Cryptocurrency is a unique virtual intermediary for exchanging money. This type of currency uses cryptographic functions and blockchain technology for online transactions. Cryptocurrencies are completely decentralized: no one controls them, and in theory they are not subject to state control. Duxa Capital, whom you can rely on, able to make you understand this theory and ease your transaction.
How to properly analyze the movement of cryptocurrencies
The price of cryptocurrency depends on supply and demand in the market. The bulk of traders use technical analysis, as well as price action analysis.
This is done because the price of cryptocurrencies is affected only from after the consumer offers, but not the policies of states regarding cryptocurrencies. If a pair includes two cryptocurrencies, then we can analyze only by technical analysis, price action, or look for patterns of behavior according to model analysis.
Which brokers to trade
Today there are many new companies that offer cryptocurrency trading. However, it is best to open an account and start trading with a forex broker who has added assets related to cryptocurrency. This is because these companies are already maximally adapted for day trading on the financial exchange.
The basic rules for successful cryptocurrency trading
To become a successful trader in the cryptocurrency market, you need to determine the principles of work for yourself, as well as determine the rules from which you cannot deviate by 1 mm.
Find the amount with which you will start working from the very beginning. Remember that the amount should not be the last or heavy for you. This will put you in an uncomfortable situation in which you cannot think rationally and make decisions.
Trade only on strategies – make deals only after analyzing the market situation. Mathematical strategies, as well as technical analysis strategies, must be everywhere and always.
Use the psychology of trade is the rule of any financial trade. You must control your emotions with your actions. If you are not ready to bid psychologically, it is better to pause and return.
Choose only honest, trusted brokers – you should understand that the result in the financial market should depend only on you. If a broker interferes with your work, a technology one or is it a company of scammers who press, it is better to change the broker
It’s best to make a list of the rules yourself. These rules determine your behavior, as well as the scenario for different market situations. Trading in financial markets is like playing cards; you should always know what you do when.