Cryptotips Andrew Strogoff

Major Cryptocurrency Market Analysis Methods

💡 Cryptotips
Cryptocurrencies’ analysis methods, technical and fundamental forecasting, how to combine both methods
Major Cryptocurrency Market Analysis Methods

When you trade this or that coin, you need to take an important decision whether to buy it or to sell. You can either guess future price direction or forecast it using one of two (or both of them) analysis methods. This trading guide being a part of our education course is related to Technical and Fundamental forecasting methods that are widely practiced by professional traders.

Technical analysis

This type of market analysis involves trading charts. Traders, using this method, work with different timeframes and tools in order to make a forecast of future price fluctuations. Technical analysis is the simplest one as traders don’t need to have special knowledge in economics.

This forecasting method was initially developed for stock markets in the US by financial journalist Charles Dow. He has noticed three main chart features that form the basis of technical analysis. Here they are:

  1. Fluctuations have repeatable nature meaning the situation that took place earlier, may repeat in future.
  2. The price includes everything meaning quotes comprise all political and economic events already.
  3. Prices have tendencies meaning all fluctuations have a certain direction on different timeframes.

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Why do many traders prefer to work with technical analysis? This method of quotation forecasting is truly the easiest one. All the information can be read on charts. Some traders believe that you don’t need even to look for the events that are price drivers as they are all included in final asset’s cost.

The other reason why this forecasting method is very popular– it offers plenty of trading tools such as patterns, indicators, as well as different theories helping traders to find entry points.

Technical analysis is self-sufficient as it may be used without any other trading techniques in order to analyze the markets. Some professional traders have never used Fundamental method to predict fluctuations.

Technical analysis is truly a cross market method as you can use it trading stocks, Forex currency pairs, cryptos as well as all types of derivatives.

Trend and counter trend trading

The main task of every trader and investor when dealing with financial markets in general and cryptocurrency, in particular, is to define trends. There are two global approaches to work with them. Most traders try to find tendencies and to open positions along them.

The second approach is to define a trend and to trade in the opposite direction (during corrections of reversal periods). Both of those methods are vital and useful. However, the second one is mostly used by professional traders as it is more difficult to place orders catching price corrections or trying to find reversal points.

Both trend and counter trend methods require knowledge in Technical analysis meaning you need to be able to find a tendency at least.

btc

Let’s take a look at BTC/USD chart. For beginner traders the “naked” price chart looks like that. They see just price fluctuations and nothing more. They can earn here by placing orders randomly and sometimes they win. However, successful trading means having a positive balance in the long term. You need to understand that you will not be able to close all your trades with profit as there is no 100 percent iron-clad trading strategies. However, you can increase your chances significantly by using technical analysis at least.

btc

Let’s have a look at the same chart but this time, we have drawn a line, which is called trend line. We have added just one graphic tool and the situation on the chart looks much more understandable. What can we say about all those price fluctuations?

The currency pair (BTC/USD) has a downtrend first. The price fluctuates most of the time below it but returns sometimes to test it as buyers are trying all the time to change the balance. How to use this information?

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You can use opportunities when the price reaches the trend line from below to sell, or find entry points in the beginning of corrections (when the price goes upwards) in order to buy doing counter trend strategies.

This is just a simple example of how technical analysis works. We are going to tell you more about it in our special guide, related to this forecasting method.

Fundamental analysis

Another way to forecast cryptocurrencies’ price fluctuations is to use the fundamental method of quotes’ prediction. This technique is more complicated as it requires skills, knowledge and experience. Classical Fundamental analysis is based on economic, political events as well as inner companies’ data (when is used for stocks).

As for cryptocurrencies, this method studies project and technology behind any coin as well as the general situation on the crypto market. Fundamental analysis should be applied for a long-term period as it is impossible to see its impact in one hour or even one day.

For example, we have a new coin, which is in pre-ICO period currently. We need to understand whether it is promising or not. However, inner project analysis is not the only way to examine the price. You also need  to understand the global picture of the cryptocurrency industry.

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There are some events that may provoke significant price changes. When China banned ICOs in 2017, cryptos went downwards as investors feared the next steps from China’s government. In addition, cryptocurrencies are very popular in China and such steps make local investors to get rid of cryptos.

However, you should understand that it makes no sense to analyze coins for longer time periods as this market is very flexible and fluid. The perspectives of most coins are still underestimated. The majority of projects are still in progress meaning they have conducted ICOs already but are far from being implemented or are in beta testing mode.

The main postulates of the Fundamental analysis are the following:

  1. All price changes result from certain reasons meaning all traders and investors are taking decisions relying on some aspects that may according to their opinion, provoke any trend.
  2. One can find the reasons of price fluctuations when conducting a detailed study of facts related to a certain asset.
  3. Every event that happened is going on right now or is planned for future will be the reason for some consequences that may affect quotes changes.
  4. If one knows all the facts that are likely to have an impact on prices and do the right logical deduction, he can forecast the future of an asset.

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All those postulates are actual not only for stocks and Forex but for cryptocurrencies as well. However, Fundamental analysis of cryptos have some features that distinguish it from Fundamental analysis of other markets. Here they are:

  1. Cryptocurrencies have traits of both stocks and currencies as they are part of different projects. Nowadays all cryptos are developed as kind of assets that project team gives to investors in change of fiat money or other cryptocurrencies. Those coins enter exchanges later and may be bought there.
  2. This industry is decentralized. There is no authority to regulate the market. Every project establishes its own rules of the game (the total amount of emission, type of consensus mechanism etc).
  3. Cryptocurrencies are still far from full integration into real economics meaning they are not widely used by businesses and customers to conduct transactions and pay for goods and services.
  4. Coins have no physical incarnation as compared to fiat currencies and stocks.

