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Cryptocurrency Guide for Beginners.

Step :1  Open an account with a Cryptocurrency Exchange

Once you have a grasp around the cryptocurrency industry, the blockchain technology, and different cryptocurrencies then you can start building your own cryptocurrency portfolio.

The first thing you really need is access to the “marketplace” from where to buy these cryptocurrencies.

If you’re interested in trading Bitcoin then you have a broad range of cryptocurrency exchanges from where to choose.

Secondly, you want to make sure your preferred cryptocurrency is listed on the exchange. The most popular is BINANCE. Majority of the altcoins are only listed on specific crypto exchanges so you want to only research those.

An altcoin is basically a cryptocurrency that isn’t Bitcoin like Ripple, Litecoin or Ethereum.

If you want a bunch of fancy tools with which you can buy and sell cryptocurrencies you’ll want to use one of the exchanges that offers you a large variety of order types.

Note: An important factor when deciding your preferred cryptocurrency exchange is to research it thoughtfully and also listen to other user reviews and experience.

Consider the following tips before choosing an exchanger wallet

How to choose the best  cryptocurrency exchange (exchanger wallet)?

It depends on the goals you follow. If you are an investor, you should care about following the listed below characteristics:

✔% of the commission for transactions;

✔limits of  the amounts of withdrawals;

✔the availability of trading pairs you need, example (BTC/ETH);

✔ the complexity of verifications(KYC & AML).NOTE:

(KYC=KNOW YOUR CUSTOMERS,AML= ANT-MONEY LAUNDERING)

For investors the question of account’s security doesn’t matter so much, as there is no need for them to keep their funds on the exchange.

But if you are a trader, the security should be very important for you, as you always hold some amount of  money on the exchange. You will also need a variety of pairs, different trading tools and detailed graphs.

If you are a miner, or you just want to exchange on currency to another, pay attention to following things:

✔availability of trading pair you need;

✔ speed of transaction;

✔ there should not be any negative reviews concerning the delay (or impossibility) of  withdrawal.

Remember: the right choice of  the exchange is one of the most important aspects for everyone, who deals with cryptocurrency.

Be careful and make a right decision!

Step 2: Select your coins you want to invest for the long-term

This cryptocurrency guide for beginners is more focused on the long-term investing in crypto coins. You can invest in multiple cryptocurrencies but I recommend to first start trading one coin.

Am going to show you all the basic steps to make sure you purchase the right cryptocurrency.

There are thousands of cryptocurrencies available to trade on exchanges across the globe so there is a big variety to choose from.

By using CoinMarketCap a free cryptocurrency resource website you can find all the different types of coins and what their market capitalization is and how much money those currencies are worth.

NB: Consider this image below as an example 😄👇

There are a few different things you want to keep in mind when selecting a cryptocurrency and the market valuation is probably an important factor.

We can say there are three main valuation types that define cryptocurrencies:

Large cap (top 5 coins)

Mid cap – anything bigger than $200M

Small cap anything smaller than $200M

Don’t make the mistake and buy cryptocurrencies just because they are cheap and trading at 1 cent. It’s highly unlikely that a 1 cent coin will go up to $200 because the actual dollar value per coin doesn’t matter in the grand scheme. It’s the market valuation that counts.

The market valuation is calculated by the number of coins or tokens multiplied by its current price

Note: I recommend only investing in large and mid cap cryptocurrencies.

Step3: What price is your preferred cryptocurrency trading at? Check through multiple cryptocurrency exchange.

Another thing you need to consider when trading cryptocurrencies is the price of your preferred coin.

Where’s the price of your cryptocurrency?

Is it cheap; is it at all time new highs (ATH) or maybe at new lows?

As we already mentioned you should never buy cryptocurrency solely based on their price, but use it in combination with other factors such as valuation, available coin supply, what technology uses and what is the targeted market.

If you want to maximize your cryptocurrency gains you have to apply the “buy low, sell high” principle. This is part of the basic of a successful cryptocurrency trading strategy. You need a guide to cryptocurrency investing that can teach you how to trade bitcoins to make money.

