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Day trading Bitcoin signals are cryptocurrency predictions on coins price increasing or decreasing, which are posted very often and usually for a short term period.
During the pandemic 2020, when many people used to spend a lot of days or even months, online sources of income became very popular, and cryptocurrency is not an exception.
That is why you may think now:
"Is day trading crypto worth it?"
Safetrading has a lot of trusted day traders who really can help you to make money, so if you don't like to HODL coins 1-2 months and want to make $100 a day trading cryptocurrency, this guide on day trading crypto for beginners is for you!
What Are Day Trading Telegram Group Signals?
If you carefully consider the essence of the day trading Telegram groups, they are nothing but informational instructions to copy trade operations and fix profits.
Simply put, beginners and experienced traders have the opportunity to invest in cryptocurrency without having to delve into the nuances of trading.
However, one should not trust the first available trading Telegram group that comes across. You will need to do some full-scope audit before taking the signal provider's recommendation on faith.
We are talking about hard-earned money that you are unlikely to want to entrust to the first provider you come across.
Pros and Cons of Day Trading Telegram Groups
Now that you know what day trading Telegram groups are, let's talk about the pros and cons of using them.
Safetrading experts analyzed the top 10 most popular providers and identified their strengths.
Hits:
- A user can start trading any crypto coin without having any experience under the belt. Day trading crypto Telegram signals will allow you to concentrate solely on fixing results and profits.
- Constantly updated market information. Top day trading Telegram groups also send their subscribers technical analysis, important news, and regular updates to make the trading process even more efficient.
- You will save a considerable amount of time as pro traders will carry out all research. Forget having to study complex charts or analyze price movements with a professional set of tools. Follow the signals of successful day trading crypto Telegram traders, and it's done.
- You can learn to trade much faster if you analyze the signals received from day trading Telegram groups. You will be able to communicate with like-minded traders and learn from their invaluable experiences.
- Despite the cascade of positive effects from day trading crypto Telegram signals, there is also a downside to the coin.
Misses:
- You will need to trust strangers entirely and hope that their technical analysis and knowledge are good enough to make profits from crypto trading.
- You risk your own money and are unlikely to receive a 100% guarantee that your investment will be profitable.
Why Is Day Trading Cryptocurrency Popular?
Usually, we get many questions like:
Hello, what is the best day trading Bitcoin provider?
So we assume day trading Bitcoin topic is becoming more and more popular.
There are plenty of reasons: high crypto volatility, day trading crypto volume, lower risks, higher revenues, etc.
And they are understandable - you invest a small amount in a trade, wait till it's in profit, and sell the coin.
When you hold the coin for one or more months, you take many risks. Usually, people invest more money in long term signals, so if the coin is only decreasing, you can expect big losses.
I don’t want you to get me wrong but there are some people who love risks. Really, there are traders who like day trading just because they risk often by opening frequent deals. And these deals are not always successful but they give a lot of adrenaline to traders.
Finding the Best Day Trading Telegram group
It's no secret that the quality of trading signals directly affects the profit of each trader.
You do not need to be Einstein or Stephen Hawking to use trading signals! Therefore, your main task will be to choose the most useful trading signals.
Safetrading interviewed several pro traders, and they suggested heeding the following tips.
Time Zone Selection
Before you start using the day trading Telegram group, you need to pay attention to the provider's time zone. You don't need the trading signals to appear on a screen when you sleep! Therefore, check this information with a provider before registering.
Compare Multiple Candidates
Before settling on a service that comes across, you need to compare several operators. Make sure that the trading style suits you like nothing else. A trading operator must be a deliberate choice anyway!
Pay Special Attention to Track Records
This indicator is vital as it helps to understand the effectiveness of using a particular channel's trading signals.
Extras! Explore additional services offered by a day trading Telegram group. These can be educational courses or advice for beginners. Other services will help you make better use of high-quality trading signals and succeed.
Where to Find Profitable Day Trading Bitcoin Signals
If you want to be a successful cryptocurrency trader but, for some reason, can’t make your own crypto predictions, it will be very important to find a legit trader.
We have what to offer our users. Almost all of the groups that are approved by Safetrading offer day trading signals.
