Crypto signals are a set of trading instructions sent out from a provider to tell individuals which cryptocurrency to buy and at what price, as well as what price to set sell targets and stop-losses.
Some of the instructions of crypto signals include which cryptocurrency to buy, e.g. BTC, ETH, XRP, BNB, ADA. The entry price, also known as the buy-in price would also be included. Exit prices, including the sell-targets, prices that you would sell the crypto asset, and stop-losses, an exit position for mitigating and reducing losses.
Some crypto trading signals will also let you know which exchange the signal is for, and what percentage of your holdings you should allocate towards the trade.
Why you can’t use crypto signals directly on exchanges
After receiving notifications from your crypto signal provider, you can use these signals for your trading advantage. If the crypto signal provider recommends a good trade, you should be able to make a good return.
However, if you use these trading signals on a crypto exchange, you will not be able to set multiple exit prices. When you set an exit order, either a stop-loss or a take-profit target, the exchange blocks your balance
Instead, you will only be able to choose either a stop-loss or a take-profit order. You could also choose the option of a one cancels the other order (OCO), where only one of these orders can be executed and is automatically canceled after.
This means that effectively, you will not be able to trade crypto signals on an exchange without monitoring the market 24/7. On exchanges, the only option you have is to set price alerts, which notify you when the market hits a certain price level, of which you will need to decide how you will exit the market.
If you want to be able to set the orders indicated in a crypto signal, you will need to use the full trade feature on a crypto trading automation platform like CoinPanel.
How to use crypto signals on CoinPanel — The Full Trade feature
The full trade feature on CoinPanel allows you to be able to set your entry price, in most cases, which price to buy the crypto asset at, and exit prices, including multiple sell-targets, and stop-losses.
Here’s how you use crypto signals to trade on CoinPanel:
After logging in onto CoinPanel, select the asset pair you want to trade, and click on “Full Trade.”
You will then have access to limit orders and market orders, where you can enter the price you want to use as an entry and the amount that you want to trade.
After the selection, you will then select “Next: Exits” where you will be able to select your take profit targets and stop losses.
In the trade overview, you will see at which price levels you have placed your take-profit targets and your stop-losses.
With CoinPanel, you can set multiple take-profit targets, while at the same time setting stop-losses to reduce risks — functions that crypto exchanges lack.
Once everything your trades are set to your preferred levels or at the crypto signals you are using, you can then click on “Full Trade,” where you will have to re-confirm your trades.
Just like that, your trades will be available under the “open orders” section of the platform, where you will be able to see the status of the trade, trigger condition. Now you can just sit back and relax while CoinPanel handles the trades for you.
Start trading crypto signals with the CoinPanel platform now!