How to study the Bitcoin Market
In this article we are going to discuss some of the basic techniques of market watching. This article is directed more toward people who are looking to actively trade cryptocurrency, buy and hold investors will also find these points useful. If you are going to do anything at a high level it is very important to study. Hunters must study the bush, fishermen must study the water, and you my fellow cryptocurrency investor must study the markets. Here’s how:
1.) Put some money in:
The best way to get started is to simply buy some cryptocurrency. Even if it’s just $10 of bitcoin. You can download any of the exchanges and make a purchse.This action means you now have some skin in the game and will prompt you to start paying attention to price fluctuations. As you start to see those beautiful charts go up and down you will quickly get a sense of what’s going on in the market and you will start to come up with theories as to why prices are the way they are.
2.) Read charts and follow markets:
This coincides with point 1. Once you put some money in the game you will automatically start to follow the price trends. You will start to notice things. The key is to try to figure out why things are happening. Is it public sentiment? Is a big player causing a shift in the market. Understanding these things will help you to possibly get ahead of the trends and make some money or maybe it just helps you sleep better at night.
3.) Read news articles: here are a list of quality news sites:
4.) Find mentor or group of fellow investors to trade ideas with. Chances are you already know 1 or 2 people that are investing in cryptos. Chat with them about which currencies they are invested in and why. Figure who knows their stuff and maintain an open dialog with them. If you are having trouble finding fellow investors try searching ‘bitcoin investors’ on meetup.com
5.) Practice through a simulator. As they say practice makes perfect. Once way to improve your trading skills and market knowledge is to practice with fake money. Yes is said fake money. Here are some bitcoin simulation programs to check out.
- Arthur Gervais Bitcoin Simulator : (this may take a bit of technical knowledge to set up)