Understanding the chats have always been the lifeline of any trading system you can think of, be it the forex market or the cryptocurrency market or the stocks market. Chats always govern these trading platform.
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Understanding the chats before investing in the cryptocurrencies market business is a very important aspect that you shouldn't take for granted. And you shouldn't be investing If you have not actually taken a look at the chats
Understanding the chats have always been the lifeline of any trading system you can think of, be it the forex market or the cryptocurrency market or the stocks market. Chats always govern these trading platform.
With research we can learn more, this way we will understand that things are not limited to our knowledge @Skysaint, since I started on the forum is much I have read and researched cryptocurrency, however now is that I have yet to learn.When I started investing in cryptocurrency, I never really knew much about it and infact, I thought that it's only Bitcoin that's the only existing coin which makes it the first coin I invested in. But as time went by, I discovered other things and learnt so much more up till this very moment
I have read several publications related to the candlestick pattern, I even did some research on it. I understand that it is the easiest way to track the preferred cryptocurrency, but I still have a lot to learn, I'm glad you are already doing the course.As you have stated, it's a very important to know the technicalities in crypto charts. I am still undergoing a course on crypto chart analysis but so far so good, I can analyse the chart very well using the candlestick pattern. When to buy or sell and when to hold depends on the resistance and support level.
It is the most accurate recommendation left to me by members in the topic @Samknowis, for investing the importance is less than for trading, however it is good to have knowledge in both cases, even for a future in any decision to be made around cryptocurrency.It is very important that you understand every thing about what your are doing in cryptocurrency. If you are investing you can invest without knowing how to use the chart but if you are trading then you have to go ad learn how to use the chart before you can start trading
I have read different opinions related to the chat, although I still don't have much knowledge I am studying some important points. In this way as you describe I will know when to invest in the right way.The function of chart in cryptocurrency is to understand the price movement of a particular cryptocurrency. Chat can also be used to understanding when a coin will be bullish or bearish so you can know the right and good entry points to enter.
The truth is that I would not like to invest relying on "speculation" I prefer to dedicate the necessary time and learn in detail the important points, as in the case of the graphs. Although investing is risky, it can be minimized with a good study.Another ways in which you can invest in cryptocurrency is to rely on speculation and this is very bad. it is closer to the gambling as you don't have a concrete information as and when you rely on speculation.
Majority of the people are not ready to do this. Everybody is with get-rich-quick mindset and they are not patience to learn the basic things. And they will eventually fail after the whole thing's.The truth is that I would not like to invest relying on "speculation" I prefer to dedicate the necessary time and learn in detail the important points, as in the case of the graphs. Although investing is risky, it can be minimized with a good study.
Reading the charts is important for long term investment. I bought a lot of coins at the top and sold at the bottom since I could not recognize the signs of exhaustion at that point.Knowing and using the chart is absolutely for crypto traders who are not investing but trading. If you want to invest for a long time you really don't need the chart but if it's trading you really need the chart and you need to learn it.