You want to learn something today?
This could stop you losing(not clickbait BS)
Something most newish traders don’t understand in short term crypto trading.
I will try keep this as easy to understand for newer crypto traders.
In trading, regardless if it’s forex,stocks or crypto,experienced traders look at fundamentals and technical analysis.
Explained in crypto terms,
Fundamentals are the market cap, circulating supply,fully diluted market cap, what the crypto is about, what market is it in, how long has it been around, when are tokens being unlocked.
Technical analysis is the price movement of a token, there are many indicators that track average prices over set times and so on, you find ranges it has traded in and find good entries when they reach the bottom or top of these ranges or confirm breakouts,there is a LOT MORE.
The MISTAKE I see sooooo many new traders make in crypto is have a basic understanding of technical analysis and use ONLY this to short term leverage trade.
Firstly knowing the fundamentals of a crypto is the first step, most do it backwards, they enter leveraged trades solely based on 1-2 technical indicators or worse because they saw someone else tell them to and get liquidated and think it’s rigged.
Take PYTH for example these last 24 hours or Aevo last week, both with massive cliff unlocks that regardless of any technical indicators will have far greater impact on price and disregard most TA for the short term.
If you want to be profitable in crypto you need to understand the fundamentals of what you are trading or buying FIRST and ONLY THEN use technical analysis to confirm the trade and find the best entry, don’t ape in and then research why you are down 20% in one day or liquidated.
The newer the project the MORE important this is!!!
If u want info on sites I use for research just ask, all are free and widely used and trusted, you just need to spend some time understanding how to read the data, it’s overwhelming at first but take baby steps.
I’m always here to help