The Best Day Traders 2020:
- Altsignals Trade Calls
- Crypto Classics
- Sublime Traders
- Fat Pig Signals
- Onward BTC
- Crypto Virus
- Chart Crushers
- MyCryptoParadise
- Chartkitchen
- Bitcoin Leverage
4 Main Components of Day Trading Crypto Telegram Signals
Almost all day trading Telegram groups offer their subscribers crypto signals containing four main types of information including:
#1 The name of the coin to target. This information will help you instantly select the cryptocurrency that a provider thinks is the most promising one. For example, it can be XRP, BTC, USDT, ETH, or KMD.
#2 The optimal point for opening a position and buying a coin. This part of the signal you receive from the day trading Telegram group will tell you the most profitable price range for purchasing a crypto asset. Typically, a provider gives a price range, and a user buys the desired amount of a coin.
#3 The optimal price for closing a position and selling an asset. Remember that you only get profit after you fix it in your account. To make a profit, you need to sell the crypto coin at the best price. In this case, day trading crypto Telegram providers offer the most favorable price range.
#4 Correct stop-loss indicators. Newbies do not always understand the true importance of a well-thought-out stop loss indicator. The day trading crypto Telegram channel will offer you to set conditions for fixing the maximum profit or maximum loss.
Day Trading Cryptocurrency Mistakes
Day trading Bitcoin strategy is not as safe as you may think because every strategy has its own advantages and risks. I don’t think it is needed to discuss the advantages but, I suppose, you need to know the risks.
The first risk is about the money you invest. Everyone knows about cryptocurrency volatility. While day trading Bitcoin Reddit discussions inform you that you need to risk and invest all the money you have in one coin, we will recommend you to invest up to 10% of your capital.
The second mistake is emotions.
Of course, you think about your invested money!
Of course, you are afraid to lose it!
But your calmness is very important for successful trades because fear can make you set wrong targets or stop-loss, close the position too early, etc.
By the way, crypto bots will definitely help you to cope with your emotions. Just find a trader who works with a
crypto bot and forget about your fear and stress!
Are There Many Scammers Among Traders?
Scammers are everywhere in the cryptocurrency field.
The biggest challenge for you is to distinguish a scammer among legit traders.
Here are some tips that will help you to do that, and you definitely won’t find them among Reddit discussions!
Experience & Results
In 2020 you may find plenty of new crypto channels - some of them can be perspective, and some - scammers. The thing is you can’t know because young channels usually don’t have a lot of users’ feedback, etc.
That is why if you have any doubt about the profitability of the channel, you will better check the experienced one with positive reviews.
Communication
This is an important part of choosing a good trader.
Choose providers who answer quickly and give all the information about their service, have a good level of English, and are calm and friendly.
Free Crypto Signals
Almost every trusted crypto trader posts free crypto day trading signals on a public channel.
Day Trading Telegram Group Providers: Free Vs. Paid Ones
You probably know that there are two main options for day trading crypto Telegram signals:
Each variation has specific benefits and drawbacks. If we are talking about free day trading Telegram groups, then judging by the name, you do not need to pay to join the channel.
There is a widespread belief that free channels have nothing to do with professional experts. However, this is not the case. Most of the day trading Telegram groups presented in today's review use experienced professionals and leading traders.
If you think that there is no point in using free ones, then you are greatly mistaken.
Day trading Telegram groups offering free crypto signals try to grab users' attention and convince them that their service is trustworthy.
If you manage to make money with free signals, then you will want to receive more detailed paid signals - that's the whole point!
On the other hand, paid crypto signals, a.k.a. premium signals are verified and contain more accurate information. If you decide to use day trading crypto Telegram signals, you will surely see the point in paying a monthly membership fee and being confident in your results.
However, keep in mind that both paid and free crypto signals are not a 100% guarantee of earning from cryptocurrency investments.
Final Thoughts
In this article, we provided you the most important moments of profitable day trading cryptocurrency.
Is day trading Bitcoin profitable?
Yes but this type of day trading crypto is risky, that is why you need to find a good crypto provider with profitable signals and start to make from $100 per day!
The list of our day traders you can find
here.
So choose the best crypto exchange for day trading and start to earn!