If you’ve ever searched for ways to earn some money online, chances are, you’ve come across people talking about trading signals or copy trading.
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)!
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.
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.
Etoro, one of the most well-known copy trading sites, gives you access to traders who specialise 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.
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:
|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 specialise 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.
Biggest Problem with Trading Signals
It’s not a very good source of passive income.
Trading signals are great if you want to make money but, most of the time, you’ll have to do the trading yourself.
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. Etoro, themselves, admitted that more than half of the retail investor accounts lose money.
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.
Is There a Best of Both Worlds?
We were quite unsatisfied with both trading signals and copy trading so we were looking for a solution that could give us a win-win situation. That’s when we came across something new on the market.
Take the high profitability of cryptocurrency trading signals and combine it with the set and forget nature of copy trading and you end up with ProfitFarmers!
Like most trading signals providers, ProfitFarmers use signals to show their members which cryptocurrency assets to buy and sell.
These trading signals come from their experienced cryptocurrency trading experts who use sophisticated software to pinpoint high-quality trades.
The best part is, you wouldn’t need to go out of your way to input the values to the right platform!
You see, ProfitFarmers has an Automated Trading Feature that lets you copy/follow their expert’s signals and the software will make the trades for you!
However, you will need to connect it to Binance (one of the most popular cryptocurrency trading exchanges) if you want to activate this feature.
Don’t worry, ProfitFarmers has a series of video tutorials that’ll show you everything you need to know before starting.
Based on our experience with the software, it was very easy to use and the auto-trade system was very simple to activate. Visit : To The Times
Their signals worked very well for us. We made a total of 25.93% in profits within 3 days!
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.
Most trading signal providers lack an easy to use platform while most copy trading solutions fail to help beginners make huge gains in a short time.
Fortunately, we found ProfitFarmers. And from our experience, it succeeds in mixing the high profitability one would expect from trading signals and the convenience of automated trading in a seamless and user-friendly platform.