop your own knowledge, skills and strategies, and most of all have your own working trading signal. If you fail on these, this only proves that you aren’t actually a real and effective trader.

Yeah, but how exactly are you going to learn if you don't actually get involved and fail? We've all started somewhere and there's no go-to knowledge to apply when trading, it's a matter of examining the market and coming up with a plan on what to follow. Certainly, following random advice from Telegram groups or so-called gurus' isn't the wisest choices. I personally messed up badly with trading when I first started somewhere in 2017 to 2018, but they were mistakes that allowed me to learn and become better a few years later, when I tried again. Although I did manage to make some money somewhere during the Covid-19 years, I decided that trading isn't for me.

[DaNNy001]

People who copy signals from groups on social media are not traders, you might as well call them gamblers because that's what they are...first of all, copying trading signals from traders isn't really a bad idea but the problem with this is that the more you do it you would not understand anything about the market and how can you be Called a trader when you don't even know how the market works...learn how to analyze and trade by yourself, you'd get better overtime

[BitMaxz]

There are many of them who follow some influencers out there who are giving out signals on their own Discord and Telegram.
Well, some of them are good, and some are not but why do people need signals that come from others traders analysis if they can get a free signal that indicators provide?

Signals from others are just like the signal given from indicators or from the price action that anyone can do, even a newbie, can analyze if they do research and learn price action and patterns.
However, I am not confident in the signal given from other traders; I do still need to analyze it for myself, and honestly, AI also helps; it's direct to the point to confirm your analysis is right, but AI won't give you a good entry plan and exit I don't use them for this; I just use them for analysis, not planning my entry and exit.

People who are looking for signals are likely gamblers. I saw many of these on some live streams; they follow the signals from a trader even though they don't know if that man is profitable or not.

[Botnake]

Having a personal signal won’t guarantee a winning trade, but once your personal signal turns into an effective and reliable one, that’s where you can actually say that the rate of winning your trade is high.

Same goes to, if you don’t have potentials to win your trades, do not enter trading, but focus first on developing your own skills and strategies, create reliable analysis in the market, and start demo trading first prior to jumping into real trading scenario.

[Strongkored]

Meaning that before hopping onto a particular signal/ signals, you should already have a personal strategy or signal on ground which will then be used to compare with the signal you got to know if you are right on track.

If you already have your own strategy, traders don't need signals. Traders who use signals are often those who lack a strategy or are lazy about learning to analyze, simply seeking quick profits, which isn't always successful.

You can get signals by joining a group, and most of these groups are scams, whether free or paid.
Keep learning to improve your skills, rather than relying on others.

[Oshio-man]

Make sure you have the knowledge of trade before thinking on how to use some funds to trade in the market, if you are a student in the field, it will be favourable to make use of the popular strategy that will make you to trade your coins well to achieve what you want in the market, trade with what you can afford to lose is a good strategy newbies can use to become perfect in income earning because there will be no pressure of loosing amount of funds in trading that will make you worry, but if you use little amount of funds to trade, it will make you to learn a lot of things that will increase your knowledge in trading , once you have the knowledge, I think you will be able to explain trade to people around you.

[GreatArkansas]

Meaning that before hopping onto a particular signal/ signals, you should already have a personal strategy or signal on ground which will then be used to compare with the signal you got to know if you are right on track.

If you already have your own strategy, traders don't need signals. Traders who use signals are often those who lack a strategy or are lazy about learning to analyze, simply seeking quick profits, which isn't always successful.

You can get signals by joining a group, and most of these groups are scams, whether free or paid.
Keep learning to improve your skills, rather than relying on others.

There are still some profitable traders who are collecting ideas or knowledge from some signals.
There are some trading signal groups that offer paid or free offerings explaining why they came up in that trade, some are sharing lessons too, not only when to buy or when to sell.
So for me, nothing is wrong with following some trading signals. What's wrong with me is not learning from it, like you don't learn something, like you can't trade anymore without relying on other people or on trading signals.

[slaman29]

+100 I used to get so worked up over people providing signals with absolutely no explanation, worse sometimes using just random TA arrows and charts and building imaginary lines all over the place that don't make sense.

Then again, sometimes I feel people who fall for it deserve it. So maybe fools are meant for fools, as I was one myself too

[Odohu]

A good trading strategy have a clear entry signal, exit signal, stop loss and take profits. In addition, the setup must be clear and concise so that when all boxes are checked, execution of the trade will be done effortlessly. In other words, the strategy must be so refined that you can see and recognize it in hindsight and in foresight. If you are expecting a setup around a zone, it becomes easy to wait for it to develop before you pull the trigger.

[joeperry]

I've been in a signal group before and I have been in a lot of trading signals but one group I've joined is they don't just give signals but thoroughly explained why they choose that position, actually joining group like that was really good if you want to learn about it, not only you will have different perspective from different traders, you can really get a lot of learnings from it. But of course not all of them are right it is just the fact that it might help you to become open minded person because if your mind is close you will only see what you want to see in the market and not what it actually tells you.

[cryptoaddictchie]

Meaning that before hopping onto a particular signal/ signals, you should already have a personal strategy or signal on ground which will then be used to compare with the signal you got to know if you are right on track.

Well signal channel isnt worth at all especially those paid ones. Mostly they gave you some entrys and potential exits but this isnt a good trade or does anyone benefited on it aside from flipping money? You as a trader can evaluate a chart on your own, knowing that and having the skills to check it helps in the progress. Anyway Ive been into signal channel too and all I can say is noy worth it.

[SquirrelJulietGarden]

One of the first things most newbies in crypto trading think about is how to get access to signals, whether it is following a “guru” on Telegram, or paying for so-called "sure signals." The truth is that due to the market's volatility, there is no such thing as a sure signal.

If you can not trade independently, don't trade.

Relying on trading signals of anyone else is very risky because human can always make mistakes. By believing in the others and their given trading signals, you are trading like a blind trader and it's good way to lose your trading capital easily.

If you can not learn about trading, can not understand the market history like its price cycle and psychological cycle, don't trade.

Even how strong belief you have in your trading ability, make sure you always use stop loss order for defending your trading capital.
One of best weapons in trading.

It's important to warn you that investment in long term is easier and more profitable than trading in long term, it's true with most people in the market so don't think you belong to minority who can make trading profitable in long term.