Winning Keys to Cryptocurrency Trading
First…we have to envision and believe that we will win! Heck, we’re already winning! …We’re trading cryptocurrency as the world takes it mainstream! Opportunities are plentiful!
How do we strengthen that belief that we’ll execute a winning trade? Well, that’s on us again! That belief increases towards producing profitable trades by beforehand doing the research and chart indicator checks to make the move less risky.
We’ve visited coinmarketcap.com and noted the overall cryptocurrency market’s value. Has it increased since we last viewed or has the total market cap decreased? This tips us off that the market is expanding or contracting — describing traders’ orders as mostly buying or mostly selling. We then become aware of Bitcoin’s current price and if its going up or down recently by the percentages shown on the site. This gives us a key to a rhythm where when Bitcoin goes on a several thousand dollar breakout in multiple days, the alt coin markets suffer in value.
We then get personal with the coin on coingecko.com by seeing as much info and exposure it has in the Cryptoverse. Which markets is it listed? What’s their use? What has their website announced recently? Who are their team members? How many Facebook likes do they have? Do I believe in them for the length of time I have in mind for this trade?! Once these questions are satisfied, we go uncover another part of its story.
Charting sites like coinigy.com & tradingview.com help provide the charting knowledge we need for telling another important side of the coin’s story, once again minimizing our risk. When it comes to chart indicators, it’s keen to keep our screen clean.
Using the MACD and StochasticRSI metrics are pretty solid tools. Over at Youtube we view content using these keywords to search, browse and learn. These help to tell us about the momentum of the price giving understanding of that coin’s market of buyers and sellers. We know that every chart is a snapshot of the past and can’t be taken ever as the true future, but only past game film to learn from and win in our immediate future.
Knowing more produces less risk.
Boom, next we searched the crypto-influencers on our Twitter timeline for worthy news, articles and upcoming events that will affect, positively OR negatively, the blockchain community that we’re targeting to trade. Remember, a trade is a buy OR a sell? There’s winning on both sides of the coin…pun intended. Gathering this added knowledge directly from the creators, users and other traders on a global social scale drops the risk of this trade lower and lower and lower. It plugs you into the community of people behind the data.
At the end of the day, the markets are the people… Us. Choose to stay connected. Blockchain is Community.
The lower the figurative risk meter prior to any trade, the more confident you feel as it’s executor. Only after these steps, when the risk feels right for you, at the amount of value you’re trading it for, make the trade.
Things shift rapidly in this space and solid knowledge acquisition from the different exposure layers of each blockchain community is key to producing a winning record.
Here’s to Winning Together,
Jovial Joel the CryptoCoach