I feel like people overcomplicate trading. There are many many profitable traders that just use raw price action and a few Support / Resistance lines. The vast majority of the drawing tools on Trading View are just to outline things to remind yourself what you once saw, but once you get enough time in the saddle, it all just pops off the chart at you and you don't need reminding, because you don't have to struggle to find it again. I have tried various things like tradinglite and nansen, and they're useful to get a bit more of an edge, but mostly unnecessary. I use PURELY TradingView for charting, and that's about it.
As far as researching goes, I love CryptoCompare, CoinGecko's tools, the little tools built for each individual project that you find in the discords and stuff (such as https://thorchain.vision for RUNE, DUNE analytics, and whatever else. Plus whatever reading you want to do in the supplied documentation, of course). I just focus on finding the answers to a few questions over and over again, in whatever way necessary. I ask myself: What's the community like? How driven / motivated is the team to achieve their goals? How likely is it that this team, given their track record will be ABLE to achieve their goals? How big of a problem is the problem they're trying to solve - what's it worth? How often do they ship, and are they good at keeping the community engaged in the meantime? If the answers are favorable (plus the research into the mcap, tokenomics, and all that jazz), you've likely found yourself a diamond in the rough. Like with SPELL, it was a no brainer. That's how I got in so early. I'd never heard of Dani, but I could immediately tell he was a man of great means, motivation, encouragement, and following, and that the problems he was trying to solve were relevant and valuable. It stood out to me immediately. Same for projects I've called in the past, like LUNA, IOTEX, etc.
That’s great advice and comforting to hear. When starting out, I think the urge is to use as much as possible when really the opposite is true. A few simple tools and basic system makes trading less daunting and logical.
I started with Forex trading in 2013, shortly after graduating college with a degree in Information Technology. After about 6 months into my first job, I found all the short-term goals that lead me to finally working within the field I was studying for were now accomplished, and the only thing before me was working until retirement. I felt very uninspired and sort of depressed. I worked to find some alternatives... Took some courses on Forex trading, and started in with an FXCM brokerage account and practiced on demo for a year or two, then went live. After about 20% drawdown, went back to demo for another year, then went live again. Turned $30k into about $150k, then found crypto and started exploring that. I had a very hard-set rulebook for Forex trading, but found that rulebook wasn't working for Crypto, so basically did a buy-and-HODL for the first few years, very rarely rotating. Slowly, the Forex market evolved and my hard-set principles / rulebook for FX trading failed, but my crypto investments bailed me out. Having way more interest in Crypto, it being more at the center of my venn diagram of love of tech as well as love of finance, I migrated more to crypto, and eventually broke away from my training wheels of "hard set rules" and found my own way based on gut instinct, increased desire for protection & hedges, and a more thorough understanding of the market as I was about 8-9 years in at that point. Now I'm 80% crypto, 15% FX, and about 5% stocks.
My advice? (1) Don't assign a timetable to success - everyone will get there at a different rate. (2) You are smart enough. Silence the inner voice that says you aren't whenever it surfaces. (3) Persistence is the key. You will learn a little every single day, and knowledge compounds just as investments do. Your mind uses previous tidbits of market knowledge to draw parallels and help you understand new concepts. The more you understand, the more parallels can be drawn, thus compounding your knowledge even further. (4) Every so often, step away from all courses, subscriptions, twitter, newsletters, and other sources of incoming external advice, and just try it on your own. Eventually, you will have to cut the training wheels, and if you don't, you'll remain dependent forever.
I am probably 80% technical, 20% fundamental. Usually only fundamental analysis comes from judging sentiment & events that I learn of through CT (such as current situation with Wonderland)
Firstly, don't worry so much, I think. Every person has good and bad times. Sometimes all bad events overlap. At such times, you also need to be patient.
What I want to ask is, what I'm wondering is a little special. You might not want to answer. I'll understand. What is your profession? Where did you learn to do the analysis?
In this bad market, it is actually more important than harm, protecting psychology, how you protect psychology.
What is a tool/software you use for charting/researching cryptos that you feel is not well known or undervalued by others and why?
