To Learn Cryptocurrency Trading…
I want to preface this post with a brief talk about how to learn technical analysis. A lot of people focus on learning indicators. Few focus on applying the indicators. I personally use very little indicators. I am a price action trader, though some indicators have some value. In cryptocurrency trading, I have seen an intense focus on indicators from a lot of newer traders. Indicator bloat is a problem. I focus on the few indicators that have some value and have backtested data showing they have a statistical edge. If you are interested in learning how I settled on the few indicators I use, I recommend going through the Adam Grimes’ free trading course. If you want to learn TA, and the reasoning for why I use certain indicators, that is the place to go. That is a great place to learn the basics. Babypips.com is also excellent.
Learn the Basics First
There are many other good resources for learning the basics. Investopedia has a very simple course, Stockcharts.com has some good lessons. There are a multitude of great books out there for learning the basics, or learning methods. Technical Analysis of the Financial Markets is a good one for learning TA. There are some excellent blogs out there, such as Stockbee. I have links in my resources section to some of my favorite trading books and blogs. Yes, a lot of my books and blogs are about stock trading. A lot of the same principles apply to crypto trading. There are truly not a lot of quality traders in crypto yet, IMO, so the best resources are still in the stock world.
A lot of readers of my blog are at the ground level, so I recommend starting there and then come back here to learn my method. Or find another method that more suits your personality. QuickFingersLuc or Brian Beamish are two that I really like. Brian Beamish’s method is similar to mine. Several of Dave Landry’s setups have also greatly influenced the way I trade crypto. I trade QFLs method in addition to mine, with some slight alterations. That will require a separate blog post, however. This post is for my bread and butter method.
I have a video to go with this post:
Why Cryptocurrency Trading?
I recommend newer traders, or traders with a smaller account balance to strongly consider crypto. The volatility is off the charts. Volatility equals potential. If you can be a winning trader here, you can do much better here than in equities. You can much more quickly grow your account in Crypto.
These markets have a lot of amateurs and not a lot of professionals. This equals opportunity if you are serious.
There are risks. High volatility does equal high risk. The exchanges have had many issues in the past with hacking, downtime, etc. I find these markets to be somewhat like a high tech version of Jesse Livermore’s bucket shops, if you have ever read Reminiscences of a Stock Operator.
Please do your research before jumping into this.
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