The main objective of this blog posts are to learn and share knowledge about cryptocurrencies trading with all those who want to learn these and make money. The approach is starting from 0 and moving to expert level gradually. The blog post will share information (in the forms of articles and video content) about various issues related to trading in cryptocurrencies. Comments and experience sharing is more than welcome. If you want knowledge sharing on specific topic(s), feel free to suggest.
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From Where to Start Your Cryptocurrency Trading journey ?
The first thing that hit the new
traders while entering cryptocurrency trading is to find the starting point for
their learning journey. If they start at
the right moment, the learning journey can ease the learning and make the
learning fun. But, In general, it's not easy to decide from where to start
given that much information is available free of cost on various blogs and YouTube channels. In my opinion, the best way to start for new traders is to
learn to read the market first because to understand any "game," it is
essential first to watch and observe the game closely.
There are over 300 currency
exchanges across the world that do cryptocurrency trading. Some of these
exchanges are well reputed and trusted, and some are unreliable. The well-known
are Binance, Coinbase, Huobai Global, Poloneix, Bittrex, etc. However, among
all these exchanges, the biggest and popular are Binance. Most of the traders
use Binance. We will also discuss Binance and trading on it in future blogs. In
principle, one can keep an eye on the cryptocurrency market from any of these
exchanges, including Binance. However, Tradingview (www.tradingview.com) is more prevalent among traders for observing (analyzing) the
cryptocurrency market, even though traders use different currency exchanges
(for example, Binance) to trade (buying and selling cryptocurrencies). Using
tradingview is preferred because it offers more tools and a wide range of
options that allow you to do various kinds of analysis (we will learn that in
future blogs).
Observing
Cryptocurrency market using Tradingview
To use the tradingview website,
let's go to that website. You can directly go to www.tradingview.com. You can log in with your Google/Gmail ID on this website. The
below image shows how its screen looks like. It's important to note that
tradingview do not deal with cryptocurrency alone. Instead, it also provides
market conditions of various commodities (such as crude oil), metals (such as
gold, silver), stocks (such as Newyork stock exchange-listed companies shares)
along with all major cryptocurrencies, including Bitcoin.
Once you open its website, the next
recommended step is to understand various things about this website. It is
recommended that you click on chart view from the top tab on the home screen,
as indicated in Figure 2.
The following screen will appear
after you click on Chart (Figure 3). You must first adjust this screen for your
convenience. This can be done by using your mouse and right-click. Little
experimentation will help you here. Next, you need to adjust the watchlist as
per your need. You can also add several cryptocurrencies to your watch list so
that you can keep track of their rates. Next, you can remove the irrelevant
information from the watchlist to keep your watchlist clean and as per your
need. The lower portion of the watchlist shows the various technical details
about the particular currency that you select from the watchlist that includes
its current market value, the value range during 24 hours, the buyers and
sellers rates and order, the volume, the pressure of buyers and sellers.
The graph/chart shown on the main
screen is called candle chart. That is key in all analyses. The x-axis of this
graph shows the UTC that could be easily adjusted to your local times as per
your convenience. The y-axis of the graph shows the dollar value of the
currency you select from the watchlist. Also, note that the candle chart can be
changed from candle to bar chart, scatter, or line graph.
Furthermore, it is also important to
note that the graph is for a "specific period." Each candle in the
graph is for a specific duration. For instance, if we set the chart for 15
minutes, it means that the candle represents a 15 minutes interval. We can
change this interval to various other time frames depending on the trading
strategies discussed in upcoming blogs. Finally, you can select a black theme
for your chart that improves the visibility of your graphs.As shown below figure. In the next blog, I
will explain how you can read these candles to know the market situation.
It is essential to know about yourself before diving into crypto trading. An important question to ask is that what type of trader you are? Because as it seems, making money in cryptocurrency may be an easy job at times. But to make your crypto earnings sustainable and be a successful trader, it is crucial to explore your potential and act as per your type of personality. This blog is about the kinds of traders and the way they make trades. Image by Gerd Altmann from Pixabay In general, we can categorize cryptocurrency traders into the following four types of traders. Every kind of trader needs its skillset and approach for being successful. Long-term traders These traders aim to invest in those projects/currencies that are newly launched or about to lunch. The aim is to put money into such projects and hold it for a more extended period. These traders make money because all currencies at the beginning have the lowest prices. However, if the pr...
Muslims have several questions these days about Bitcoins. These include: Is Bitcoin halal? Is crypto trading halal? Is it acceptable for Muslims to trade in cryptocurrencies? What do the religious scholars state about it? This write-up aims to discuss this issue in detail. Image credit Pixabay Before discussing the subject topic, I strongly recommend having a quick go of my earlier write-ups to have a good understanding of cryptocurrencies, bitcoins and the related terminologies . Islamic Scholar opinions about Bitcoin Below are screenshots of four fatwas about Bitcoin from four different sources. These include fatwas from "Grand Mufti of Egypt", Turkish Government, "Center of Palestine" and from "Shaykh Haitam from the UK" respectively. According to these all sources, Bitcoin is Haram . In simple words, as per these sources, Muslims should not deal with Bitcoin. Summary of Religion scholar's arguments against B...
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