For people just who are fairly new to the Crypto space and have got so far to have at least one wallet with something inside it, the time will soon come when you want to learn about using an Exchange site and dive the next step deeper into the world of Crypto.
What doors open up by using an exchange site?
There are multiple benefits and opportunity’s from joining up to an exchange site:
- Firstly, it opens up the possibility to store fiat money somewhere apart from a bank, and can be used when you decide whilst waiting to buy your favorite Currency or Token when you see its gone down to a price that you think is reasonable.
- You can get to see on a reputable exchange, a huge selection of (possibly good) coins and tokens and from there pick ones that you will go and research more on at Coinmarketcap.com.
- You get a constant overview of the markets and have the chance with apps to have it all mobile, fully in control to hit that buy button, or set a buy order so you can split fiat up and set orders to keep some kind of organization ready for the dips.
- Get access to coins and tokens not yet available elsewhere on other exchanges.
Trading Patterns
The only reason people trade is to accumulate either more coins or tokens than they already have (which makes it very appealing)- or to accumulate more USDT so that they can save it for the good times to buy what they want after a crash has happened.. (which is even better?!)
Everything around us is numbers and humans are humans, which means mathematics and human behavioral patterns are two factors of which can be exploited and used in methods of trading for profits. I researched after noticing patterns on the candle stick graphs there was always some red, then some green, then some red, and green and so on.
My research took me to The Elliot Wave Theory, and I watched some short videos to keep it simple after watching one video that was just too confusing to get a grip on.
The simplest one I found explained the first step of how to count waves on graphs using this theory.
It is actually a very simple pattern that is nearly always visible and countable on graphs and not just for Crypto- it can be applied to all type’s of trading. The A, B & C are when something corrects in price (a correction) after a pattern wave rising up in price or going down in price has happened (the 1, 2 , 3, 4 & 5 of ups and downs)- there will always be a correction, which creates a visible pattern.
Below is a screenshot from my Android of a great example just some days back..
Just by these two photos I have shown you the very basics of trading, which is enough for you to start seeing the patterns and practice counting the waves that you are seeing. They occur at all time scales on graphs so you can get many chances to go find some. Now its easier to predict where the waves will go to so you can get ready to buy on one of the down waves after its peaked on a previous up wave. You can now set the way you want to trade, you can buy at the first clear up wave after a correctional a, b, c pattern and wait until it gets to the peak of number 5 to sell it for profit. The other option is to do the same principle but with each set of waves, for more profits.
Trusted Exchanges
Security is the most important aspect to concern whilst handling crypto currency’s. We are now able to have control of our own assets which for crypto enthusiasts like myself is why were are here- to be able in the future, have something of value- without the use of a bank and to slowly Decentralize the Power from the centralized holders and controllers and instead start giving the people more fairness and real freedoms with Decentralization.
Since the Crypto Boom its like hackers heaven, and I bet that 500,000,000 usd worth of it (at least) has been stolen at a complete guess. Security is paramount, and so trusting in a website with your savings or what you have to buy Crypto with, can be quite nerve racking. Many exchange site’s have been hacked into by hackers wanting to steal funds and so I stuck with mainly using Binance. They are dominating this aspect of the Crypto industry, and I would say that Binance will be the leading exchange site in the following years purely for its usability and the ways its progressing, soon to be available in every language and country which will just strengthen them as a company, which means that they must strengthen the security with the growth of new users. They really are going for it, last news I saw was they were about to be available for users in polish (Poland), bringing many more users to the exchange.
Feel free to go check more out on this theory. What I have shown in this article is the first step to it, and anymore than what I have already shown here is just confusing and for that reason, I myself have no other knowledge to add on this simple 1,2,3,4,5 abc pattern theory. Keep things simple.
Good luck! You are all on your own. Be prepaid to loose Crypto by various means, it’s all part of it I’d say! Just never invest what you cant afford to suddenly loose at any point.
I have no affiliation with the Elliot wave theory, or The Binance Exchange. I am not giving you any Financial Advice here, I am just simply addicted to Crypto and have to then write about it or I cant fall asleep at night… If you want to use my Binance referral link and want to join with it then I’ll happily mail it to you if you leave your email addy below in the comments..
Long Live Blockchain!
Heres my last post, @movingman gets Naked in the Name of Transparency - Open Portfolio- Up to Date.. - Enjoy!!
