Cryptocurrency has been the talk of the town for its continuous rapid growth since its development in 2009. In the past few years, the market has exploded with consistent rise in market capital and introduction of new currencies almost every other day. While jumping on this bandwagon does sound appealing and promising, considering the overall increase in value of almost all coins over the years, the trade can result in loss as well and depending on the amount invested, it can be a huge loss for those who go all in.
The risk does not mean it’s something to be avoided. New traders and crypto enthusiasts just need to educate themselves about the best brokers, some indian brokers and have good research before stepping in this world. But with flooding unlimited knowledge on the internet, it’s often difficult to mark the initial steps. In this article, we’ll highlight the prominent factors and domains that you want to research in, before making your first trade.
Resources for educated trading
While living in the 21st century has the huge benefit of unlimited knowledge and resources at the palm of your hand –literally, there is the dilemma of choosing the right source for your research.
Here are few points that you want to research in, before starting your trading journey:
- News Sites
This is the most significant factor that affects the price of any digital currency. Any news regarding crypto currency, be it any new law regarding crypto or a statement by any government official, significantly affects the price of cryptocurrency- be it any coin. For this reason, it’s not only important that you stay in touch with news updates regarding crypto, but you also need to keep a close eye regarding any news related to crypto.
Forums are no longer to find answers only. When it comes to crypto currency, you’ll find a lot of useful material in forums so it’s better to sign up for popular active forums and stay in touch with any new discussion there. This gives you great insight into what other traders are expecting and what moves are they making in the crypto world. Forum discussions are not biased; you will get real information about regulated brokers and best ecn brokers to open a trading account.
This is the heart of your research list. Go through the top exchanges like CoinBase, OkEx and Binance. Go through the layout of the exchange and get comfortable with their websites, including the terminologies there. Keep a close eye on any change in price. This will help you get a clearer picture of the crypto world in real-time and see how the prices are changing. Before making your first trade, get familiar with the top 2-3 exchanges at least.
- Telegram Groups
Just like forums, there are telegram groups as well that allow you to see what other traders are focusing on. You can even interact with other traders and share knowledge before making any trade. Telegram groups give you real-time access to what other traders are focusing on.
Having gone through all the resources, it’s best that you get experience with assistance from experienced traders first, before going all in by yourself. Living in South Africa, you can look for best forex traders in South Africa to find some experienced traders you can take help from. This will save you from a potential loss in crypto-trading.