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“Wars” between the adepts

There is a true “Holy War” between those who practice technical analysis and conduct the fundamental method of quotes forecasting. The first try to prove that their approach is better and the only right to predict prices. The second says that it is impossible to understand future fluctuations without learning fundamental basics.

If you read several forums related to trading and investing, you will obviously find users arguing with each other trying to persuade the opponents in their rightness. This “Holy War” began long ago with the appearance of margin trading and still continues as nor “technicians” neither “fundamental” adepts are able to win. Here are some arguments that both sides use in their disputes:

  1. Technical analysis is illustrative as you can see all the necessary information on the chart. Fundamental forecasting method cannot be “seen” or “touched.”
  2. You need no events to predict the quotes as all of them are already included in the price.

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However, those who prefer Fundamental analysis say that you will not have the complete picture of any market you choose if you avoid looking for important events and take them into account when trading.

Both sides have their reason and both of them are right as Technical analysis method is as important as Fundamental one.

Combining both forecasting methods

The best way is to use Fundamental forecasting along with Technical especially when you deal with cryptocurrencies. Why is it  important to practice both of them? First, cryptocurrency industry is not regulated.

There are many scam coins that you can detect using Fundamental analysis. They are not worth trading at all as they have no perspectives in future. Can you find such cryptos using traditional technical analysis? Certainly, you don’t even have a single chance to succeed.

Combining both methods is important for traders and long-term investors as they can see the promises behind this or that project and apply them on charts with indicators or graphic tools in order to see whether they coincide or not.

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How to apply those analysis types when trading? When you deal with any new coin, you need first to learn more about the project and its perspectives. To do this, you have a wide range of tools including White Paper document, website information, project team and Roadmap. When a coin passes this first “scam test” you can go on with analysis examining charts.

Professional traders and investors always combine both methods attempting to get better results. This approach is more difficult as you have to gather much more information in this case. Apart from chart data that you need to examine carefully, you are to look through general situation in the crypto industry along with penetrating into coin’s background.

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Why is it better to combine those forecasting techniques?

  1. The complete picture of the market. Sometimes it is better to know the drivers along with studying charts.
  2. Confirmation. Using both techniques you will be able to confirm your trading signals. It is easier to take decisions when analysis results coincide.
  3. Flexibility. The more tools you use to find entry points, the more flexible your trading strategy is.

This article gives the basics of both analysis methods. We are going to describe them in our next posts. You will learn more on types of Technical analysis and several practical recommendations on fundamental method.

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Bitcoin vs. Gold: Which is a Better Long-Term Investment Opportunity

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Do you want to touch and admire your assets? The choice is yours.
Bitcoin vs. Gold: Which is a Better Long-Term Investment Opportunity

In 700 BC, the Lydian merchants saw how gold could be used to make coins. This brought about heavy investment in gold and its value soared. To date, gold remains one of the most valued substances and it has enjoyed widespread adoption due to its aesthetics and other features.

Bitcoin, on the other hand, is one asset which is not tangible. It cannot be held or seen physically and it only appears on a computer screen. Even though it has only been around for less than a decade, Bitcoin has enjoyed a significant amount of exposure and acceptance.

Similarities between Bitcoin and gold

  1. Bitcoin and gold are both safe assets. Although the period of use differs widely, they both serve the same purpose.

  2. Also, they are both speculative. The value of Bitcoin and gold are not determined by external factors like the earnings or the interest to be paid. The values are very complicated to compute.

  3. They are both very similar in terms of value exchange. You can get different grades of gold, you can get different measurements of gold, and you can also exchange gold for an actual currency. All these can also be done with Bitcoin.

Bitcoin vs. Gold

The fundamental difference is that Bitcoin is digital while gold is physical. Gold is a metal which can be gauged and admired while this does not apply to Bitcoin.

There’s a limit to the amount of Bitcoin which can be in circulation. This figure is capped at 21 mln, although we have mined almost 17 mln at present. For gold, we cannot ascertain how much of this metal is still available. In fact, researchers are working on a way to mine metals from space. This means that gold will still be created for years to come.

The tenure of both assets can also be factored in. Gold has been available for over 3,000 years, Bitcoin was first mined in 2009.

Finally, gold is widely accepted as a commodity. Bitcoin, on the other hand, eludes description.

We can only have a more objective approach to this comparison if we consider some important factors. These factors are discussed below.

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Gold or Bitcoin- which currency is prone to inflation?

The supply level of Bitcoin is kept steady and immutable. The implication of this is that there’s no possibility of any inflation which might arise as a result of overproduction of Bitcoin. This is, however, one problem with gold, albeit not prominent.

Gold’s supply rate has increased by about two percent yearly for 100 years now. Although this is not enough increase to cause worry, it cannot be compared to Bitcoin. Asking the question whether to invest in Bitcoin or gold, Bitcoin’s infrastructure makes it prone to inflation as a result of excessive supply.

How long has Bitcoin and gold been in circulation?

Gold has been around for several years and this gives it the advantage of trust and reliability. Many people are of the opinion that any new tech innovation might easily displace Bitcoin as the ultimate cryptocurrency. There are also fears concerning the regulation of the government. Bitcoin is not regulated and if something isn’t done soon, it might be ruled against.

