Day trading requires skills and knowledge. Unfortunately, many people who want to earn something via crypto exchanges don't realize that the ability to make money on trading goes far beyond reading an article like "5 Best Crypto Trading Tips". Yes, experience is the best teacher, but it doesn't imply that this experience should necessarily be negative. Crypto industry provides people with numerous tools aimed at making steps in trading easier and mistakes less costly. Among other tools there are Telegram crypto trading signals channels that attract hundreds of thousands of people. In these channels people get signals to buy or sell certain coins at a specified time frame. What are these channels? Are they really helpful? Should we trust them? Let's try to figure these things out in this article.
- What Are These Signals Telegram Channels?
- How to Find a Worthy Signal Channel?
- Are Signal Channels Helpful?
What Are These Signals Telegram Channels?
Telegram is a messenger app that gained a massive following globally. It is one of the WhatsApp, Viber, and Slack rivals. Telegram is known for its speed, convenience, simplistic yet classy design, high security, and lack of censorship. More than that, it supports many features from video calls to groups and channels. The channels are feed-like blogs where admins share text posts, attach images, polls, links, and so on. Historically, Telegram became big in the cryptocurrency community. Most crypto-related projects have official Telegram channels. Some companies use Telegram groups for interactions with customers.
Nowadays, there are multiple trading signals Telegram channels. The most popular ones have millions of followers. Some channels are dedicated to certain currencies (i.e. Bitcoin), others are focused on certain trading platforms. Channels announce pumps meaning that at some specified date the admins are going to start actively buying this or that coin and they call others to join them. Such action must increase the demand for this coin and boost its price. When the price will go up traders may sell some coins and get profit. The sell signals are also posted in the channel feed. It is supposed that the coin will be sold at the best price. Apart from signals, responsible admins also inform followers of a stop price they should apply for stop-loss orders so the traders will avoid losses in the case of incorrect prediction.
Besides posts prompting followers to buy or sell certain coins at the prearranged time, these channels post themed ads and news. Most of this information flow can be useful for those who spend much time trading on crypto markets. If it gets reacted to timely it can reflect in the daily earnings positively. One of the specific kinds of info is the stats showing the recent growth of this or that token. These posts suggest that the token has a potential to grow even bigger and that people might like to support this token via buying it.
These channels differ in quality and it is not easy to quickly figure out which ones are really useful. Moreover, some of the channels are quite shady and are not treating the followers fairly. For instance, so-called pump and dump groups are acting very negatively. First off, when they create an artificial demand for some shitcoins and people not involved in the action may react to it buying these useless coins. When the group members start a sell off, the others get affected negatively. The price drops and traders lose a lot of money. The second layer of the problem is that the administrators of the pump and dump groups are not always honest to their audience. At times, they do actions to get the price higher prior to the call for buy so they can sell their coins high when the group members get the signal to buy. Nevertheless, some of the signal channels are regarded as decent info hubs and we think they are worth your time.
How to Find a Worthy Signal Channel?
You might ask yourself who is the best crypto trading signal provider? Let's see how we can tell quality channels from dubious ones. The high number of followers doesn't explicitly mean that the channel is good. Theoretically you can scroll the channel feed to see past signals and check the charts to learn if these signals were helpful. However, this method can take much time as the signals could have drowned in other posts. So let’s see other ways to find the answer.
First, make sure that the channel staff really does its work to provide you with all the opportunities to earn some money. The best channels share info about airdrops, promising ICOs, IEOs, and DeFi platforms. The channels that dedicate some time to finding new projects with good potential and present some info about them deserve your time. More than that, they might give trading guides, and further reading. Another type of info shared on such channels is the educational posts for people seeking to launch their own DeFi projects.
Some of these channels have their own tokens which they promote. Such channels deserve more trust as their reputation means much more to them as the success of their token can be affected if they post low-quality content. Of course, they will try to promote their own product heavily but that's the price you pay for more trustable content. Some Telegram channels go further by sharing promo-codes for services and discounts.
Are Signal Channels Helpful?
If you manage to tell trustworthy channels from scammy ones and from those spreading info garbage, you can benefit from signals shared in these feeds. If you find a channel managed by a team of skilled experts you will be able not only to receive profitable signals but get lots of other info on trading so you will increase the level of your own expertise with the time. In the ideal situation if you join a quality trading signal Telegram channel you will be able to grow your wealth simply following the signals given by the professionals. It's understood that they can make mistakes, too, but the probability of it is quite low.