The first thing you need to do when starting on trading

The first thing you need to do when starting on trading

By Kazna | Cryptos for beginners | 2 Feb 2021


   Before you buy any crypto (or other kind of asset, because this knowledge is useful in cryptos as much as in stocks market, for example), you need to know why are you buying it, what's your goal, how much time you plan to hold that asset, how much time can you be at the market, among other factors, because that will give you a plan, which type of analysis will you use and after that, what parameters will you set in your chart.

   There are 2 types of analysis: technical and fundamental.

   On one hand, we have the technical analysis consist in reading and interpret the chart, market variables and values, so you can make your plan in a short term with lots of transactions in minutes.

   On the other hand, fundamental analysis take other things into account, like the human factor. A great example is when Elon Musk speaks about any crypto and its prices goes to the sky and beyond in seconds, there is no valid technical analysis in there but the human psychology, it is not a natural phenomenon and it breakes every parameter you saw before.

   Once you understand basic analysis, you can start looking at the charts.

 

   My personal recommendation: you'll learn the concepts from wherever you want, but when you do, DO NOT RUN TO TRADE, make a self training, try to predict the market as long as you plan to invest for real, let's say, try to predict the market for tomorrow. When you make ten or more correct predictions, perform a small trade, less than the 5% of your available assets, and do the same training with real money.

   Remember, patience and time will give you more earnings than a massive trade.

 

   If you like my posts follow me, I like to post this kind of articles because it's not nice to start or wanting to start a new hobby, job, etc, without anyone guiding or supporting you, we are used to fail alone and in silence instead of reaching for help. Also, and with other articles in this site, share them in your social media, you don't know who could be watching and who could you save! Me? I made my own research for too long and all by myself, best site I found to learn, is Binance Academy.

   No one was born knowing, help anyone who asks.

How do you rate this article?

5


Kazna
Kazna

Argentinian amateur crypto day trader, amateur american football player, event manager. Love to travel and love analytics. Hope to live in Europe in a few years in order to keep learning about the world qe've been private from.


Cryptos for beginners
Cryptos for beginners

Cryptocurrencies concepts and options for beginners and amateurs.

Publish0x

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.