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. *Recommended for experienced users.
- Select the exchange account that you would like to use for this signal provider. (top right corner of the page)
- Choose a Signal Provider to follow, click VIEW PROVIDER to see their details.
- Click the ‘Follow this Provider’ button
- Scroll to the bottom of the page to Options:
Choose which automated options 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.Important: If you are 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:
Enter the position size of at least one coin
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 minimum position size requirements from the exchange.
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.
💡 Review Minimum Trades Amounts for Binance here
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.
Strategy Options: Options to apply your own settings to the signals. (example only)
For more information, these options are explained in Strategy Settings Guide
Be sure to 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