To start trading in cryptocurrencies is an amazing experience, don’t you think so? Let’s make a knowledge base out of it and include all the tips and tricks from our experienced members.
Some people will rush in and rush out as fast as possible when they have lost huge amount of money to trading. It could be one of the worst experience. But traders learn from mistakes and build better strategies. Using the amount of money that they can afford to lose.
Which are your technical analysis tools you use most often? What are some of your favorite chart patterns, moving averages or indicators that you rely on?
I use BB and RSI. Also MA and EMA. Learn about Fibonacci retracement.
How do you manage risk prudently? Would you rather use stop-loss orders, risk percentages based on account balance or perhaps another approach?
Most importantly, use the money that you can afford to lose to trade. See trading as risky as gambling.
When it comes to executing trades, which platforms or exchanges do you find most suitable? What are their unique features that attract you to them?
Binance, Bybit, Kucoin, OKX and HTX. I prefer Binance and Bybit.
Emotions can go wild when market roller coasters take over. What advice do you have for those who want to keep calm and act sensibly?
It is better to trade with experience than emotion. This is difficult to control especially if you are greedy.
Have you tried different trading styles such as day trading, swing trading or long-term holding? Share your experiences and insights with us!
Swing trader is better because it will not take much energy from you. If you scalp or day trade, just one winning in a day is enough. If you trade to make profit more and more within a day, you might later lose more than win that day.
Without a doubt, getting into crypto trading is indeed an interesting journey! Your efforts to learn from mistakes and create better strategies are well aligned with the evolving nature of this space.
I noticed that you rely on the BB, RSI, MA, EMA, and participate in the Fibonacci retracement for technical analysis—a difficult choice! How did you figure out how to incorporate Fibonacci retracing into your system? Are there any specific points that proved particularly effective?
Your advice about managing risk is in line with an important aspect of marketing — use only what you can afford. It is a sobering reminder to all market entrants to recognize that trading is as dangerous as gambling.
It’s interesting to see your preference for Binance and Bybit on different platforms. What specific elements or aspects of these changes do you find most challenging?
How you handle emotions in business is tangible. Experience certainly trumps emotion, but as you aptly express it, it’s easier said than done. Any specific strategies or actions you use to curb emotions when trading?
Your insights into swing trading requiring minimal energy are interesting. Of course, day-to-day shopping can be demanding. Have you encountered specific challenges or successes with swing marketing that you’d like to share?
You will not get a single answer. The more experience you have in trading, the more detail-oriented you are. For example, fundamental analysis tools such as support, resistance, and Fibonacci points are sufficient for a beginner, but a professional trader uses different Fibonacci scales, more advanced tools, and so on. Therefore, if your goal is long-term trading, you can learn how to predict it easily and in less than a week. However, if it is short-term, it is better to experiment and customize your experience, as it will most likely be unique.
Anyway, you are spot on! The depth of analysis generally evolves with experience, and is interesting as professionals use more advanced equipment.
I fully agree with the importance of providing beginners with basic analytical tools such as support, resistance and Fibonacci points. It provides a solid foundation and understanding of market dynamics.
Your insight into long-term and short-term trading strategies is valuable. Forecasting trading delays over the course of a week is a bold assumption. In other words, the specificity and testing required for short-term trading are consistent with the dynamic nature of the market.
Clearly, change and continuous learning are key factors for marketers at all levels. Have you had a lot of experience with entrepreneurial strategies and have any specific tips or experiences to share about your evolution?
[moderator's note: consecutive posts merged]