Gold has been around for at least three millennia. Bitcoin has not celebrated its 10th birthday. Who will you be more willing to trust? Also, gold has lasted through the thick and thin. Also, it is important to note that gold is not internet-controlled and cannot just be shut down by the government.

The elemental value of gold

Gold is an element that is immune to any form of tech disruption. It is an ingrained part of our societal values and cannot be eroded easily. In the comparison of Bitcoin and gold, Bitcoin has an advantage in this area. If Bitcoin is able to attract new users and ensure that the existing users are satisfied with the service, this might prove beneficial.

Are gold and Bitcoin complementary?

The question so far has been Bitcoin vs. gold, however, readjusting our lens to focus on Bitcoin and gold might just help our case. Can they both work together? Is Bitcoin out to unseat gold as the universal means of storing of value? A better question might even be to ask if Bitcoin is able to replace gold.

Consider the fact that we are shifting to a digital age where the Internet is a primary means of carrying out daily operations. There are serious issues to address before you consider investing in gold.

The points are well presented, evidence, both compelling and dismissible, has been considered, we can only propose some reasons to choose one over the other.

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Reasons to choose Bitcoin over gold

1. Bitcoin eliminates middlemen

With gold, you have to consult with dealers who probably consulted with dealers who also traded with dealers. This increases the price and makes you pay for what is not seemingly fair. However, with Bitcoin, there’s no human involved. Just smart contracts and automated operations.

2. Bitcoin is divisible

You can get a billionth of a Bitcoin just for the sake of purchasing Bitcoin. Can you get a hundredth of an ounce of gold? Maybe. Is the stress of getting this value worth it? Definitely not!

Reasons to choose gold over Bitcoin

1. Gold is easier to understand

Bitcoin is a concept which is not easily accessible to all. Even learned folks might still need to pick up books, settle down and seek professional help. With gold, you can start investing in days.

2. There’s no Internet fraud with gold

Phishing and cybercrime are prevalent issues with cryptocurrencies which are not experienced with good old gold.

Conclusion

Ultimately, it depends on you to make whichever decision you want to. Are you able to take risks? Do you want a more secure investment? Are you willing to diversify? Do you want to touch and admire your assets? The choice is yours.

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Trezor vs. Ledger: 5 Things You Should Know Before You Buy

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Hardware wallets are touted as the best cryptocurrency hardware wallet because of the offline advantage. Here, we consider 5 tips to note before getting Trezor or Ledger
Trezor vs. Ledger: 5 Things You Should Know Before You Buy

All things being equal, competition breeds innovation, drive, and excellence. Think of Windows and Mac, BMW and Mercedes, MIT and Stanford, the list is endless. In the cryptocurrency world, we have Trezor and Ledger, two fierce rivals battling to get possession of your digital assets. Cryptocurrency hardware wallets are now available everywhere, however, these two seem to be leading the pack.

Are you looking to buy one of these hardware cryptocurrency wallets? Do you even know what hardware wallets are? Perhaps, you’re considering hard wallets and soft wallets and you can’t seem to make up your mind? Here’s everything you need to know about Trezor and Ledger.

Let’s start with why you need a hardware wallet for cryptocurrency.

Cryptocurrency hardware wallets

When you’re thinking about a hardware cryptocurrency wallet, the major concern is the security of your assets. One benefit of cryptocurrency hardware wallets is that it provides an added layer of security by being offline. On a normal soft wallet, a virus, ransomware, or malware is able to infiltrate the computer’s security and then compromise your asset.

You are also vulnerable to phishing and other methods of conventional fraud schemes. A hardware wallet for cryptocurrency eliminates the chances of this happening because you are not even privy to the keys or pin. Even in the case of thefts, there’s a double layer of security available which can disallow transactions and keep your funds safe.

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More about Trezor Hardware Wallet

Trezor is one of the few offline Bitcoin wallets which offers cryptocurrency users safety and flexibility. It is also referred to as a cold storage device because it operates offline. People tout it as one of the best cryptocurrency hardware wallets because of its wide range of applications and the positive reviews it has garnered over the years.

What is Ledger Nano S cryptocurrency hardware wallet?

Designed with aesthetics in mind, this cryptocurrency hardware wallet resembles a USB drive and provides storage services excellently. It also offers an excellent method of initiating digital payments. This hardware wallet has excellent compatibility with almost any device, so you have no issues with connectivity.

What are the important points to note before buying either wallet?

1. The currency they support

Let’s paint a scenario, you open an account with a bank (you parted with a significant amount of your earnings in the process) and then you realize that the currency you use the most is not supported. This is one of the worst rookie mistakes to make when buying a cryptocurrency hardware wallet and this guide is here to ensure that you don’t fall into the trap.

As at when this article was written, Trezor supports only the following coins.

  1. Bitcoin

  2. Ethereum

  3. Ethereum Classic

  4. ERC-20 Tokens

  5. UBIQ

  6. NEM

  7. Namecoin

  8. Dogecoin

  9. Testnet Bitcoin

  10. Litecoin

  11. DASH

  12. Zcash

  13. Bitcoin Cash

  14. Bitcoin Gold

  15. Expanse

The reason for this is perhaps, the difficulty in allowing some of the lesser-known currencies. You should also note that full support is not provided for these coins. In most cases, you need to use a third-party application to store some of the coins. One notable example is the Ethereum coins which require MyEtherWallet.

