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I have been investing, buying, selling and trading the cryptocurrency for the last few years. I know that it's not a long timeframe by any stretch of imagination and it doesn't qualify me at all for a an experienced trader or investor. I justw want to share few of my observations from that time as it might help someone out there.
During this time of my dabbling in crypto I was overwhelmed by the number of winning indicators out there. Yes, watching all those glittering youtube videos, and falling for the next big thing I have lost lot of money out there. I assure you that most of the stuff out there is simply hogwash. That is all BS most of the time. What I can say is, I only fell for this once and then I decided to search for how the things actually work and how the real investors play the game.
Technical graph trading is not trading, it is gambling at best. You need to understand more than basic economics and how markets are influenced. Graphs will help to give a view of market direction, and you only need to have trendlines and some basic indicators, no more than 4 indicators. Anything else is a waste of money.
If you understand economic data and how bankers trade then you will stand a better chance. This is key and if you don’t understand how to manage your capital whilst trading then forget it. Stop and go to a casino. This requires discipline and a very good understanding of financial management. Know when to trade, what to trade and how much to risk requires certain level of knowledge.
In summary to trade FX you need to know how the professionals trade. The problem is everyone is a professional in an unstructured retail trading market. You will have to pay to learn this, but you have to exercise some due diligence and ask a lot of good questions before committing to your hard earned money. Beware I have run into individuals who say they have traded for the banks, but were they a good trader, and did they actually work in the bank.
Do it for fun and don't just get burdened by it and don't make it your whole life.
