Hi guys,
I just start to trade altcoins since the start of March 2016, and currently I only have a few knowledge of how to understand the markets behavior.
What I know now? First is reading the candlesticks bar which shows whether it is a dump or pump. I currently going for low amount of coins in CCEX and Poloniex as they can give me better returns. What am I doing is a short-trade, buy 60 sell 62, depends on how fast others react.
But when chatting at Poloniex, MODS always remind me that I must research, to be honest I don't know where should I start.
So I tried Googling, understanding the altcoin market and get a few knowledge how to understand the basics.
My question is, when this guys tell me to do my research what does it exactly mean? Can you give an example so a newbie like me that never been in programming and trading before could understand.
Thanks guys, and I will be keeping in touch.
I just start to trade altcoins since the start of March 2016, and currently I only have a few knowledge of how to understand the markets behavior.
What I know now? First is reading the candlesticks bar which shows whether it is a dump or pump. I currently going for low amount of coins in CCEX and Poloniex as they can give me better returns. What am I doing is a short-trade, buy 60 sell 62, depends on how fast others react.
But when chatting at Poloniex, MODS always remind me that I must research, to be honest I don't know where should I start.
So I tried Googling, understanding the altcoin market and get a few knowledge how to understand the basics.
My question is, when this guys tell me to do my research what does it exactly mean? Can you give an example so a newbie like me that never been in programming and trading before could understand.
Thanks guys, and I will be keeping in touch.
After you have Bitcoin,
News spreads very quickly in the world of cryptocurrency, so keep an eye on the news every day
Follow the news on Twitter to find out the latest developments because the companies and cryptocurrency markets are often discussed there.You can also read the info in the forums that specifically discuss the topic of cryptocurrency or follow the corresponding hash tags. Information and news can be your strength, and rumors can also be an opportunity for you!
Fundamentals of Trading
In researching a market traders will usually refer to fundamental analysis.If you can search for the right information in a timely manner and understand exactly how the information is related to the market, it will be easier for you to predict market trends-especially to read whether the coin will rise or fall. In addition to fundamental analysis, you can also use technical analysis.Technical analysis is just as important, but it focuses on how to read the chart and find the specific patterns in it-for example, when the price reaches a certain point, the coin will decrease in price.
The most important basic thing to remember: Buy when the price is cheap and resale when the price is high.
Why? Because people who do not sell their coins when prices are being pumped up will not sell their digital currency at a lower price.So it's clear that when the coin price you buy is moving up and down, then it's a good time to resell your coin to Bitcoin. And if the coin you choose has good prospects and you want to invest for a long time, then make sure you buy the coin when the price is being dumped.Sometimes, it's easier if you focus on collecting good coin-coin instead of buying more Bitcoin because a good coin will definitely rise again.
And that's how this trading process works.