Ledger Nano S cryptocurrency hardware wallet, on the other hand, fully supports the coins listed below. There’s no requirement for a third-party platform or other apps. This is one of the reasons users refer to it as the best cryptocurrency wallet hardware.

  1. Bitcoin

  2. Bitcoin Cash

  3. Ethereum

  4. Ethereum Classic

  5. Bitcoin Gold

  6. Dash

  7. Stratis

  8. Komodo

  9. Ark

  10. Litecoin

  11. Dogecoin

  12. Zcash

  13. Ripple

  14. Expanse

  15. Ubiq

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2. How much does the hardware wallet cost?

Price is one factor many people take seriously when buying any device. However, the price difference is not so much and can be overlooked when making a purchase. For example, Trezor is available on the official store for 109 dollars while Ledger Nano S cryptocurrency hardware wallet is selling for 116.68 dollars on their official store.

On Amazon, the everything store, it is considerably cheaper, with Trezor selling for 104 dollars and Ledger selling for 99 dollars.

3. The size of the display screen

When Ledger released initial versions of their wallet, there was no screen display screen available. For a long time, Trezor remained the only hardware wallet with this function and this gave them an edge over other hardware wallets.

However, the Ledger Nano S cryptocurrency hardware wallet now features a display screen which can display the recovery seed and the details of the recipient of your coins. This allows no room for errors and the global crypto-community is safer for this reason. Trezor has a wider screen, glossier appearance, and a more mature display technology and this makes viewing much more convenient.

4. Physical durability of cryptocurrency hardware wallets

In the physical duel between these two, the hardware wallet of steel emerges victorious. Trezor is made of plastic and Ledger boasts a sleek, stainless-steel finish. This gives the Ledger Nano S cryptocurrency hardware wallet a superior feel and protects it from any damage which can otherwise be disastrous. If style and elegance are all you want in a hardware wallet, then Ledger wins the race by a wide margin. In terms of functionality though, Trezor makes up for the lack of aesthetics.

There are buttons for managing transactions and initiating payments and on Trezor, these buttons are well-spaced and easy to use. On Ledger, they appear muddled together and you’re almost certain of pressing the wrong button every time you make an attempt.

5. How easy are they to set-up?

Finally, the ease of set-up. Both hardware wallets are compatible with the popular Operating Systems- Windows, Linux, and MacOS. To begin, you require a micro USB cord to connect the device to a computer and then set up the hardware cryptocurrency wallet.

To set up, the process revolves around security. Setting up a PIN code, and then you will be shown a recovery seed which you are required to store offline. This recovery seed is a combination of random words (usually 24) and is automatically generated by the wallet. It is used when there’s a security breach and you have to regain control of your account. Trezor also has an Android app which gives you control over your digital assets without the need for a computer.

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Conclusion

Depending on your needs, you will find either Ledger or Trezor more appealing. Hopefully, this article will help you make an informed decision on the best hardware wallet for cryptocurrency to purchase. Hardware wallets are preferred when you consider security, flexibility, and risk avoidance.

Ledger Nano S cryptocurrency hardware wallet and Trezor will secure your cryptocurrency and offer you functional add-ons. Whichever hardware wallet you end up choosing, ensure you keep it safe by adhering to the tips on cryptocurrency security here

 

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Risk Management, Trading Psychology As Key Factors For Crypto Trading Success

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Money, risk management and trading psychology: factors helping traders to become successful
Risk Management, Trading Psychology As Key Factors For Crypto Trading Success

When you hear somewhere that your trading success depends on a good strategy or luck, it is not true. The key factors of long-term profit in cryptocurrency trading are money and risk management as well as trading psychology.

Most newcomers try to avoid those subjects first thinking that will learn some strategies and use them carefully in order to reach their goals. However, they start to lose money and the more they waste, the closer is the moment they open such articles as this one looking for answers to their numerous questions.

We have gathered here the most important key aspect that help professional traders to succeed. First, we are going to cover money and risk management and give you several recommendations on how to use them in practice.

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Money and risk management

The importance of those aspect is hard to overestimate as they play an important role in trading in general. There is no a single professional trader who skip money and risk management in his or her daily trading routine. Let’s see some useful advice:

Do not overheat your trading account

This is one of the main rules of money and risk management. There are several ways to overheat your trading account including overtrading, breaking money management rules and the others. What does it mean “to overtrade”?

Most beginner traders and investors think that the more orders they place, the more money they will earn. This sounds obvious, but in practice, the more you trade, the more risks you take as you have less money in reserve.

What is an average number of trades per day? There is no answer to this question as everything is individual and depends on many factors including the number of trading opportunities, initial funds, trader’s mental and physical state and the others.

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Many beginners think that they always have to “stay in market” in order to take advantage of every crack. However, this is the best way to overheat your account by overtrading. There is no need to place a trade just in order to be in market all the time.

The best crypto strategy for every trader is to find entry points before placing orders and use them in order to gain profit and not vice versa.

Determine your risk levels

When you trade cryptocurrencies, you need to determine your risk levels for every single order meaning you will close your positions manually or automatically once this point is reached. How does this work in practice?

Let’s say, you have $10,000 on your trading account and determine risk at five percent level. You buy a certain number of cryptocurrency for $1,000 but your forecast was wrong and the price went downwards. Your risk level is $50 meaning you can not lose more than this amount in a single trade.