Step 4:  Why are you optimistic about your cryptocurrency choice?

Why you are optimistic about your cryptocurrency choice is a fundamental question that you need to answer if you want to catch the next Bitcoin.

I have put together four major categories that you should keep an eye when trading cryptocurrencies:

What market or industry is the coin disrupting (virtual payments, cloud storage, finance etc.)?

What is the technology behind the coin? Make sure it’s easy to use, accessible and the fact that the blockchain technology is actually addressing an issue.

Solid team. Do your research and make sure the team behind your favorite cryptocurrency has experience is big enough and has the necessary skills to implement the claims these coins are stating they are going to make.

This is probably the most extreme and important factor because this will increase the demand for the cryptocurrency and it means people are using the blockchain technology.

You should not invest in any cryptocurrency that doesn’t meet at least three of these four categories.

Don’t be caught in the fear of missing out the next big opportunity in the crypto space. In the crypto community and cryptocurrency lingo this has been coined as the (FOMO) trade.

Don’t do the FOMO trade.

Do your research and only invest in the best cryptocurrencies.

Step5: Store your Bitcoin and altcoins using a cryptocurrency wallet.

A cryptocurrency wallet is like your bank account for your crypto coins. Your bitcoins need to be stored in a bitcoin wallet the same as your ethereum coins which need to be kept in an Ethereum wallet and so on and so forth.

In other words, a Bitcoin wallet is a piece of software that you use to communicate with the bitcoin network. You can tell the blockchain when you want to send or receive transactions.

There are multiple ways to store your cryptocurrencies both online and offline. You can even store your bitcoins on the exchanges from where you bought them which is not recommended because there is a high risk of hacking that can result in you losing your cryptocurrencies.

Cryptocurrencies can be stored both online and offline on a paper wallet or you can do it on a hardware wallet.

The best alternative to safely store your cryptocurrencies is to use a harder wallet or a paper wallet.

Conclusion – Crypto Guide for Beginner traders

This cryptocurrency guide for beginners is intended to be just a template into the crypto investment world.

Cryptocurrencies have the highest potential way to make money investing today. Don’t make the mistake of missing out this one in a lifetime opportunity.

If you want to invest in cryptocurrencies you need to follow a process and have a cryptocurrency trading strategy.I hope that this cryptocurrency guide for beginner traders will put you on the right track.

#GPT-4 #Launchpad #CreditSuisse #Fed #BTC

BY LEON TECH

In technical analysis, chart patterns are simply price formations represented in a graphical way.

Chart patterns are without a doubt one of the most useful tools when doing technical analysis of price charts. Chart patterns are a very popular way to trade any kind of markets because the most profitable chart patterns give us a visual representation of the supply and demand forces.

What makes chart patterns so appealing is that it also brings to light what happens behind the scene aka the buying and selling pressure.

Note* A chart has its own language and it speaks through chart patterns. And chart patterns leave footprints of the big money or the smart money. These footprints can lead us into highly profitable trades.

Why are Chart Patterns Important?

If you remove all your indicators from the charts and everything else that might make your chart less clear and just look at the price action, whether it’s 5-minute chart, daily chart or whatever it’s your preferred time frame you’ll actually gain more insights into what actually happens in the market.

As long as the candlesticks have the variable open, high, low and close; you can use them just to confirm your position or even entering a new trade. You can build a really successful chart pattern trading strategy without the need of any other technical indicator.

There are bullish and bearish chart patterns and what makes them work is that they tend to reoccur over time making it possible to backtest them and find their probability of success rate.

✅ CHART PATTERN TYPES

Throughout this article series, we’re going to discuss how to make money with the most profitable chart patterns. Some of the most profitable chart patterns and chart pattern trading strategy includes:

Triple Top Chart Pattern Trading Strategy

Cup With Handle Trading Strategy

Bump and Run Chart Pattern

Price Channel Pattern

Symmetrical Triangle

Double Top Chart Pattern Strategy

Double Bottom Chart pattern Strategy

Rectangle Chart Pattern Strategy

And many more …

It doesn’t matter what time frame or what market you trade because chart patterns are present everywhere there is a battle between buyers and sellers.

