5 Essential Tools To Help You Succeed in Cryptocurrency
The cryptocurrency market volatility is so high that you can either earn a Lambo in 5 seconds or become a Hobo in 10. Not to mention that analyzing charts is mind-blowingly hard. You need every advantage you can to help you make a good trade.
Here are five tools that I personally use in order to help me make better trades and increase the wealth of the Doge Kingdom.
1) Cyrptocompare
Cryptocompare is a website that helps you track almost every altcoins available to the market.
It has several features:
a) General Overview of the Market
Here you can view several altcoins. To my knowledge, they have the largest database of all altcoins. You can sort the data by price, volume, algorithm, proof type, market cap and 24h change.
b) Coin Specific Data
You can view charts and market data on a specific cryptocurrency. Useful information includes latest trades from all exchanges, forums, orders on all exchanges, advanced charts and analysis.
c) Portfolio
You can use this to keep track of your gains and losses. You can also choose to set it to either a private or public portfolio. In my experience however, they seem to have a bug in their code that updates prices for no reason. There were times where they indicated my portfolio lost 90% value in 1 minute. Which when I verified was not the case at all.
2) Tradingview
Tradingview was originally a stocks and forex charting website. They have since adopted cryptocurrency markets.
Here you can use several tools to help you analyze charts better. This is completely free but they do have a premium version. I personally do not recommend the premium version since you can already access several tools in the free version. Plus the fact that it is overpriced. Again, this is just my opinion.
You can also read the latest news regarding the market as well as analysis made by other tradingview users. Note however, that not everyone that shares their analysis are experts. So proceed when caution and rely on your own analysis as much as possible.
3) Coin Alarm
This is an android app(I don't own any Apple product so I don't know if it's available in iOS) that allows you to track coin prices on your mobile. You can also set alarms to notify you when a coin reaches a certain price.
And yes, these images came from google play. I don't want to screenshot my own phone XD.
4) Slack
Slack is a messeging platform that was famously used by the team that sent rovers to Mars. If it can do that with rovers, it could surely take your money to the moon.
Slack in itself does nothing in terms of market analysis. There are however groups that you can join to help you get better in trading and analyzing cryptocurrencies. I'm fairly new to slack at the moment and for now, there are only 2 groups that I gain the most knowledge from:
a) Coinfund
Link: https://coinfund.slack.com
This group has helped me increase my knowledge 10 folds. Most of its most active members are expert investors, especially in the cryptocurrency market. Note that this is a RESEARCH group. They do not tolerate pumping, hyping or FUD on coins. You have to make your own research and be able to make valuable contribution in the discussions. Again, this is a RESEARCH group and not a stupid trollbox.
When you have a specific coin in mind that you want to know more, simply search in the available channels. It is usually under "research." For example, if you want to know about bitcoin, search for "research-bitcoin." If your desired coin does not have a specific channel for researc, you can request it to be added by the admins.
b) SIA
Link: https://slackin.sia.tech
This slack group is primarily dedicated to the cryptocurrency SIA. Their trading and altcoins channel in the group however, is full of useful data and analysis.
Here are the tools I use to help me trade better. Comment below other tools I missed and those that you would like to recommend. DogeKing out!