If you would prefer to have more management over your trades, you may choose a Signal Provider to follow. This allows you to follow an expert's signals of when to buy, sell, etc. but also the options to edit your positions if needed.
This will require you to input the settings for your trades. *for experienced users.
Select exchange accountYou would like to use this signal provider. (top right corner of the page)
Choose a Signal Provider to followClick VIEW PROVIDER to see their details.
Click the ‘Follow this Provider’ buttonScroll to the bottom of the page to Options:
Choose which automated settings to accept from the provider.
|Some providers may indicate suggestions on what is the best setup for their strategy. If you do not select these options from your provider, it will follow the strategy options that you provide instead.|
- If your accepting stop loss values from the Signal Provider options and have set your own stop loss in Settings:
The one from the provider has a preference:
- If there is one from the Signal Provider, your SL settings will NOT be used,
but if there isn't any from the Signal Provider, then yours will be taken.
- If you are accepting exit signals from the provider, & have applied your own settings the first target reached will win.
Next, go to the settings section:
The position size will be the amount used for each trade opened from this signal provider
If you select USDT for example, the signal provider will open trades in USDT pairs; (LINK/USDT, ETH/USDT etc.)
Be sure your exchange account wallet has enough funds in this coin to cover these trades.
If you want to use stop loss, the amount for the stop-loss price has to be above the Exchange minimum position size. The same for the take profit targets, each target amount has to be above the minimum position size. If you don't respect this requirement, you will see an error in your positions and they won't be opened.
Minimum for Binance: https://www.binance.com/en/trade-rule
Regarding the position size based on percentage, it's based on your total balance for that coin and also the conversion of the current open positions at the current market price. The total of all of that is where the percentage is taken from.
This process is slower than the position size in absolute value because it needs to make a call to the exchange to get your current balance, and also compute all your current open positions for that coin.
Options to apply your own settings to the signals sent by the signal provider.
Save your settings
That's it! Just wait for the next operation, it will be replicated on your account automatically 😉
Once a new signal is sent from your Signal Provider, you can view this on your dashboard under>positions >open