When you are a beginner in the crypto market, you need to consider two things that can significantly impact your trading experience – research and charting or technical analysis. It is crucial that you consider these things to be successful. Remember that there is money to be made in crypto trading and it will depend on your due diligence. You can start with www.smartoptions.io.
Doing your own research
If you do your own research, you are avoiding shilling. Shilling is an act of promoting coins and other market moves for personal gain. It is present in all social mediums and for sure you will come across many people claiming that they can make you rich. If you listen to these people without doing your research, you are risking your money and your investment.
Doing research is the most important measure that you can take before you enter the market. It will also steer you away from shills. Keep in mind that there are many shills having fake accounts. They will take advantage of you by creating fake FOMO (Fear Of Missing Out). As an investor, some people will use the FOMO to entice you and many more to buy what they are selling. With this, you should understand what a coin does, the stage of development it is on and how the price moves. Do not run blindly. Read www.smartoptions.io.
Understanding basic charting or Technical Analysis
Aside from doing your research, you should also understand basic charting or Technical Analysis. Most traders skip this because they believe that it is extremely complicated. While it is true, there is no denying that charting or Technical Analysis can make a difference at the end of the day. If you use the knowledge properly, there will be increased chances of successful trades.
Trades have different tools to assess the crypto market. Using Technical Analysis can give you a better understanding of the market and isolate trends. The data gathered can make more educated predictions and wiser trades at the end of the day. Here are some things that you should know about it:
• Trend lines: this is the direction of the coin. The trends can move sideways or doesn’t move in any direction. Traders should be aware that the trends could come in different forms like intermediate, short and long-term trend lines.
• Resistance and support levels: apart from the trend lines, you can also see horizontal lines, which show levels of support and resistance. If you learn to identify the values of these levels, you can draw a conclusion about the current supply and demand of a particular coin.
• Moving averages: this is based on the average price of a particular coin over a certain period.
• Trading volume: this will play a role in identifying the trends. For significant trends, consider www.smartoptions.io.