Now…

Let’s discuss how we can use the chart pattern trading strategy and make money trading any market.

Chart Pattern Trading Strategy – Rules

We have developed five step-by-step guidelines that would be important to take in consideration when trading any of the chart patterns:

Step 1: Always determine if the market is in trend mode or consolidating

This step is important because although some of these simple chart patterns often are forms of consolidation they are actually continuation patterns of an underlying trend.

For example, a bullish flag pattern – you can read more about it HERE – is a pattern that forms after a larger move up, and the pattern itself is just a brief form of relief (or consolidation) from the underlying trend, before breaking to new highs.

Basically, the bullish flag pattern is a continuation pattern.

We can distinguish mainly two types of chart patterns:

Continuation Patterns: signals that the trend will continue

Reversal Patterns: signals the possible end of a trend and the start of a new trend.

An example of a reversal pattern is the double top pattern highlighted in the figure below:👇

It’s important to determine whether the market is trading or consolidating because this will reveal what type of chart patterns will work best for each trading environment.

Note** The reason why many price action traders fail is because they don’t follow this first rule and they try to trade every pattern regardless of the whole picture.

Step 2: Decide what Chart Patterns you want to use

Do you like to trade reversal patterns or you’re more comfortable trading continuation chart patterns?

Figure that out, and once you have decided which way to go try master that particular trade setup.

Repetition is the mother of all learning and the more you trade the most profitable chart patterns the better you’ll become at spotting these chart patterns in real time.

Step 3: What is the story behind the Chart Patterns?

What you have to do here is to construct a story behind your favorite chart patterns.

What do we mean by that?

Simply, look at the whole price picture not merely focusing on the chart patterns. What you need is that this story to confirm your price action pattern. Everything else must point in the same direction as your chart patterns.

For example, the narrative behind the bullish flag highlighted in Step #1 is quite easy to spot. We’re moving in an uptrend because we have developed a series of higher highs and higher lows.

Secondly, we broker and close above an old high; no resistance spotted above market price are all good ingredients that speak volume in favor of our bullish flag pattern

Step 4: Trade Chart Pattern Trading Strategy in confluence with good price location

Chart patterns work best in conjunction with a good price location which can add confluence to our trade.

What do we mean by price location?

In simple terms, a price location is just an important area on the chart from where normally we would expect a price reaction. That price location can either be a support/resistance level, swing high/low points or some pivot points and even technical indicators if you choose to combine the two.

For example, the price channel pattern highlighted in figure 3 worked out because we had confluence with the higher time frame resistance level. The EUR/USD was simply trading in an upward channel, but heading right into a resistance level.

Step 5: Make non-subjective trading rules for trading these Chart Patterns

The last step to build a chart pattern trading strategy is not just to have some non-subjective trading rules, but you also have to write them down and follow your plan strictly.

There are many possible ways a trader can profit from these chart patterns.

For example, the bullish flag pattern can be entered either at the retest of the flag support or at the breakout above the flag.

Become a master of only one setup and one chart pattern trading strategy; prove yourself that you can be profitable trading one pattern before you move on. So, find a pattern that you like and become very good at that chart pattern trading strategy

Conclusion

One of the ways that we learn how to trade correctly is by gaining the right education and screen time and Leon Tech takes pride in providing you with top-notch education.

We can fast track your career by giving you the most profitable chart patterns which is easy, but the one thing we can’t give you is screen time and experience. That’s something that you need to gain over a period of time.

When it comes to chart pattern trading strategy, there are no magic bullets because you’re going to make mistakes and secondly, you’ll still be having losing trades. The whole idea is to become very selective on the chart patterns you trade.

Finally, do your own research #dyor #BTC #chartpatterns #Binance #leontech