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Both are often marketed as effective money making solutions but, which of them can actually be a viable source of income?
Well, that’s what we’re here to find out.
What Are Trading Signals
Simply put, trading signals are a set of directions from trading
experts that will tell you exactly when to buy and when to sell. These
can be directions for Stocks, Foreign Exchange (Forex) pairs, or Cryptocurrencies.
In most cases, you’ll receive signals through the provider’s platform, your email, or direct messaging apps.
It’s also very lucrative. Depending on the signal and industry, you might earn 10% or more in profits within a few days or less (with cryptocurrency, it’s not unusual to see prices spike by 100% or more in a short period)!
In most cases, you’ll receive signals through the provider’s platform, your email, or direct messaging apps.
It’s also very lucrative. Depending on the signal and industry, you might earn 10% or more in profits within a few days or less (with cryptocurrency, it’s not unusual to see prices spike by 100% or more in a short period)!
How do You Make Money From Signals
Simply follow the recommendations given by the provider, use the
appropriate exchange platform, input the values, and hope that the price
hits the target so that you will make you some money.
But, do keep in mind that many signal providers will only give you the signals, they won’t help you more than that. So, you’ll have to find a good trading platform yourself and learn how to make each trade.
But, do keep in mind that many signal providers will only give you the signals, they won’t help you more than that. So, you’ll have to find a good trading platform yourself and learn how to make each trade.
What is Copy Trading
Copy trading is a system that allows you to copy a trader’s specific
trading strategies. When they take a position in the market, set a stop
loss, or exit a trade, your portfolio will do the same actions
automatically.
MT2IQ, one of the most well-known copy trading sites, gives you access to traders who specialist in different industries.
MT2IQ, one of the most well-known copy trading sites, gives you access to traders who specialist in different industries.
How do you Make Money from Copy Trading
After you’ve registered on a trading platform, the first thing you
need to do is find a trustworthy trader. When their trades succeed, you
make some money. As simple as that.
A good rule of thumb is to copy someone who prefers lower risk trades and has a history of making profits consistently. However, this also means that you wouldn’t be making as much money compared to high-risk traders.
A good rule of thumb is to copy someone who prefers lower risk trades and has a history of making profits consistently. However, this also means that you wouldn’t be making as much money compared to high-risk traders.
Trading Signals vs Copy Trading
Like most money-making methods, trading signals and copy trading both have their upsides and downsides.
Here are a few of them:
Here are a few of them:
Pros Cons Trading Signals
- Great for both Short term and long term profitability.
- You wouldn’t have to spend hours trying to find good trading opportunities.
- Signals have a recommended stop-loss that prevents you from taking even more losses if the trade doesn’t go the right way.
- Most signal providers only give you signals. You’ll have to learn how to use them and make the trades manually.
- Many signal providers charge substantial amounts depending on the subscription model.
Copy Trading
- The top traders have a lot of experience with how the market works and often make money from it.
- Lets you diversify your portfolio by letting you follow traders who specialist in different industries,
- Some traders can make emotionally-driven decisions which can affect your profits.
- Some platforms apply a fee for each trade that you follow, as well as deposits and withdrawals
- Many beginner traders lose money when copy trading.
Also, many platforms don’t have a way to notify you directly when a new signal is posted. So, you’ll have to monitor the software or your messaging apps for signal updates.
Biggest Problem with Copy Trading Most of the time, beginners lose money.Copy trading can be a source of passive income but it does carry a lot of risks.Plus, if you’re one of the lucky few who didn’t lose money, you still wouldn’t be able to take home all of the profits because most of these platforms have fees whenever you follow a trader.
Conclusion
Both trading signals and copy trading can be a source of income for some. But for us, these methods didn’t quite have what we were looking for.
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