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, Decentralize 2021: Some Basic Tools to Start Trading, Forex-News, Forex-News
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Decentralize 2021: Some Basic Tools to Start Trading

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, Decentralize 2021: Some Basic Tools to Start Trading, Forex-News, Forex-News

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, Decentralize 2021: Some Basic Tools to Start Trading, Forex-News, Forex-News

Camilo Rodríguez, specialist in financial markets, provided some basic tools to start trading and be able to operate in these markets during the second day of Decentralize 2021 organized by the NGO Bitcoin Argentina.

To do this, he suggested that one of the first tools to take into consideration is to know the glossary within trading, he commented that to operate in these markets it is necessary to know how to speak like a trader.

, Decentralize 2021: Some Basic Tools to Start Trading, Forex-News, Forex-News
Camilo Rodríguez on Decentralize 2021

To do this, he gave a brief explanation of some of the terms that in his opinion are important to know and understand so that the behavior of the market can be understood.

He stressed that one of the most important things for a trader from his perspective is the market fees. Therefore, he expressed that most exchanges have their own currencies, which allows them to lower costs and access fees at a better price, for this reason he warned to take it into account.

He also mentioned the importance of a trader having an investment plan. It is important to manage emotions to plan how much time to spend in the markets. Rodríguez explained a little about some types of trader.

Some types of trader within trading: Day Trader

He spoke about day traders, who focus on exploring trading opportunities without leaving open positions overnight, which is called “overnight.” In addition, they open and close their trades in a single trading session. The average time of opening the positions of a day trader is usually less than one hour. These trades can stay open for a few hours. However, they never extend to the next trading day.

Swing trader

For his part, he expressed that swing trading is a style of trading that seeks to obtain short and medium-term profits over a longer period. It is one of the most popular forms of trading.

Swing traders analyze medium-term opportunities using various forms of technical analysis. They usually keep their positions open for a few days or even a few weeks to benefit from an expected price movement.

Position Trader

Meanwhile, position traders buy assets that they believe will increase in price in the long term. As a result, their strategies do not take much account of short-term price fluctuations. Instead, they focus on the macro trend and asset growth potential.

Position traders follow the trend. They identify a trend, open a position and hold it until the peak of market movement. This type of trader relies on a combination of technical analysis and fundamental analysis tools. They keep up with prevailing macroeconomic factors and market trends.

How much risk am I going to take in trading?

It is also important to understand that, if the risk in the portfolio is not managed very quickly, that position in the market will be burned. After considering this, the question arises: What cryptocurrencies do you want to trade?

He underlined as one of the basic tools to start trading, visit CoinMarketCap, there you can see all the cryptocurrencies that can be traded through a ranking. He explained that those that are from 1 to 10 are those with the highest capitalization in the market. They are very liquid, so if you place a buy or sell order, they will be executed very quickly.

Then there are the mid-cap coins, those that are from number 10 in that ranking to the top 50. After that, there are the coins that are re-emerging, which are those from 50 to 200.

Those located after position 200 are currencies that have a volatility and risk up to 50 times more than Bitcoin, so you have to be very careful if you choose to operate with any of them. Rodriguez indicated.

Analyze the values ​​in each operation

He also highlighted in Decentralize 2021 that after reaching this point it is important to decide what type of trader you want to be. Also analyze which values ​​you want to use in each operation according to your total portfolio. He says that personally, he uses no more than 3% to 5% of his portfolio.

He stressed the importance of not using the total portfolio in a trade because trading is always giving new opportunities, so there will be positions where it is comfortable to win if you trade wisely. The financial market is a probabilistic market, since you do not have the financial truth of what or how a trend is going to be. That is why you have to be very careful and protect your money well.

Finally, he highlighted in Decentralize 2021 the importance of diversifying the portfolio as a basic tool to start trading. He said that not only financial markets offer the ability to make money, he mentioned staking as an option. He added making a daily record of everything that is done in the market to understand and self-analyze emotions at a given time.

In summary and in the form of a personal summary

  • Identify wicks in the market, to enter positions.
  • A good reversal has good above-average volume.
  • Define your times.
  • Support and resistance selections.
  • Diversify.
  • Look at the Japanese candles.
  • Take into account: the date, the position, the trend and the final return.
  • Remember that indicators are a plus, but remember that they have a lethargy. That is, they are behind in time.
  • Look at the psychological levels that end in zeros.
  • And always, but always, manage the risk of your positions, that the risk is less than the reward you are looking for.

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, Decentralize 2021: Some Basic Tools to Start Trading, Forex-News, Forex-News

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, Decentralize 2021: Some Basic Tools to Start Trading, Forex-News, Forex-News
1 Comment
  1. , Decentralize 2021: Some Basic Tools to Start Trading, Forex-News, Forex-News
    SCA says

    Smart Contract runs on the blockchain platform.Though smart contract ensures integrity, tamper-proof, decentralized, and automated, we need to ensure the security of smart contract too. For this, we need to involve the auditors who conduct security audits on the smart contract. Smart Contract Audit identifies bugs present in the code that can lead to security vulnerabilities like huge loss of money, theft, and loss of personal data.
    Bug-free code is nice to have in other types of software, not in blockchain

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