That is a big part of it yes, but also don't give in to emotions and overreact. This is the hardest part of most trading =)
I haven't found any really good sources yet that talk about trading in bitcoins or bitcoin related stocks, but most of the things you learn about other stock exchanges, as well as forex markets can be a big help. The bitcoin market is still very young though, so some crazy things can and do still happen.
If anyone knows some good places to research please do share them, maybe even in a new thread as to not clog this one with unrelated topics.