Risk Management in Crypto Trading: Simple Rules to Follow
The rules of the risks attached to cryptocurrency trading don't need to be impossible to follow. In this, we explore risk trading and how...
The goal of every market speculator is to be able to think and trade confidently themselves. Not having to rely on any one person. But to get there you need someone to tell you some basic first steps. If you are just starting out there’s no need to go full obsessive reading every TA publication on Trading View. In most cases, the best way is to simply just do it yourself. Be original. Come up with your own ideas and creativity. Don’t be afraid to be wrong. Experiment with all the drawing tools and analytic tools on Trading View.
To summarize my main points during this 2 part series:
- If your end goal is to be a market speculator you need to be a STUDENT of your asset. Study it. Pretend it’s your child even. Get to know it’s temperament. Look at the entire price history of the chart.
- Create an economic cycle report showing all the bull and bear cycles, noting periods of Greed, Fear, Despair, Accumulation. Note how long these different cycles took. Having this knowledge will allow you to better understand the current cycle we are in and where things might head.
- When you are first starting out always study the longer time frame charts. Daily, Weekly, Monthly. Anything less than an hour takes lots of skill to trade.
- Get to know common moving averages and what they can tell you.
- Note previous major resistances and supports on your chart based on historical prices.
- Get to know your friend Fibonacci.
- Get to know different momentum indicators.
- Lastly – always make sure your technical framework is super clean and concise. It should never EVER be cluttered. Just because a chart has a million trend lines and indicators doesn’t mean it’s good. Most likely it’s garbage.
Anyway, I hope some of the info was helpful for you. Again, 99% of the leg work will need to be done by you and that’s ok. If this is something you really want to do as a profession someday you’ll be disciplined to learn as much as possible.
Since there are only ten minutes allowed per video, the educational framework has to be posted in two parts. Watch part 1 and 2 below:
Technical Framework For Beginners 101 Part 1 by WolfpackCrypto on TradingView.com
Technical Framework for Beginners 101 Part II by WolfpackCrypto on TradingView.com