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Here is the guide to read if you want to learn all about crypto trading, crypto charts, crypto indicators and everything crypto-esque. Just click on the block you’re interested in and don’t worry, be crypto ?
Cryptocurrency
Crypto. You’ve heard that word so many times, but what is it? Is it cryptic? Is it cryptographic, or is it somewhere between the lines? Here you will find the answers to these questions.
According to Investopedia,cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Satoshi Nakamoto invented blockchain and published the legendary whitepaper on the cypherpunk mailing list in 2008. Soon after that, one of the blockchain features, cryptocurrencies, emerged.
Crypto traders have to deal with manifold cryptocurrencies. Think of them as stocks you buy from your broker, except stocks are totally different, and in crypto, there are no brokers.
Totally confused? No worries, it’ll get easier. We’ve prepared the set of articles for you to slice and dice:
- What is Ethereum and how can you trade it?
- What is Bitcoin and how can you trade it?
- How can you trade Ripple?
- How can you trade Litecoin?
- How can you trade Tron?
- How can you trade Binance Coin?
When you’ve gotten yourself familiar with the crypto ecosystem, it’s time to take the next step.
Cryptocurrency exchanges
Cryptocurrency exchanges are powerful multi-functional websites with dozens of transa*ctions taking place every second 24/7. It’s not that we’re bragging, but if you want to learn more about crypto exchanges, we’ve crafted the whole series on the most popular ones:
- Binance,
- Bitfinex,
- HitBTC,
- Bittrex,
- Huobi,
- Upbit,
- BitMEX,
- OKEx.
People and/or algorithms trade on these platforms. Your task is not to compete with them but to keep your costs down. This is where you might need to learn all about stop-loss, or maybe even trailing stop-loss, and take-profit targets.
What about limit orders? This is a risk-management tool you should take into account.
Crypto trading
Put simply, cryptocurrency trading is a set of buy and sell a*ctions crypto traders perform on top of crypto exchanges.
As we’ve already mentioned, crypto trading is different from traditional trading in many ways. Compared to long-established markets, there are no intermediaries in the crypto niche, cryptocurrency exchanges are available 24/7, and all the assets are very, very volatile.
Do you remember the joke from the sitcom “Silicon Valley” about Bitcoin and the a l e r t that played m*etal every time the coin’s price dipped below a certain value so it was no longer efficient to mine? Yes, this a l e r t played every other second.
By the way, this is where the risk-management tools mentioned up above come in handy, too.
In crypto trading, people compete with people and with algorithms too sometimes. Read more about algorithmic trading in our blog. They say high-frequency trading (HFT) will enter the niche soon, too, but honestly, how soon this happens is unknown.
Automated crypto trading
You’re probably thinking, “Wait, how am I supposed to track crypto markets 24/7?” Simple! Just stop sleeping – or automate things.
Algorithmic trading has more than 40 years of history with its roots in the 70s. Machines can work 24/7, have no emotions, and are able to track market data for hundreds of trading pairs on several markets simultaneously. So automated crypto trading is where machines trade for you b*ased on your presettings.
Just read the following articles through to learn how to use risk-management tools and automate things at the same time:
- How to set up a TradeSanta bot
- How to keep your TradeSanta account safe and secure
- TradeSanta’s technical indicators
- TradeSanta’s trading tools
- Extra orders
At about this point in time, you probably want to do your first automated trade and after signing up with an exchange, start setting up your access points:
- Setting up API keys for Binance
- Setting up API keys for HitBTC
- Setting up API keys for Bittrex
- Setting up API keys for Bitfinex
Crypto trading strategies
So when you’re ready to set up your first trading bot, let’s start thinking about what you will program into it. Let’s start strategizing – and, oh, yes. Welcome to the world of fear, uncertainty and doubt.
Strategies are challenging in many ways, but not technically, rather psychologically. Emotions drive the markets and make people tear their hair out while they look for a perfect crypto trading strategy that might help them win day in and day out.
- Is it mirror trading?
- Scalping?
- Day trading?
- DCA?
- High-frequency trading?
- The art of cutting losses
- Short strategy
- Long strategy
It’s funny, but there is no winning track. Probably, now you get it. Google how to manage risks, what bots to use when going long and short, and finally parachute down to TradeSanta strategies for trading crypto.
You can also try crypto trading signals to improve your trading results.
Crypto trading signals
So, the strategies tell you, “The market is bullish, go long, oh, no, no, the market is rather bearish, go short.” And you go long, and then you go short, and only after these things start making sense: you shouldn’t have gone either way, really, you should have followed crypto signals on Telegram. Wait, what are crypto signals?
In a word, crypto signals are ideas or suggestions to buy or sell a coin at a certain time or price, as well as on top of particular trading venues.
Trading indicators
Now that you know slightly more about the most popular coins, exchanges, strategies and signals, the next question you might be asking yourself is how to spot an entry point when trading crypto and how to read charts in general. Learn more about it here:
- Types of technical indicators
- Volatility indicators
- Volume indicators, such as MFI indicator
- Trend indicators
- Momentum indicators
- Advanced candlestick patterns
In order to define an entry and exit points, sometimes traders also use coach marks, such as crypto screeners, crypto fear and greed index, crypto calculators and crypto trading apps.
Do you want to go even deeper? Read about the differences between traditional and crypto trading and fundamental and technical analyses.
Summary
Hopefully, this cryptocurrency trading tutorial turned out to be easier than you’ve even expected. And now the only thing for you to do is to measure your trading results and put your earnings into the right crypto wallet.
Like with everything in life, start learning all about crypto greatest to least. Begin with the big picture and the whole crypto ecosystem, stay strong while choosing the right crypto strategy, automate it and put your money into the right coins with the help of manifold indicators. You’re all set up.
Track the latest news such as Bitcoin halving, price predictions, institutional behaviour and black swans, which COVID-19 pretty much was. And hey, always, always plan a trade exit.