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?

Defining entry and exit points

A lot of questions I get from people starting out is how to pinpoint the perfect trade entry (and the perfect trade exit). In my experience, you can’t do that. You can’t time the market because most of the cost you’d incur waiting for the perfect moment would exceed any profit you’d make from the trade.

What you can do, though, is use a few entry and exit techniques as well as a specific mentality that helps prevent loss.

Figure 7.3 – Finding a good trade

Figure 7.3 – Finding a good trade

Entries

Regarding entries, my rule is that if your entry conditions are triggered, it’s an entry (and the size of the entry is based on your risk management and strategy conditions).

Let’s say that you’ve just arrived in front of the computer and, even though the entry conditions are there, you note that the price already went 10% in your trade direction. Do you still enter? Wait for a pullback before entering...