Why is it necessary to determine risks per every position? This is useful not only for your money and risk management strategy but also for your mental state as you are prepared to lose this amount already. However, when you fail to close your position at this level, your losses will grow leading to all your negative emotions to take control over you.

Use stops, limit orders carefully

Most novice traders when they first start their cryptocurrency trading try to use all types of orders thinking that they can improve their results by placing market or limit positions. This approach is right and helpful but only when they understand what they are doing and what targets do they have.

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Limit orders are useful only when you have conducted your analysis and found out that the price of the asset will reach a certain level before going into the forecasted direction. Otherwise it makes no sense to wait. Sometimes it is better to use simple market orders when you suppose that the price will start to grow from current level or somewhere close to it.

As for stops, they are also helpful as they are part of risk management strategy. However, before placing such an order, you need to calculate your potential risks carefully. You can also use trailing stops in order to automate your risk management strategy.

Calculate your risk/reward ratio

This is an important rule for both traders and investors. Risk/reward ratio should be at least 1:2. If less, you won’t be able to increase your funds in the long term using simple trading strategies with 50/50 profit/loss ratio.

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What does it mean to calculate risk and reward? Let’s see an example. A trader wants to buy one Bitcoin for $7,000. He is ready to lose $300 in this position (which is equal to 1 risk unit). When using such risk amount, he is to plan $600 profit in order to follow his 1:2 risk/reward ratio strategy.

Those are the main recommendation related to risk and money management. Now it is time to get down to trading psychology.

Trader’s emotions that can ruin any trading system

Professional traders know that emotions in investing are the worst enemies capable of ruining their funds quickly. This is why they always need to control them and to be self-disciplined in order to become successful.

Kill your greed before it kills your money

Trading seems to be like gambling for novice traders. They think that their routine consists of placing orders and winning money. However, there is a big difference between trader and gambler as first is guided by his trading system and the second by greed.

What is greed and why should investors control it? This is a small animal, sleeping inside of most of us. However, once we sit down to play cards, roulette or trading, this animal awakes asking for food. It tells you to increase your per trade amount, forget about your system, do not close your positions at stop loss levels etc.

Greed is a good quality for casino holders only as they make money on gamblers. The more player bids, the more he will potentially lose. However, for traders greed is something that may kill all their efforts.

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Let’s say you have earned $10,000 by trading for nearly half a year. It was not the easiest period as you had to be self-disciplined, to follow your strategy, to manage risks and money. This is your first positive result.

Greed isn’t sleeping now and it makes you make mistakes by increasing your per trade volume, holding trades to take more profits and many other things that are contrary to your trading system.

Control your fears

Another bad emotion that may affect your results negatively is fear. It shows up after one or several losing positions. In contrast to greed, fear is unable to ruin your fortune, but it prevents you from making money when trading.

Why should you control all your trading fears? First, they make it difficult for you to take reasonable decisions. Affected by fears, traders sometimes miss evident opportunities to open position. In other cases, fears paralyze investors meaning speculators are afraid to make any decision at all.

However, this is not the end of the list. Fears affect your trading even when the position is in play already. Influenced by this emotion, traders try to close their positions as quickly as possible, gaining less than they could make by holding trades for a longer period.

How to control emotions in trading

There are several ways to do it as well as several tools to use in order to smooth the influence of emotion to trading. The first thing that is to be mentioned is self-discipline. Most beginners will say that they are enough disciplined in their everyday life. However, those words are far from being true.

Self-disciplined traders follow their trading plan, trading system, 24/7, 365 days per year for their lifetime. Otherwise, they lose. Is it easy to be self-disciplined all the time? Naturally, it is not! Even professionals may step out their way and break their own rules. However, they do understand why they commit such a mistake and try to follow their strategies in future.

What are the main tools that help traders to control their mindset? They are the following:

  1. Trading plan. Here you can describe all your trading tools including indicators that you use or even your strategy. Trading plans may also include your notes on this or that trading situation.

  2. Money management system. You need to calculate it in advance in order to not wasting your time for this when trading.

  3. Risk management. Once described in your trading plan, this aspect should be applied for your every trade.

Stay patient when trading

Patience is one of the key factors for traders to succeed. You need to be patient not only when waiting for an opportunity to open positions, but also after your trade is already in the game. Why is this aspect necessary?

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Let’s suppose you monitor BTC/USD looking for better price position in order to place an order. Most beginner traders hurry up to enter the market and do this even if there is no clear opportunity. Professionals are patient as they wait for the price to meet their trading strategy conditions before placing an order. What are those conditions? They may be the following:

  1. The price reached the resistance (or support) are and reversed. This is a signal that the price is able to move in the opposite direction in the nearest future. Beginner traders sometimes place orders when the price is close to those levels without knowing whether quotes will break out the area or reverse.

  2. Candlestick pattern (hammer, e.g.) appeared. Professional traders always wait until this bar closes as they need to know for sure that there is a hammer there. Newcomers sometimes open trades even if the bar is in progress. This is a big mistake as the situation may change by the end of the period of candlestick formation.

  3. RSI curve jumped into oversold or overbought area. This is not a signal as many beginners think. This is just an alert to prepare for trading. The signal appears when the curve leaves oversold or overbought areas.

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Those are not all the conditions, but just a couple of them. Newcomers make mistakes after they have opened positions as well. The biggest one is that they are impatient to hold their trades in order to let them bring more profit.

