Connect with us

Hot Updates

Planning on joining the crypto revolution? What does it take to be a successful trader?

Published

on

crypto trading
READ LATER - DOWNLOAD THIS POST AS PDF

The potential rewards that can result from successful crypto trading have led to a whole new type of trader entering the fray. Amateur and hobby traders have always been part of the market, but till recently, they constituted an insignificant minority. Yet a combination of new online trading tools becoming available and Bitcoin hitting the headlines for its meteoric rise in value a couple of years ago led to the world and his wife wanting a slice of the pie.

Fools rush in where angels fear to tread, and inevitably, many got their fingers burnt and withdrew a little wiser, and often a lot poorer. That’s not due to any inherent fault on the part of the markets – we all know they can go down as well as up. It’s simply a case of inexperienced traders making poor decisions.

As with anything in this world, doing a successful job demands the right tools. Here, we take a look at what an amateur trader needs at his or her disposal in order to hit the ground running and avoid those early mistakes that can be so costly. We will also look at one particular provider, eToro, which has recently entered the US market and seeks to provide a one-stop-shop that delivers everything you will need. 

Information

Crypto trading is all about decision-making and timing. In order to know when to make what trade, you need information and plenty of it. Of course, information is one thing that is in plentiful supply in the digital age, so you need to be selective in your sources, or you could disappear forever down the rabbit hole. Typically, traders look at the following types of information sources:

  • There are plenty of blogs that have the latest news, including, of course, Global Coin Report.
  • Other famous publications such as CryptoWatch and Icostats are valuable resources if you want to explore specific areas, such as new ICOs. 

So how does eToro stack up against news sources like these? In an area where there is so much information, it’s easy to get bogged down and sidetracked, so eToro’s newsfeed is a very useful resource. The ticker-style feed supplies the latest information and cuts through the chatter.

Analysis

Having information laid out in front of you is one thing. Knowing what to make of it is another matter. There are dozens of apps out there, both for desktop and mobile that offer different types of functionality:

  1. A range of charts and indicators 
  2. Analytical tools that allow traders to make the most of this information
  3. The ability to trade on the go from your mobile device
  4. News and editorial content 
  5. “Dummy” or practice accounts for beginners

Some are free and others you have to pay for. It really comes down to choosing the one with the specific tools that you want to use and an interface with which you are comfortable. 

eToro checks all the boxes here. It’s one of the most popular and highly ranked trading apps in Europe and has already started to capture a significant share of the US market since its introduction. Its pro charts offer all the analytical tools you might need in order to extrapolate likely future trends from past patterns. 

A little advice

Successful traders use the above two forms of information, combine them together and add their own experience and gut instincts to make their decisions. Now that is something that no novice trader is going to be able to pick up instantly, however much research they do. 

This is where the eToro app really comes into its own, with its social trading functionality. Essentially, this provides a forum in which traders can discuss strategies, exchange ideas and learn from one another. It’s even possible for experienced traders to mentor beginners, by letting them see their trading activities and follow them.

Known as copytrading, full functionality has yet to be rolled out in the US, but the platform already has a thriving Popular Investor Program that rewards top traders with bonuses for attracting followers on the platform. This kind of system benefits everyone and has led to one of the most successful virtual trading communities around.

Of course, there are other communities out there too, in the worlds of Facebook, Reddit, Linkedin and so on. These are certainly worth monitoring and can be useful places to exchange ideas, especially when you look to specialist crypto platforms such as Bitcointalk. Ultimately, knowledge is power, and the more information sources that are used, the better informed the trader is going to be to make shrewd decisions at the right time It is well worth registering with all of these communities and logging on regularly.

Good luck and go-ahead

Of course, there are other practicalities you will need to put in place, such as choosing a Bitcoin wallet and getting together an initial bankroll to start your trading in earnest. But the above three areas are the core considerations and the areas in which new traders are most likely to stumble.

