As you can see, it’s a mess without Signal. You’re stuck counting zeros, remembering amounts, and making sure you’ve configured the orders properly.
There are a ton of numbers and a typo on any of them could cost you huge.
I found Signal helped immensely with this. Everything is so clear that it’s pretty hard to make a mistake. For example, if you accidentally miss one zero on target 3, your profit jumps up to a ridiculous value like 970%.
As things change, you need to adapt. Finding the order on the exchange, canceling it, and then remaking it is a pain.
On Signal, you just click the little blue pencil icon, adjust your price, and just like that — your order is updated. I use this frequently for things like moving my take-profits down or bumping my stop-loss to breakeven.
Determining exactly how much you are making is essential to surviving as a trader.
Calculating your return for a particular trade consists of taking the quantity of each individual order, multiplying by the price sold, and deducting exchange fees.
Without Signal, you’re stuck copying and pasting values into a spreadsheet. It works, but is tedious and time consuming.
With Signal, you can see exactly where you’re at for each open or closed trade.
Let’s assume that your trade has gone well and hit your first two take-profit targets. But new information has become available and it really doesn’t look like it will go higher.
Without Signal, you must cancel your remaining orders (make sure not to cancel the wrong one!) and then sell the remaining position on the market. Then go into your order history and see what price you got, copy and paste the values into your spreadsheet, and then finally see how much you’ve made (assuming you didn’t copy anything wrong).
Contrast this against Signal, where you just press “Cancel” and “Exit Position”. Since ROI is calculated dynamically, you already know ahead of time how much you will walk away with even before closing it. Easy.
If you don’t know what a trailing stop-loss is, it’s a nice way of improving your ROI by having your stop-loss automatically adjust as the price increases.
Most exchanges don’t support this type of order and so the only way to do this is with a tool like Signal.
I use a trailing stop-loss on roughly half of my trades and it works well for me. One thing I often do is create a trade with a regular stop-loss and then toggle trailing on after the fact. As you can imagine, this is as easy as flipping a switch on the edit screen.
I’ve been using Signal for 5 months now and would recommend it to anyone interested in trading. It helps beginners and veterans alike to avoid mistakes, reduce risk, and trade more efficiently.
If you’d like to see for yourself, you can learn more about Signal here.
If you have any tools that you find useful for trading, let me know in the comments and I’ll check them out.
That’s all for today, happy trading!