In order to be successful in trading crypto the following two knowledge bases are the most important:
1. Crypto Industry knowledge and understanding.
2. Technical Analysis.
Obviously you need both to maximise your results but in this thread discuss if you lean on one more than the other or believe one is more important than the other.
TA is the only way
For crypto industry knowledge and understanding, you need:
-ability to detect bullshit (is this project in stealth mode or..., are the devs still working, is this a scam?)
-research of the project team/history (are they smart? do they care?)
-knowlege of cryptography/code, enough that you understand what makes sense and what doesn't
-knowledge of the common buzzwords and their meanings, which also asks: how is the coin unique
For TA, you need:
-willingness to learn the patterns and constantly improve with indicators
-experience that tells you what is true value causing that fast rise in price and then what is just a pump and dump
-ability to separate your emotions from the chart
-ability to separate the chart from the internet hype that permeates these coins
Yeah, I'd say I use both. Fundamental analysis can help you avoid scams and the obvious traps, and technical analysis helps you make the profit once you find the valuable coins.
FA is what to invest in, TA is when to invest and how much
If you are a beginner, just use an indicator like MACD/RSI (on the higher time frames) these are much more reliable than any speculation you have while starting out.
Thank you, very nice check list.
With blockchain technology being around for years now are there any books are definitive sources where you can start to make sense of the cryptography/code?
All you need to do is buy the dips on projects that are still being talked about and preferrably still uptrending in the long run. At least for me, I know that in my case if I chase a pump I'll be dominated by greed and fear and fuck it up. Otoh when swing trading I get consistent 5-10% that let me sleep well.
TA is bullshit
Blockchain tech is simply a modification of asymmetric encryption applied to transaction events. If you want to understand how the algos work, you need to understand asymmetric encryption.
There are assloads of books on cryptography concepts, entire graduate degree programs.
To understand the coding associated with the platforms involved, you need to know the coding language (java, ruby, python, C, etc). It's mostly open source code in the crypto space, which simplifies some of the learning curve. Again, there are plenty of resources to learn most coding languages (except solidity; Fuck solidity).
Beyond that, to make money in the space you need either your own funds and an exceptional ability to spot truly unique tech, or you need skills others will pay for, typically with crypto in place of fiat.
I am just starting out, but so far my inclination is that I would be best of swing trading on a moderately varied portfolio based on the projects that are being talked about. That's where I need more general crypto knowledge, to identify what's being talked about for a reason and what is smoke and mirrors.
i want those milkies
I weight them pretty evenly thou I will buy a coin I consider a shitcoin if the TA makes it look like it's going to take off shortly.
My basic rules are if the coins fundamentals aren't there never go more than 10% in, if the fundamentals and TA are good I'll go up to 75% in.
I'm up 30% right now thanks to TA with more profits to come and its just getting started. This is a dream scenario chart, and its a pretty simple setup on entry. But keep on thinking its BS
Where did you guys learn TA? I'm interested
Can you give any insight on how and where you learned your TA?
>solidity
So you are saying learn solidity to earn corn?
InformedTrades basics to trading video series on youtube covers the fundamentals on indicators charting patterns in 3-5min videos and is essential to start out. Take a day sit down with pen and paper and take notes, on each topic look over on investopedia for further examples.
My trading strategy on Ichimoku cloud I picked up watching ChaosTrader63 on youtube, its an advanced strategy that will take a week or two to get the hang of, but it makes trading easy, I can look at chart and in 10 seconds I know whether to consider trade or not.
Hope this helped, and feel free to join my telegram group for further discussion or for calls, we have 100+ anons in the group
t.me/bittrexcd
COINS are like commodities, not stocks, and 90% of people here treat the like stocks. That is issue #1.
>t.me/bittrexcd
the >t. meme finally makes sense..
You get two types of crypto traders:
>type 1
>technical analysis guys who scrutinize graphs and treat crypto like a traditional financial environment. They're constantly using terminology like 'breakout', 'resistance', 'support' etc. They spend a lot of time on Coinigy, drawing patterns and setting 'rules' for themselves.
They're always fucking poor.
>type 2
>people who embrace crypto for what it is: a volatile, chaotic, newly emerged space where things can change in a heartbeat. These people do their research and understand that investing in crypto requires speculative hypothesizing based on in-depth research and a sixth sense that no graph can provide.
They're always fucking rich.
Technical analysis does not work for crypto. Maybe it will one day but it certainly doesn't know and anyone who says it does is probably fucking poor and not worth listening to.
>i't another I pre buy and let my telegram/discord/twitter cucks pump the price for me and call this a good call episode
Is there literally any normal person left who isn't running a retarded pump and dump that doesn't call himself "trading pro" when he clearly isn't.
A trading pro in the crypto space is someone who can absorb information from tons of different sources (including P&D groups) and make informed, confident decisions that work out more often than they don't.
Thank you, capped your post.
Yes its true our small group of 100 anons single handily pumped up FCT, BCH, MCO, LSK, NXT, LBC, XRP, and XMR
We don't buy shitcoin X and Y on cryptopia and pajeet pump 5 BTC volume coins
t.retard
Forgot to mention visit tradeoff.com , its a trading simulation game where you can test strategies on tradingview charts
Technical analysis does not work for anything.
how much bitbean do i need to waifu
Well that waitress take my migrant cock?
Price history doesn't determine price for. Get over TA guys.
All numerical analysis is done based on the past, whether it be quantitative, technical, or fundamental (fundamentals based off of ratios). Quantitative and Technical analysis both stem from trying to understand tendencies.
QA is more formulaic, whereas TA tries to incorporate psychology (support/resistance, trends, and trading ranges which are "comfort zones" for a market).
Understanding aspects from everything is what allows you to make better decisions. The past is very important to pay attention to, but we must always be aware of the present.
i got some real big balls nahmsayin