Book Image

Zero to Hero in Cryptocurrency Trading

By : Bogdan Vaida
Book Image

Zero to Hero in Cryptocurrency Trading

By: Bogdan Vaida

Overview of this book

In today's fast-paced digital age, cryptocurrencies have emerged as a revolutionary financial asset class, capturing the attention of investors and traders worldwide. However, navigating the world of cryptocurrency trading can be overwhelming for beginners. Zero to Hero in Cryptocurrency Trading acts as a guiding light to navigate this complex realm. This comprehensive guide to cryptocurrency trading empowers you to go from a novice trader to a proficient investor by helping you implement your own trading strategy. As you progress, you’ll gain structured trading knowledge through hands-on examples and real-time scenarios, bolstered by trading psychology and money management techniques. You’ll be able to automate your manual trades with an algorithm that works even while you sleep. You’ll also benefit from interactive teaching methods, including screenshots, charts, and drawings to help decode market operations and craft your unique edge in the dynamic crypto world. As an added bonus, you’ll receive ready-to-use templates to identify useful indicators, test your strategy, and even maintain a trading journal. By the end of this book, you’ll be well-equipped to trade cryptocurrencies and automate manual trading to give you an edge in the markets.
Table of Contents (13 chapters)
9
Chapter 9: What’s Next?

Exercises

  1. After taking the risk assessment questionnaire, ask yourself (and write down) three things you’re doing to keep your emotions in check in real life. I know a couple that say that when they want to fight, they speak in pirate English. Think: “Ye be mighty pushy! Belay that!” ... or just use The Pirate Translator here: https://pirate.monkeyness.com/translate.
  2. Identify 3 daily candles in TradingView, then go to the 4-hour and 1-hour timeframe and look at the candles that formed them. See how the low of the bigger candle was formed using the low of the lowest candle in the group, how the high was formed, and so on. How does the price move inside that big candle? Is it going directly to the close? Is it pushing toward the high, then dropping to the low, then jumping to the close?
  3. Identify a big news event in crypto (which happened at a specific hour, on a specific day). Tip: You can look for big Fed announcements or a black swan event (such as the crash of FTX). Check on the chart how the price reacted to the news and for how long. Imagine the market participants getting fueled by the news and trading during those times. Which market participants were involved? What was their thought process?
  4. Go to TradingView and open the daily chart for BTCUSD. First, try to identify the periods I’ve shown you in the screenshots about the bear market and the bull market, and then, go to a lower timeframe (4 hours or 1 hour) and identify 2 bullish trends, 2 bearish trends, and 2 sideways trends.