Cryptocurrency trading has gained a lot of attention and volume during past few years, therefore it is not a less serious job than Forex, binary options or traditional stock trading. It's a brave new financial sector with growing community and plenty of opportunities to get rich. But with over 800 cryptocurrencies and assests available on over 5000 exchanges and markets it's pretty hard to keep an eye on all the opportunities and achieve a certain trading quality level. In this article I will introduce you to the most essential tools, information sources and websites that will help you to achieve such level and support you on your personal way to Cryptomoon.
Information sources
Intel is everything, that's why it's exteremely important to choose right information sources that will supply you with accurate updates, news and other content related to cryptocurrencies. If you choose the right asset in a right time you are half way through on your path to success. It's also a very first step before taking the decision and executing the trade. So take your time while browsing these websites, carefully picking your assets of choice.
Coinmarketcap.com
I know, I know - you have probably heard about this one, still though - for those who did not - coinmarketcap.com is a website where you can find all cryptocurrencies and assets with in a form of a nice overview and all the basic information you'll need to each and every coin - simple graph for past 7 days, marktecap, volume etc. Also if you click on a particular asset you can find out on which markets it's being traded and it's activity on social networks. Absolutely essential.
Icostats.com
If you are into ICOs and you are looking for a "coinmarketcap" that is specialized for Initial coin offerings - this site is definitelly for you. Again - you can find the basic info about the particular ICO and the overview of all ICOs that are either available or are coming to a pre-sale soon. The site also calculates the potential profit and procentual ROI for your ICO investitions - that might come in handy when you want to keep track of how much exactly have you earned on a particular ICO.
Cryptocurrency news
Daily news from cryptocurrency world for an investor is like daily newspaper for a grandpa - absolutely essential, if you want to keep up with the world. Cointelegraph.com, coindesk.com and cryptocoinnews.com - these three news providers have never posted any misleading information and are always among the first ones to bring you the freshest news from the world of crypto. You can also subscribe to them via your email address to recieve daily news to your mailbox (if you are too lazy to open the separated website like me for instance - your electronic mailbox is a great shortcut). There are many sources, but like I said - if you stick to these ones, you will always find yourself updated and ready for anything that comes to you as an impact of good or bad news.
Slack teams/Discord groups
You will be surprised when you find out how much information can be obtained among Slack and Discord users, if you join the right chat rooms. There are many groups where you can find coin developers and people that are in a "close circle". Perfect place to ask questions, find about buy signals, major coin updates and plans for the future.
Bonus: Deadcoins.com
This one is not THAT essential - still though, if you think that you might get a little bit too enthusiastic about a small cap altcoin that just "sounds so great" - scan it through this website to make sure it's not a crapcoin that you are gonna loose whole your hard earned portfolio on. This website works on a user basis (more or less like wikipedia) - people look around, find coins with 0% growth potential, then report them on deadcoins.com and prevent other users from falling into a trap.
Analysis
Moving to a next step that is necesarry to be taken before trade execution - the technical analysis. There are certain things that you can "scruitinise" in the graphs and charts and after that - plan your trades accordingly. For that you need tools like trend lines, fibonacci retracements, notes and comments inside the graphs. These sites will provide you the best drawing tools so you can analyse the hell out of the graphs of your favorite coins!
Bitcoinwisdom.com
This site is mainly focused on Bitcoin - offers awesome dynamic graphs that are highly interactive and fully customizable. You have access to graphs from few major Exchanges in different currency pairs that vary from fiat to pure crypto ones. You can also analyse othe major currencies like Litecoin, NXT or Doge (and plenty of others - the variaty of coins that are available for graphical analysis does not make sense to me - Doge but no Ethereum? Why? But maybe it's some sort of permission issue or something...).
Cryptowat.ch
Another site that is prety similiar to Bitcoinwisdom but (unlike Bitcoinwisdom) offers more currencies and even more drawing tools. If you are willing to pay monthly subscription you can also use a trading platform that is offered right on the site. They have a 30 days trial if you would liek to try it out. (I personally prefer Bitcoinwisdom as I am more familiar with it and I do not usually do deep technical analysis on low cap coins, because in my opinion it's pretty pointless - their graphs are too hectic and unpredictable, but again that's just my point of view).
Nodeinvestor.com
The nodeinvestor is a combination of news, market overviews, charts commentaries and much more. Basically it's a centre for cryptocurrency analysis. You can ask questions there, have a look on written analysis and other analysis related posts from the community users and, of course analyse yourself. There is one big "but" though - the fact that there are only top 6 cryptocurrencies available makes it a pretty limited analysis tool for those who want to go dive into something more "exotic".
Execution
Now you are finally ready to execute - top coin picks are chosen, news and information gathered, graphs analysed, so without further do you are more than ready to get straight to it. In the process there are still few things though, that could make your trades easier, well-arranged and much more fun.
Blockfolio
One of my most favorite tools, if not THE most favorite is Blockfolio. It's an Android/iOS app that works as a position/investition tracker. You can pin different cryptocurrencies to your dashboard, have a look on a simplified graph, keep track of the book order, set an alarm for particular price of a particular coin and most importantly, as mentioned before - you can enter the your trades' data (market, price and amount) and know exactly how much you have earned from a particular trade. Excelent if you want to keep track of all the money that is circulating in your portfolio. It's fully costumizeable which for me personally, is a great thing - it is not binded by any APIs to markets or exchanges (so it will not sync any data, with your favorite exchange) so you have to enter all the data by yourself. Laborious, some of you might say, but totally worth it - trust me.
Coinigy
Last but not least - to execute like a king you need a decent trading platform - a place where you can connect all your exchange and market accounts into one comfortable workspace. A place with all the necessary tools, indicators and charts. I could not come up with anything better than Coinigy - it simply does not have a competition. You have everything you need for cryptocurrency trading under one hood for 20 bucks a month. A wet dream of every professional cryptocurrency trader (or at least mine).
That is it for the tools for cryptocurrency trading. I hope you could find something for yourself and I also hope it will help you and your future trades. If you know any other tools, websites or sources that could help people with trading, feel free to share them in the comment section below and as always - have a nice day!