There are numerous tools available online that will help you along. Some are simply platforms for trading, others focus on coaching tips for beginners, while still more offer an exhaustive list of tools and charts. The options can be a little bewildering, which is why an app like the one put forward by eToro, which offers a one-stop-shop covering all of the above, makes a lot of sense, particularly to those who are just finding their feet.

Image courtesy of Pixabay

Hot Updates

Neobank Juno Raises USD 3M from Polychain, Sequoia and Dragonfly

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Juno aims to provide a high-yield account for savings

Juno, a neo banking platform that leverages decentralized digital assets to provide customers a high-yield account for savings, has announced that the completion of a USD $3 million seed round. Investors include prominent firms such as Polychain Capital and Sequoia Capital’s Surge. The platform is set to launch in select markets next year and is taking a radical approach towards creating an open and global financial system for everyone, regardless of location or income.

Banks in developed countries – including the US, Europe, Japan, and Singapore – traditionally offer between 0.01% and 0.10% interest through checking and savings accounts. This interest will be distributed daily and will fluctuate regularly.  Clients will also be able to send and receive money anywhere in the world without intermediaries and at no cost. Additionally, the company plans to introduce a debit card with a partner bank in the future.

Juno is built on the Ethereum blockchain and uses Nuo protocol for its core functionality. Its main feature is to enable decentralized lending and borrowing of digital assets to earn a high yield on stablecoins such as USDC. Juno is leveraging these assets to build the next generation of global decentralized financial and banking services (DeFi).

Varun Deshpande, co-founder of Juno

Continue Reading

featured

Bitcoin recovery services – Pros and Cons

Published

on

Bitcoin recovery services
READ LATER - DOWNLOAD THIS POST AS PDF

A difference between fiat currency and cryptos, and it’s arguably the most important, is that with fiat currency financial institutions such as banks will get your money back if it goes missing, or if you place an order which never arrives. Unfortunately, this doesn’t apply to cryptos, with personal responsibility being crucial.

Cryptocurrency must be stored somewhere such as in the reputable Bitcoin Luno wallet, but if this was to become inaccessible, it could mean there’s the potential for duns to be lost forever. However, there are now recovery services in place which aim to attempt recovery, but, of course, there are pros and cons which come with them.

The main advantage is, of course, there is a chance that a wallet will be recoverable, as there could be a large amount of Bitcoin stored. While the chances of recovery do vary, if a user was able to recall their password, there’s an improved chance of success. So, keeping a backup of a password is crucial in case the worst does happen.

Many recovery services are operating now, and some use different techniques to others, so there is always a chance one provider may be able to help. The more options, the better in this instance, and as customer reviews are viewable online, it will give those in need of help…

Continue Reading

Hot Updates

FunFair Technologies launches pioneering wallet solution across partner brands

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

CasinoFair and CryptoCasino to benefit from ‘any device, any browser’ wallet and updated user interface

25th September 2019, Dublin – FunFair Technologies, the market-leading decentralised casino provider, has launched a pioneering new crypto wallet and updated user interface which now supports any browser and any device.

The new ERC20, non-custodial FunFair Wallet has been developed specifically to provide a seamless user experience for existing and new players gambling with FUN across its CasinoFair and Crypto Casino brands, marking a significant step forward in the name of blockchain mass adoption.

Blockchain projects have so far struggled with onboarding friction due to complicated funding mechanisms, security features which differ significantly to mainstream offerings and a lack of usability on mobile devices and certain browsers.

The FunFair Wallet addresses these issues with the introduction of more identifiable sign-up processes and security features, while most importantly ensuring the wallet can run on any browser and any device without the need for any third-party plug-ins or apps.

CasinoFair and Crypto Casino players will also engage with a far more immersive, social and Guaranteed Fair casino experience with an updated front-end, offering more intuitive access to their favourite casino games coupled with the most generous and varied promotions in blockchain casino.

Jez San, CEO at FunFair Technologies, said: “Since launch, we’ve maintained our position as the most progressive blockchain casino provider and the…

Continue Reading

Elite