Some recommendations

Trading psychology is one of the most important section of your training. Once you understand yourself and learn how to control your emotions, you may have better results. We are going to give a couple of recommendations.

Trading is a long voyage

The majority of newcomers dream about millions and even billions of dollars the next day. They think that one year of investing may change their life forever. However, this is not true. Trading is a long voyage, which lasts for a lifetime.

Instead of dreaming about cars, girls, cocktails on the seashore, villas trader is better to set targets to himself or herself to reach in one month, six months, one year etc.

Stay fit

What is the connection between fitness and trading? An investor who places his orders a couple of times per day needs to be fit. Mentally exhausted or tired traders have fewer chances to make money in this industry.

Try to work when you are “fresh” meaning you need a clear head in order to make better market decisions. Exhausted traders have less chances to succeed as they make more mistakes during all trading stages including analysis, entry point finding, stop loss calculations etc.

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Crypto Trading Tips and Tricks: 10 Secrets to Make Your Trading Successful

💡 Cryptotips
Most beginners think that there is some edge of learning that one can reach. The truth is that studying is eternal
Crypto Trading Tips and Tricks: 10 Secrets to Make Your Trading Successful

The development of Blockchain technology, as well as the appearance of cryptocurrencies, increase the interest of traders and investors towards the opportunities to earn money. However, there is no a single easy way to gain profits.

Professional traders and investors always give obvious recommendations to novices. They sound like buying lows, selling highs and other common advice that you can hear or read somewhere. However, those recommendations are general and have almost no practical benefits.

We have gathered several useful aspects that may be helpful in your everyday trading routine. Those cryptocurrency trading tips and tricks are very important for traders and investors who want to start their career.

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Tip 1: Do not invest all your money in a single asset

Many beginners reading charts and seeing assets to jump upwards try to buy them using all their funds. This strategy seems to be reasonable as the more you invest, the more you will get as a reward after the price growths.

However, professional traders recommend sharing funds among exchange and “cold” wallet. This approach helps to decrease all types of risks including hacker attacks and dishonest exchange managers’ behavior.

In addition, when you invest your funds partially, you minimize your trading risks as well. If a crypto goes upwards and you buy it, you will be able to gain more as we have already mentioned. However, if you are wrong in forecasting price’s fluctuations, the asset will go down and you will lose money.

Another reason to have a reserve is diversification. When you invest all your funds in one single coin, you find yourself prevented from the opportunity to buy other cryptos that may also be promising.

Try to distribute your funds wisely. It is better to use up to three or five percent of the total amount to buy a single crypto when speculating. For investors those figures may be higher.

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Tip 2: Use funds that you can afford

Beginner traders who have just entered this industry and watch those charts with upside moves sometimes make crucial mistakes. They think that they may become rich in just a couple of days. Having not enough money for trading, they start to look for additional investments everywhere including banks.

This way is wrong leading to complete bankruptcy. If you lose money, borrowed from bank, you will have to work hard in order to repay the loan including the rates. The safer way is to reinvest your profits partially or to use your savings for trading.

Why is it strongly recommended to invest only the amount you can afford? There is a psychological reason for that. When you use your own money that you can lose, you will not be vulnerable to different types of emotions that can ruin your deposit. Fears of losing all money that you have borrowed from the bank or friends will affect negatively your trading results.

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Tip 3: Be ready to lose your investments

This sounds weird as you came here to win and not to lose. However, all professional traders are ready to lose their investments as they understand financial markets’ nature. When you place a trade, you have no guarantee that this order will be a profitable one. Moreover, even if you use a very strong strategy, you can lose.

Your main task as a trader to have stable growth of your trading account in long and even midterm. However, you have to be prepared to lose a battle sometimes in order to win the war. This is one of the reasons why we have recommended using a small part of your funds in a single trade.

In contrast to Forex or stock markets, crypto industry have much more risks for traders and investors including scam exchanges, hacker attacks, delisting of tokens and the others. Cryptocurrency market is volatile and coins have no underlying value meaning they may cost either $100,000 or $0 depending on demand and supply. Nobody can predict today the price of Bitcoin for several years.

Fundamental factors also matter. Depending on general situation with crypto industry and the attitude towards coins in this or that country, their price may vary significantly.

Tip 4: Diversify your investments

When “keeping all eggs in one basket” you risk to lose all your money one day. Let’s say the price of X coin is $1,000. You decide to buy 10 units investing $10,000. However, one month later, X coin’s price falls down to $500, meaning you lose half of your funds as 10 coins cost $5,000 already. Where is your mistake here?

There were also Y and Z coins that you had an opportunity to invest into sharing your funds among them. Let’s say those two cryptos have added $500 each for the same period. Following this example, you had a chance to not only protect your risks but even to make some profit.

Diversification in crypto industry means not only buying different coins. As you may know already, there are scam exchanges, hacker attacks etc. When you invest all your money into a single trading place, your risks are higher. If hackers steal money, you risk to lose even without doing a single step there.

Some crypto enthusiasts store their funds using one type of wallet (cold or hot). The first offers more security but is less flexible than the second. Those who want to find a reliable solution, store their cryptocurrency on both types of wallets benefiting from their advantages.

Let us show you a simple example. You have one Bitcoin and want to store it somewhere, but you need 10 percent from this amount to be instantly available to conduct transactions. One possible solution in this case is to store 10 percent of your total amount using a so-called hot wallet and the other 90 percent on your cold wallet offline.

