RE: Steemit Crypto Academy Contest / S7W3 - Understanding Crypto Trading
Asalam Alikum brother @artist1111
I hope you are doing well and enjoying your life with family and friends. You have good knowledge on crypto trading brother it can easily be seen in the content you shared.
Yes you are right we must not chase the hype of the market like if one coin goes upward people starts screaming bull run bull run and we get in stress that why we didn't invest in that coin and then we buy that coin at highest price from where it gets down and down and we get stuck and in the end we loss our money.
It is very important to have proper planning, risk management, and market knowledge about trend and direction to be successful trader in cryptocurrency trading.
You have mentioned how one must do fundamental analysis of a coin like by looking at the founder and what is the purpose of the coin. Also is the market good and who are the investors and sponsors of the coin.
You have also shared the method of technical analysis like with patterns and indicators including RSI.
In last, you have mentioned about 3 concepts of risk management that are diversification, stoploss, and to check volatility of the market that is correct thing to notice in the crypto market specially.
Brother you have shared in depth research and knowledge with us and I hope it will help most of the people here on Steemit.
I wish you best of luck for the contest brother :)
W-sallam dear bro..
💪Thanks for your kind words and support!🙏 I'm glad my knowledge on crypto trading has been helpful. 💰Success in trading requires proper planning, risk management, and market knowledge. 🧐Fundamental and technical analysis, diversification, stop loss, and monitoring market volatility are key components.💹I appreciate your encouragement and good luck with your own trading journey! 🚀
Thank you :)