Why trading signals will not make you rich?
A lot of beginner traders buy paid signals and access, this is when some experienced trader tells you when to buy and when to sell something, you just pay him and you don't have to learn technical analysis, risk management, work with charts, you can just pay the trader and do what he says and that's it.
It's as simple as that and it's like you're on the plus and you earn. The expert makes money on your illusions of easy money. There is always a demand for it. If you google paid crypto trading signals, you can see entire ratings and lists of paid channels. Choose what you like #crypto and forex and #stocks , there are sellers of easy money in any #market for every taste.
But there is one problem, remember, signalers are never responsible for their signals, if the signal worked, everything is fine. He is good, he publishes beautiful pictures of a rich life, that here we are earning in this closed group, subscribe to us, everyone says thank you, thank him, but if the signal did not work, it is your problem, your losses and no responsibility signaler will not take.
Some signalers as I know even take money in trust management, when you give your money to a trader, and he trades on it. If you make a profit, you share it in half, but the losses are all yours, because the main thing for such a signaler is to sell his #subscription , he does not care about your deposit, even if you get drained.
Why is it so and who to trust then?
Let's look at the mechanics of the signal channel market in general. Usually, paid groups flourish in a growing #bullmarket . When the whole market, all coins are growing, traders publish their forecasts that there will be growth and there really is growth, you begin to trust such an expert, but it happens not because the expert is so smart, but simply because the market is good and any beginner can start his own channel, write that there will be growth and there really is growth.
YouTube channels are created, reviews are made, charts are posted, a critical mass of subscribers is gained, advertising is bought from other channels, more subscribers come and as a result a VIP channel is created where the expert supposedly publishes trades only for his subscribers, the best signals.
But the market changes, it starts to fall, difficult trading, nothing grows, the market is hard and it is better not to trade at all. It often happens when it is better to just leave the market, take the profit and do not risk your money, but the signaler cannot stop, because he has to give you signals. You will not buy a subscription where there was not a single signal for a month or for two months, although it would be better not to trade at all. And it gives signals further, the signals do not work well.
And since the owner of paid channels is usually a beginner, the signals are very bad. And then false hopes begin, when some signal does not work and you buy an altcoin, which goes down 30-70%, and your signaler tells you that it's okay and the project is good, the fundamentals are strong and that it will grow anyway, you just have to wait.
This is a typical song of signalers, you are sitting in minus and they just sell you false hopes, and as a result, the audience of the paid signal channel sits with a lot of altcoins, without money in the middle of a bear market and in minus by 70-90% and it is unclear what to do next, and the signaler continues to give signals, he must earn further, and can make a discount on the subscription.
Who are these signalers?
You see, signalers are not professional scammers, they are usually beginners like their subscribers, they are just more confident in their abilities and decided that they understood the market.
I have never taken and do not take money in trust management and I do not recommend it to anyone, if you are a smart trader or investor, you can earn this money quietly and you do not need other people's money. That's why I do two things exclusively: I write about projects that are interesting to me and buy them myself if possible. So if you are interested, I still have twitter account.
Why are paid signaling channels a bad thing?
Another big problem of signal channels is the lack of development. For the time you spend on other people's signals, you could learn technical analysis, risk management, study the market, study projects and really become a professional in investing and generate analytics that you would trade on. You will not need to listen to who is in the signal channel.
Therefore, the biggest problem is that you lose your golden time while listening to signal channels.
But there are professionals out there, right?
Yes, it's true, even in the crypto market there are people to listen to, me for example (just kidding).
How to identify real traders? My first criteria is the time spent on the market. I recommend reading and listening to traders who have been in the market for more than two cycles, i.e. bear market and bull market. Don't be afraid to find their social media and read what they have written in the past. I've been in the market since the beginning of the last bull market, meaning I've been through a bull market and am now going through a bear market with you.
The second criteria is open analytics, I believe that traders who have media exposure should have an open analytics history where you can read what they have written over the past years.
Conclusion
In short, do not waste your money and your golden time on signals, but become independent investors and traders, learn moreover now when you have time, because when the bull market starts you will have no time.