Comprehensive training in cryptocurrencies; 4 important points that you should pay attention to in Ethereum tradingadmin
training in cryptocurrencies : When the price of Bitcoin rose from $ 1,000 to more than $ 19,000 in 2017, Ethereum’s performance during that time was far more astounding. The second highest cryptocurrency in the market started in 2017 with a price of $ 7 and reached more than $ 750 by the end of that year. Ethereum grew by more than 10,000 percent, while Bitcoin grew by about 1,500 percent during that time. Atrium is currently the second largest cryptocurrencies with a market value of over $ 200 billion.
What is Ethereum in a nutshell?
Before buying and selling Ether, you should pay attention to the difference between Ether and Ethereum. Ethereum is a decentralized network and Ether is the currency used in this network for payment. So you are not actually trading Ethereum and it is Ether that you buy or sell. Ether is not just a cryptocurrency and can be used for decentralized services and applications running on the Ethereum platform.
risk management; Forgotten keyword
While Ethereum innovations are a bright future for the network, the sharp fluctuations of cryptocurrencies are one of the key features that every trader should consider and consider risk management in their strategy.
To do this, you need to start with a small investment and increase your investment as you gain more experience. Using leverage and margin trading at the beginning of the trading path can cause you a lot of trouble and even cause you to lose all your capital. Never forget to set a loss limit in your trades and use this efficient tool for risk management.
Use technical analysis
Technical analysis is the most important component of trading. When it comes to daily trading in volatile markets such as cryptocurrencies, technical analysis becomes almost the only key tool in your success in the market. That’s why learning technical analysis and strengthening your skills in chart reading, finding trends, and finding patterns are some of the basics you need to go through.
Do not forget the fundamental analysis
Ether is the currency of the network created by the geniuses of the blockchain world. Ether value is a function of the network’s success in attracting more decentralized applications and users, the activity of the development teams they work on, and the demand for using the network.
Therefore, paying attention to the fundamental factors in this market can give you a much better view of the value of a cryptocurrency in the future. Following Ethereum on social media, checking the status of blockchain development, and projects running on the Ethereum platform are some of the things you need to know about Ethereum fundamentals.
Control your emotions while trading
In any volatile market, the first enemy of any trader is his emotions in trading. In addition to strengthening their skills, traders need to be aware of the emotional aspect of their personality and to avoid emotional decisions, determine their trading strategy and approach to various possibilities.
If any trader allows his emotions, whether it is excitement, anger, depression, or greed, to influence his decisions, then he can not expect much from himself except for a number of successful trades. To practice controlling your emotions, you need to become proficient in demo accounts and paper trades before entering the real market and trading with real capital to determine your goal and limit before the trade and, more importantly, to stick to it.