What are signals Ever wanted to let a third party analyst take over your trading decisions? With Signals through Cryptohopper you can have just that, all the benefits of a third party analyst, without the need to share any personal data. Let the analyst tell your bot which coin to buy, and when. Cryptohopper will then automatically process the order for you!
Getting started with signals In order to start trading based on signals, Navigate to the marketplace and select "signals". Or navigate to the Signals page.
Found a signal you like? Great!
Add it to your hopper by subscribing to the signaler through their own special page. (note, Not all signalers are premium, If you want to test out if trading on signals is something for you use a free signaler.)
How to know if a signaler is the right fit for you and what to look for
Is the signaler that caught your eye a good fit for you? There are a lot of ways to check if you are a match.
A signalers own page is filled with a lot of clues regarding their signals.
Does the signaler have a good rating? This can be checked at their page, the rating system is marked with stars from one to five.
Is the signaler updating their signals regularly and does the signaler have a community? Most signalers are active on our discord, even though it doesn't necessarily say that a signaler is good or bad. It does make it easier to get in touch!
But the best indicator would be their performance reports!
The performance report shows you the most recently signaled coins and their profits. A great gauge to see if the signaler sends coins for your exchange, your currency and how he is performing.
Another way to quickly scan the performance of the signaler would be the graph under "Overview".
This graph shows you how well the signaler has been performing over the past month, 3 months, for BTC specific or for a stable coin.
The numbers on the left hand side are positive or negative profit, while the dates below represent the dates of the month. By looking at this graph you can see an average profit / loss per day!
Make sure to pick a signaler that sends signals for your base-currency and your exchange, then verify that the signaler is actually signaling for this exchange and base-currency.
Once you have chosen a signaler that suits you, Congratulations! Everything is in place to start trading based on signalers. Well, all there is left to do is configure!
So, You have picked a signaler you like, subscribed yourself to his signals. Great! All that is left to do, is configure the signaler.
Navigate to your "signals" tab (Make sure that you select the correct hopper first!)
Select the signaler you want to configure, and click on the "configure" button below their portrait.
After clicking to configure, you will be greeted with a new screen. There is a lot to unpack here, we know!
Let's walk through what these settings do and mean.
- Pause signal: If you want to temporarily disable the signaler, this is where you can do it!
- Market Order: A Market order will guarantee that your order gets filled. WARNING : Your order will be filled for the best possible price, but you don't have as much control over the buying price, compared to a limit order.
- Buy amount: Setting up a custom buy amount will limit how much the signaler can spend per position. Very handy to circumvent the signaler from using your entire portfolio!
- Take profit at: Should you want the signaler to trade on a custom take profit, that deviates from your normal trading configuration. Fill this in.
- Percentage bid: If you want the signaler to bid a bit lower compared to the current price, you can do so here. Do note that this lowers the chance of your order being filled.
- Percentage Ask: If you want the signaler to ask a bit more compared to the current price, you can do so here. Do note that this lowers the chance of your order being filled.
- Sell signals: Not all signalers send sell signals. If your signaler does, you can enable this setting and allow the hopper to trade on the sell signals of your signaler.
- Signal configuration: A signaler can send custom settings with each signal (Take profit, Trailing stop loss and the like) If you enable the signaler configuration your hopper will adhere to these custom settings.
- Allow all coins: This HERO ONLY setting allows the hopper to bypass the 75 coin limitation and instead trade on all coins the exchange offers (Note that this is only for the signaler. Your strategy is still capped to 75 coins.)
None of these settings are required to have the signaler work. They are simply customizations that you can do to enhance your signalers performance.
Now that you are subscribed to the signaler, and it is fully configured. Congratulations! All there is left to do now is have patience.
If you like the signaler and the signals that he sends, make sure to leave a rating!