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Tip 5: Analyze coins using special techniques

Professional traders often recommend buying lows and selling tops. It sounds to be easy, but when you start trading, you always have difficulties to find market bottoms and tops. There several ways to do it using technical analysis for example.

Why is it necessary to do this way? When you go shopping, you try to find the best prices looking for discount programs, bonus campaigns and other ways to minimize your expenses. When dealing with crypto trading, you have no need to compare prices in different places as the cost is on the chart already. All you need is to understand whether this price is suitable for you or not.

Let’s say a trader has bought Bitcoin for almost $20,000 in December 2017. The current price of this crypto is around $7,000-$8,000. It is evident that he has made a mistake purchasing Bitcoin at its tops. Why do many beginner traders do those mistakes? The main reason for this is lack of knowledge and some typical emotions that make them buying when the price grows.

Ask yourself, what you will do when the price goes upwards. Most newcomers will say that they will buy the crypto in this case. The mistake here is that they skip analysis procedure, which is an important step before doing anything when trading.

Tip 6: Do not follow the crowd

Most beginner traders use trollbox or other trader recommendations to buy or sell cryptos. What is the trollbox? This is a chat that you can find on most exchanges. Traders share their opinions there. However, successful traders never follow the crowd as they have their own strategy.

There are several so-called indicators that demonstrate market players’ moods. Those tools are useless as they give no market picture at all and even mislead those who look through them.

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Tip 7: Choose liquid cryptos

Most professional investors advise to use a great portion of funds to buy Bitcoin. This seems to be obvious as Bitcoin is the first Blockchain coin ever. However, this reason is not the only one. BTC is the most liquid crypto as its capitalization is $131,544 068 350 according to coinmarketcap in the moment of writing.

Why should you choose the most liquid assets to buy? The first reason is that they are less volatile and more stable as compared to other coins naturally. If we compare EUR/USD and BTC/USD for example, the first is more liquid and is less volatile as well.

However, Bitcoin is the most liquid crypto coin nowadays and this is the main reason why professional traders use it to speculate on.

The second reason to buy the most liquid coins is that there are risks of scams. When you purchase Bitcoin you are sure that you will be able to sell it to somebody later. However, when you buy X coin, which is not as liquid and as popular as Bitcoin is, your risks are higher as everything depends in this case on the project, its team, goals, roadmap, background etc.

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Tip 8: Use different timeframes

When you trade this or that coin, it is better to choose more than one timeframe to analyze it. Those who stick to one chart risk to limit their opportunities. Even if you work with Hourly time frame, you need to use daily (or even a weekly one) for example to see the whole picture of the market

Why is it necessary to do this way? The main reason is that you will be able to have the general view of the market helping you to understand midterm and long-term tendencies. If you see that BTC/USD’s price goes upwards on Daily chart, you can say that this asset has a general uptrend in midterm.

This will help you to find better trading opportunities on the hourly chart. When there is an upside tendency, you can either work along the trend or trade against it. However, in the second case you need to be careful as corrections to the general trend are always limited in time and number of pips.

Higher time frames also help to find stronger support and resistance areas meaning you can further use them on your working chart.

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Tip 9: Buy rumors, sell facts

This is a typical recommendation coming from stock and Forex markets. There is a probability of a strong and significant price wave when rumors appear. Those who buy on rumors have greater risks as there are still no facts to prove them. However, they also have better profit opportunities as trends are in their initial phases in moments when such rumors appear.

You need to understand that this recommendation is conditional as rumors may either be positive or negative meaning the price will probably grow or fall depending on the type of rumor. If they are negative, one of the decision is to sell an asset or a part of it as not all those rumors may have an impact on price fluctuations.

Why is it necessary to use rumors in your trading routine? They may have a significant impact on price fluctuations which are stronger than the impact of news following those rumors. How does this work?

Let’s say you have heard that the car’s price will rise in one month. This information is not confirmed yet, but you want to buy a car already especially when you had this intention before. The other has the same wish as the will have to pay more after car’s price inflates. This will lead to the price growth as demand will rise as compared to supply.

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Now let’s see another example. You have bought a car long ago and want to sell it. You have heard somebody saying that vehicles’ price is likely to go down in a couple of months meaning you need to hurry up in order to get rid of your car for a better price.

The same is for crypto industry and any other market. When you read rumors related to positive changes for the crypto world, you buy coins as those changes may affect cryptocurrencies price in future. In case if rumors are negative, you sell it as future events are likely to push the price down.

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Tip 10: Never stop learning

Most beginner traders think that there is some edge of learning that one can reach. The truth is that studying is an eternal process in trading (as in every other profession as well).

Once you create your trading strategy or take a ready one, you can start trading already. However, it doesn’t mean that you can relax in that moment and the profit will jump into your pocket with no difficulties.

Markets are changing all the time. You need to monitor those changes and to include them into your strategy. It is better to learn more methods, be aware of what’s happening in the crypto industry and always be on guards.

Those are not all the tips and tricks for crypto trading, but those are the main. You can use and follow them in order to improve your trading results.

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How to Hack Bitcoin: All Possible Ways

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From phishing to Trojan transfers, here are all major ways to hack your Bitcoin
How to Hack Bitcoin: All Possible Ways

Bitcoin and other cryptocurrencies took the world by storm in the recent Blockchain boom. It was all over the news and everywhere people talked and traded Bitcoin.

