Trading Signals Won’t Make You Rich!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Probably I will break the business of local signal providers, but I would like to share with you my thoughts on this topic. Of course, fans of crypto gurus and crypto legends will write me in comments how far I’m from the reality, but it’s ok. I would like to address this post to novice traders who really want to become successful traders and use trading signals just because they don’t know about the proper way and they don’t see alternatives.

Trading signals won’t make you rich! It’s my position supported by my knowledge and experience. I have been trading since 2007 and passed the path from the novice to professional trader. I know what I’m talking about. Trading signals can’t make you rich, because they represent only a small part of the whole arsenal which every trader must have. Trading signals, they are just a tool which can make money or lose money. When you start following signals without knowledge and experience, you are not far from making mistakes. Mistakes lead to blow up capitals in the financial markets. You can’t use trading signals properly because you don’t have knowledge and experience. What do you know about proper money management? What do you know about periods of drawdown? What do you know about controlling your emotions? If you are a beginner, of course, you know nothing. But instead of getting important knowledge about trading, you focus on the most simple way. Trading signals allow you to start making money right now. As you want to get results right now and improve your life just right now, of course, you begin following signal providers and signals as the tool which can make your dreams come true.

«Get Lambo for one week» - sounds interesting. What do you need for this? Oh, just buy signals and you dream will come true. It’s simple! It’s cool!
«If you want to become a profitable trader, you need to learn the theory and practice during one year or even more. Only after that, you will be able to become a successful trader» - it sounds too complicated.

You must remember, even you use trading signals from a very good source. Even a trader or signal service are not scammers and really provide you with high-quality signals. One day you will face with the drawdown. Because there will be 1,2,3 - 10 loss trades in a raw and it will hurt you. Negative emotions will overload you and they will push you to make mistakes. If professional traders can pass such period of drawdowns easily because they have trade plan and believe in it, novice traders have nothing, only emotions and they start a panic. As a result - they have to search for new capital and start from the beginning.

One day, you will realize how much time and money you spend for nothing. You could spend it on getting knowledge and only after that use trading signals for getting experience from real trading. In the Risk Warning of TradingView, you can read right words: «Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice.» For educational purposes… But how do you use this stuff? You use the stuff for trading only and do nothing for learning from it. If you could use these trading signals for educational purpose and combine them with the main theory about trading, you would be able to build a solid basis for your further growth as a trader. Many of you prefer to use the most simple way, and trading signals provide it. Trading signals give you the illusion that your goal can be reached faster and with minimum efforts. But the proper way which can really lead you to success, it’s in other direction.
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Interesting Idea Dimitry.
For me i do learn constantly. i try to learn from my mistakes.
1. i try to learn from others that do better (Top Authors)
2. Less is more (overtading).
3. i ll try to keep less stress in Private.
4. i do meditation.
5. higher Timeframes = interesting view over the Instrument and Market.
6. No Position is also Position
7. Keep it simple.
8. as your post the signals are like follow someones idea like a horse with blinkers.
9. real tradingbooks are a great.

Thank you Dimitry - be healthly and be well
The die is cast!! Good Luck!!

Thanks a ton for your work! I agree with a lot of your analysis.

I've built a Wyckoff Accumulation schematic for Bitcoin. This is based on the notion that $3.1k is a temporary bottom and we will only be doing spring tests to garner extra demand for a push up over the next few months in a larger accumulation range:
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Love the positivism you are trying to bring everyday. Can you mentor me Dlavrov ?
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DLavrov Crypto_Anarchist
@Crypto_Anarchist, what are you goals in trading?
@DLavrov, My goal is to trade for a living. I am well aware of the trading basics and some advanced stuff , but in order to consider it as my sole earning criteria , i need to achieve some kind of mastery. As someone like you who has been trading for years can really help me to grow. I
DLavrov Crypto_Anarchist
@Crypto_Anarchist, if you already have the basic theory, you will need to add in your arsenal 1-2 trading strategies, design a money management strategy and based on it design a trading plan. When you have everything ready, you will need to practice in real markets. It will show your weak points and give information for further improvements.
I think you can do it everything by yourself.

The alternative is - join my project where I spend all my time. The project which teaches how to trade properly and provide different tools for trading. It's your choice.
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Fact i left crypto with big loss becx of this . I would really like to learn but heard that if i didng study economics no way for me to learn this chart
@Nagat, it's bullshit about learning economics. Anyone can learn the theory which you need for proper trading. There are many variants how to trade. That's why you can find your own path which suits you and you can improve yourself in this direction.

You will need to learn economics IF you would like to trade only based on Fundamental Analysis. But for what you need FA if you can use Technical Analysis which gives you more advantages.
@Nagat, Total bullshit. Everything can be learned, including basic economics. No need for a master's degree.
Some traders use their instinct on price action, some use maths on indicators, some use economics fundamentals, some use people's psychology, some use pattern recognition

The only common thing between all of them is that they studied and developped their own method (with, or without the help of a mentor, and some mentors are amazing)
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