I joined a crypto signal group so you don't have to - EXPERIENCE

Disclaimer: I'm not shilling any kind of signal groups, for this reason I won't name which one I joined.

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Hello fellow crypto enjoyers,

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I'm sure we all have heard of the infamous crypto signal groups. If you by any chance didn't hear about it, basically it's a group where one or more "experienced" traders give you signals on when to buy specific coins, and when to sell them. Usually they have a monthly fee when you join that you have to pay if you want to be in. This one I joined had spot and futures trading with up to 50X leverage.

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I saw one crypto signal group being advertised a lot on social media in my country, and they offered 3 days free trial, so I was like heck let's see what is it all about. I joined their Telegram group and they had about 500 members. There they would post their high returns on trades but no loses though, nothing unusual. This was their "standard" group where people are if they didn't pay yet. I was invited to VIP one because I had free trial.

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Just for the heads up, Ive been doing daytrading for a while and while Im not an expert, I can make decent money for myself, so Im not a total noob. I decided to skip spot trading because I don't want to hold shitcoins they suggested doing. Only futures. They called themselves professors and claimed they had years and hundreds of thousands in their portfolio which is quite a deal if true (not true).

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So how it works?

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Basically, they send you a signal with entry prices, take profits and stop loss. We were using Binance. They suggest you use 5-10% of your portfolio each trade. You are supposed to copy each one of these. First one I unironically got when I joined was Shiba. I managed to make about 12% profit on it with 10x leverage. Next two coins were a shitcoins and I lost on both. They told us to close the trade before the stop loss so I lost about 8% each trade. Their stop loss was usually around -25%.

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Then the time has come, the 50x trade. They suggested us to go long on BTC with 50x. I was hesitant but if I want to truly report on this I had to do it. I made around 60% profit. So far so good, well, this is when it goes wrong.

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My free trial ended and I was asked to pay 30$ to stay. I paid so I can report on full month experience here. It was bad. They're mostly trading shitcoins and loses are frequent. Only when we win they would post their winnings in the standard group. Ive only seen them post a loss once when it was like 2% so they can say they saved the day and told everyone to get off. Long story short, I was in loss.

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My total returns on 30d basis based on Binance were:

Total profit: 40.56 USD

Total loss: 79.10 USD

Net profit/loss: -38.54 USD

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As you can see, I didnt make any money. This is even considering the fact that I didnt partake in every trade, so I would have probably lost more. Now imagine people who spent more money per trade, it must feel bad. I didnt want to play with big money, but you can see how bad it is. Losses are almost a double compared to my winnings.

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There were around 40 of us when I renewed the subscription, so they make 1200$ a month if the people stay, but there will always be new sheep to replace them. It's a lot of money.

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Point of the story: Dont join any signal groups, not just in crypto. Theyre all inexperienced traders who claim to be something theyre not, just so they can appeal to you. They will often splash their winnings on you to convince you, but most of the times its probably taken from the internet.

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Stay safe.

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TL:DR: As expected, I lost money.