Having taught myself the art of "Indices & Trends" by simply watching the market, which i will get more into detail about below.
The entire concept of trading for the long is pretty simple, right? buy low, hold, sell high. But in a market as unpredictable and as volatile as Crypto, its next to impossible to use standard market tools to accurately predict the markets for the most part.
The coins i have been into lately, of course, Bitcoin ( BTC ) and TeZos (XTZ), with TeZos offering a 5.60% Staking reward on Coinbase, why not use it as my fall back coin, right?
So, here is my simple guide to making some cash in this current market.
- Trade with funds you can consider gone as soon as you invest them. NEVER trade with money you need.
- Find an app on mobile that will alert you to market changes on your coins.
-Buy low, but pay attention to what LOW really is. Review charts to make sure you are going to really be buying low and not getting Fibbed.
-HOLD! Hold it, even if the market peaks, if its not as high as you want it, wait it out.
- NOTE- if the prices fall to beyond where you paid, buy more at or as close to the BOTTOM price to average out your coins price, but again, WATCH THE CHARTS!
-Sell, only when the price is just right
REMEMBER! Charts LOVEEE symmetry.
Some tips, you can always "ladder" in on a rising/lowering coin price if you miss the true bottom of the market for that period, but again you will need to be watching the charts to make sure you are understanding the flow of things
Some basic tools to use to monitor the market -
- ( ) - It is intended to chart the current and historical strength or weakness of a coin based on the closing prices of a recent trading period. use it to give you an idea of how strong things our, but NEVER rely on it in a crypto market.
- (S)MA (Moving Average) or ( ) - A moving average is a technique often used in that smooths price histories by averaging daily prices over some period of time. Simple moving averages ( ) takes the arithmetic mean of a given set of prices over the past number of days, for example over the previous 15, 30, 100, or 200 days.
These are just a FEW of the tools that are available out there for you to use, and these may not be right for you. Experiment with all the tools at your disposal over here at Trading View and find one that helps you make the best trades!
If i missed anything crucial please let me know! i wrote this in somewhat of a hurry.
Good Luck and may Satoshi be with you!
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