However, when it comes to the security aspect, Bitcoin users don’t have a second thought before pointing out that the cryptocoin can’t be hacked. But, quite unfortunately, that’s not exactly the case as the hackers have been able to steal away Bitcoins worth millions of US dollars over the years.

And, if you are also interested in finding out how to hack Bitcoin or how to hack someone's Bitcoin wallet, here we have listed all the possible options that you can try. Let’s find out.

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1.       Stealing the private keys

Before getting into the details of how to hack Bitcoin wallet, you should first understand that Bitcoin is nobody’s property.

Blockchain, the Bitcoin public ledger, maintains a record of all the addresses and a certain value is then attached to the particular key that identifies each record.

So, when someone owns Bitcoin, what they actually have is the private key for unlocking a particular address on the Blockchain.

These keys are stored both online and offline in so many different ways and each of them has a certain security level. Nevertheless, they all are vulnerable because, as you want to know how to hack a Bitcoin wallet, all you have to do is to somehow access that characters string which forms the private key.

Most of the times, it’s the online services being responsible for storing private keys that get attacked. Sheep Marketplace is a perfect example of such service providers. Mostly, it’s the insiders who carry out such attacks as they don’t even need to know the hacking thing at all. All they need to do is to copy the entire database containing private keys to own the Bitcoins located on all the addresses stored in the database.

You can also do the same if you’re an insider and know how to break into the database. And, once you do, you’ll be able to spend all the Bitcoins anywhere you like.

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2.       Keyloggers

It’s the malware that records the keystrokes of the users and sends it all to the hacker. It is almost impossible to detect these programs and you might even have it running on your smartphone or computer right now without noticing it at all.

They copy every seed, password and pin that you type and can turn out to be an effective answer to the question how to hack a Bitcoin faucet. They can really provide hackers an easy gateway to all the bitcoins they want to hack.

Usually, there are three different options available for installing keyloggers. They include:

·         Send it as an email attachment that could be anything like an exe file or a pdf

·         Create a malicious site for installing the software

·   Distribute it by loading onto a USB and then dropping them off at some Blockchain/Bitcoin conference. The malware will simply be downloaded to one’s computer as they insert the USB for checking out what’s in there.

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3.       Fake wallets

Another cool option you have to answer how to hack Bitcoin wallets, this one gives you a more sophisticated way of achieving your goal. It also needs you to do some work on your part as these fake wallets are simply the apps which resemble genuine wallets but are meant to steal the Bitcoins away.

These apps typically use official logos and everything else of existing Bitcoin wallets for tricking the users and stealing the Bitcoins away. These fake wallets are a routine thing both on Apple and Android App Stores.

4.    Bitcoin miner malware

For those looking to find out how to hack Bitcoin faucet, another option is to rely on some Bitcoin miner malware.

Every Bitcoin that gets mined makes creation of the new Bitcoins harder. You need electricity for running and cooling down those ‘miner’ computers. And with electricity being a major operational cost for Bitcoin miners, many of them borrow resources for mining Bitcoins. They usually do so by spreading the Bitcoin mining malware.

Today, Bitcoin is simply mined through the biggest Bitcoin malware botnets. Though they don’t have any negative intentions, still the use of a computer this way is not authorized as they tend to hijack the online video equipment and the victim bears all the cost. As a result, the hijacked computers are also slowed down as well.

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5.       Bitcoin phishing

Want to know how to hack Bitcoin accounts, why not try Bitcoin phishing? It’s a popularly known method for information theft which relies on fake websites or emails for tricking users into providing their private keys.

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6.       Impersonating as Bitcoin recipients

Another option for you is to impersonate as a Bitcoin recipient. Lately, most Bitcoin hacking happened when the companies held fundraising events in the form of ‘initial coin offerings’ asking investors to send bitcoins to them. Now, that’s where you get the answer to the question how to hack a Bitcoin address.

Clever hackers can impersonate as companies looking to receive the Bitcoin by setting up fake websites and persuading investors to send them Bitcoins worth millions of US dollars in their own Bitcoin wallets rather than the ones being used by the actual companies. And, once the Bitcoins are transferred to their wallets, there’s no coming back.

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7.       Stolen value stores

The value of cryptocurrencies is usually stored in the file stores called wallets. However, these wallets can sometimes be manipulated, compromised, transferred and stolen similar to any other value store we have on our computers.

What’s even worse is that people tend to forget the protective passwords or their hard drives keeping the store get stolen which renders these value stores to become inaccessible forever. The same sort of issues can be caused by Ransomware. And, once this happens, it’s not possible to access the wallet using another computer.

Now, that’s what hackers usually take advantage of. In fact, a popular question among hackers last year was how to hack Bitcoin wallet 2017. Even today, hacking attempts are made on the online wallets and many even get successful. So, if you’re also trying to achieve the same, you can also give it a try.

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8.       Transfer Trojans

Another option available to those looking to find out how to hack a Bitcoin address is to transfer Trojans and simply get Bitcoins transferred to their personal wallets. The cryptocurrency Trojans are meant to monitor computers and wait for anything that looks like a crypto account number.

And, as soon as they spot one, they take action and replace user’s intended account from that of the hacker and as soon as the user hits that ‘Send’ button, all the funds are transferred to the account of the hacker. Again, there’s no recovering from this either.

So, these are all the possible ways to hack Bitcoin. In fact, more of them can be discovered as hackers continue their attempts to steal away Bitcoins from their owners.

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