Cryptocurrencies are an emerging market that has become an important trend with the advent of digital currencies such as Bitcoin and Atrium. Most cryptocurrencies, also called “cryptocurrencies” for short, use blockchain technology. Cryptocurrencies are different from fiat currencies. These digital currencies are decentralized assets that, unlike Fiat currencies, are not controlled by a regulator or central bank. Despite the ban on digital currency trading in most countries, the potential for this area to change financial outlook is undeniable. In fact, there are many business and investment opportunities in the background. Most digital currencies are based on blockchain technology. This technology has many advantages and applications for customer-centric models, food supply chains and advanced cyber security protocols. Digital currency trading is fundamentally different from trading in more traditional markets such as Forex. Because they are new assets that are least affected by the stimuli that affect the markets.
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What drives the digital currency market?
Because the cryptocurrency market is very new, they are therefore less correlated with other assets. Cryptocurrencies are designed to be decentralized and away from control and regulatory authorities. For this reason, incentives such as the dissemination of information, rate changes and political developments do not affect these assets as much as Fiat currencies.
The following factors affect digital currency trading :
When objections to the cryptocurrency space increase
Attack on the cryptocurrency market that reveals security vulnerabilities
News and rumors that the central bank or governments will have more control over the implementation of the cryptocurrency ban
How does digital currency trading work?
From Digital Currency Trading to Fiat: Imagine you have some money and you want to invest it in cryptocurrencies. So where do you start? The answer is “exchange”. The portals that connect our world to the world of digital currencies are “exchanges”. There are many exchanges to do this. But before choosing one of them for your digital currency trading, you should consider some points and check the exchanges in this regard:
consideration:
Before taking any action, first make sure that this exchange is available in your country and region of residence and provides the service or not. For example, many exchanges
همانند coinbase , kraken , Poloniex , Bittrex , Bitfinex , Bithumb , Coinone
Therefore, before opening an account, check which exchange office does not prohibit trading in your country.
Reputation and history:
The next thing you need to check is the reputation and history of the exchange. Are its users satisfied with the services of that exchange? Has it been hacked recently? How secure is the deal? Have people complained about it? On Twitter and Reddit good sources are reviewed in this regard.
Exchange rates:
In the next step, you should check the exchange rates of that exchange. Different exchanges may have different rates that you must consider.
Security:
Always choose an exchange that will ask you for some kind of ID or authentication ID. Although this can be time consuming, it makes your transaction at this exchange 100 times more secure than at an anonymous exchange. To buy digital currencies, you must first select the currency exchange you want – which allows you to buy and sell the currency you need. As much as possible, try not to store your cryptocurrency in that exchange because it can be hacked. You need digital currencies in the purse or the «wallet» save. The wallet is actually an address on the blockchain chain. Something like that addresshttps://expert-metatrader.comRedirects you to our web page. So you can store your digital currency in an online or offline e-wallet instead of an exchange.
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How many types of digital currency trading are there?
Daily transactions:
This method involves making multiple trades during the day and trying to monetize short-term price movements. Traders spend a lot of time staring at their computer screens every day and usually close all their trades at the end of each day.
Scalping:
Another’s overnight trading strategy that has recently become very popular is scalping. The scalping method tries to make a profit on even a small part of the price change. Scalping focuses on very short-term trades and is based on the fact that making small profits frequently limits risks and creates an advantage for traders. Scalpers can make tens or even hundreds of trades in one day.
Swing trades:
This type of trading tries to take advantage of the natural ” fluctuation ” of the price cycle. Swing traders will benefit when they are able to predict a favorable price change in real time. They try to monitor the overall picture of transactions without constantly monitoring their computer screen. For example, swing traders can open a trading position and keep it open for weeks or even months until the desired result is reached.
How can prices be analyzed?
You may be wondering, “Can bitcoin price movements be predicted?” The short answer is that no one can accurately predict what will happen to the price of bitcoin. However, some traders use specific recognition patterns, methods, and rules that allow them to make long-term profits. No one can trade only for profit. But you can create a positive balance at the end of the day, even if you suffer a lot along the way. Traders typically use two methods when analyzing prices: fundamental analysis and technical analysis.
What is fundamental analysis?
This method tries to predict the price by considering the general picture of the trend. Take Bitcoin fundamental analysis, for example. Currency news, technical advances, global regulations, and any news or topics that may affect the success of this digital currency are evaluated. In this way, experts examine the value of bitcoin as a technology – regardless of its current price – and the external forces involved in predicting what will happen to currency prices in the future. For example, if China suddenly decides to ban bitcoin, this type of analysis predicts the possibility of a drop in its price.
What is technical analysis?
In this method, they predict prices by examining market statistics, such as past price movements and trading volume. In fact, technical analysis tries to identify patterns and price trends and based on these cases, to conclude what will happen in the future. The basic premise of technical analysis is: “Regardless of what is happening in the world right now, price movements speak their own language and help you predict what will happen in the future.”
Which method is better now?
As you know better, no one can predict the future accurately, and the undeniable truth is that there is no guarantee of the outcome of different trades. However, it seems that the right combination of both methods will probably work best.
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