Hello!
Many people wonder:
• "How to understand that my forecast might be profitable?"
• "When is the best time to start trading crypto?"
Let's figure it out. Simple observation and studying the functionality of the Binance app allows you to use its tools according to your needs.
For example, by going to the chart of any coin, you have the opportunity to set alerts. This means that you can configure a notification for a specific price level that interests you and receive alerts when the price reaches that level.
So, how can this help? Conduct a small analysis, observe the chart of a particular cryptocurrency, for example, SOL. Suppose its price is currently $208.19. By looking at the chart for the last day, week, or even longer, you will notice what levels the price has reached and where it might be again.
If you already have a basic understanding of candlestick patterns and moving averages, you can set an alert for the price level that you think might be reached soon. This way, you can track how accurate your forecast was and assess your analytical skills without risk.
Keeping such statistics and tracking the success of your forecasts will help you better understand your strengths. Once you have enough data and confidence, you can move on to real trading.
Additionally, Binance futures has a trading simulator - although its functionality is not always perfect, it can still be useful for practice. But don't get carried away with high leverage and large amounts in simulators, as your goal is not to achieve a big virtual win, but to understand whether your forecasts and strategies are working.
And, by the way, don't forget about the calculator in futures - this is another useful tool, which I will talk about another time.
Again, these are just my observations. Apply them as you see fit.