I feel like people overcomplicate trading. There are many many profitable traders that just use raw price action and a few Support / Resistance lines. The vast majority of the drawing tools on Trading View are just to outline things to remind yourself what you once saw, but once you get enough time in the saddle, it all just pops off the chart at you and you don't need reminding, because you don't have to struggle to find it again. I have tried various things like tradinglite and nansen, and they're useful to get a bit more of an edge, but mostly unnecessary. I use PURELY TradingView for charting, and that's about it.
As far as researching goes, I love CryptoCompare, CoinGecko's tools, the little tools built for each individual project that you find in the discords and stuff (such as https://thorchain.vision for RUNE, DUNE analytics, and whatever else. Plus whatever reading you want to do in the supplied documentation, of course). I just focus on finding the answers to a few questions over and over again, in whatever way necessary. I ask myself: What's the community like? How driven / motivated is the team to achieve their goals? How likely is it that this team, given their track record will be ABLE to achieve their goals? How big of a problem is the problem they're trying to solve - what's it worth? How often do they ship, and are they good at keeping the community engaged in the meantime? If the answers are favorable (plus the research into the mcap, tokenomics, and all that jazz), you've likely found yourself a diamond in the rough. Like with SPELL, it was a no brainer. That's how I got in so early. I'd never heard of Dani, but I could immediately tell he was a man of great means, motivation, encouragement, and following, and that the problems he was trying to solve were relevant and valuable. It stood out to me immediately. Same for projects I've called in the past, like LUNA, IOTEX, etc.
Hope that clears it up for ya! :}
That’s great advice and comforting to hear. When starting out, I think the urge is to use as much as possible when really the opposite is true. A few simple tools and basic system makes trading less daunting and logical.
Your analyzes are really very valuable and very hitting ,Can you tell us how to be a Crypton Capital from the beginning . Thank you.
I started with Forex trading in 2013, shortly after graduating college with a degree in Information Technology. After about 6 months into my first job, I found all the short-term goals that lead me to finally working within the field I was studying for were now accomplished, and the only thing before me was working until retirement. I felt very uninspired and sort of depressed. I worked to find some alternatives... Took some courses on Forex trading, and started in with an FXCM brokerage account and practiced on demo for a year or two, then went live. After about 20% drawdown, went back to demo for another year, then went live again. Turned $30k into about $150k, then found crypto and started exploring that. I had a very hard-set rulebook for Forex trading, but found that rulebook wasn't working for Crypto, so basically did a buy-and-HODL for the first few years, very rarely rotating. Slowly, the Forex market evolved and my hard-set principles / rulebook for FX trading failed, but my crypto investments bailed me out. Having way more interest in Crypto, it being more at the center of my venn diagram of love of tech as well as love of finance, I migrated more to crypto, and eventually broke away from my training wheels of "hard set rules" and found my own way based on gut instinct, increased desire for protection & hedges, and a more thorough understanding of the market as I was about 8-9 years in at that point. Now I'm 80% crypto, 15% FX, and about 5% stocks.
My advice? (1) Don't assign a timetable to success - everyone will get there at a different rate. (2) You are smart enough. Silence the inner voice that says you aren't whenever it surfaces. (3) Persistence is the key. You will learn a little every single day, and knowledge compounds just as investments do. Your mind uses previous tidbits of market knowledge to draw parallels and help you understand new concepts. The more you understand, the more parallels can be drawn, thus compounding your knowledge even further. (4) Every so often, step away from all courses, subscriptions, twitter, newsletters, and other sources of incoming external advice, and just try it on your own. Eventually, you will have to cut the training wheels, and if you don't, you'll remain dependent forever.
I know you from writer. You good at create chart and technical analysis. Well do you use fundamental analysis?
I am probably 80% technical, 20% fundamental. Usually only fundamental analysis comes from judging sentiment & events that I learn of through CT (such as current situation with Wonderland)
Firstly, don't worry so much, I think. Every person has good and bad times. Sometimes all bad events overlap. At such times, you also need to be patient.
What I want to ask is, what I'm wondering is a little special. You might not want to answer. I'll understand. What is your profession? Where did you learn to do the analysis?
See the comment I just posted under the Dreamer's question - it will answer this :}
Yes, I read it. It smells of experience. I hope that your career will continue successfully.
Which are the TA indicators you find most useful?
200EMA, 50EMA, Fib Retracement, and Fib Extension. These 4 indicators I use day in and day out. The rest have come and gone.
All good mate!...Will be looking forward to your return in a couple of months time.👍