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When trading on Binance, different taxonomy levels can be distinguished that reflect the complexity and depth of trading activities.
1. Asset Selection
At the beginning, the choice of trading instruments is crucial: users decide between cryptocurrencies (Bitcoin, Ethereum, Altcoins), token pairs, and stablecoins. This is also where the classification by market capitalization and liquidity takes place.
2. Types of Trading
In the second step, Binance distinguishes between classic spot trades (direct buying/selling), margin trading (trading with leverage), futures/derivatives (betting on price movements), and staking products. Each category has its own risks and profit opportunities.
3. Order Types
The platform offers various types of orders: market orders (immediate trading at the current price), limit orders (execution upon reaching a desired price), stop-loss/take-profit orders (hedging or profit-taking), as well as advanced types like OCO (“One Cancels the Other”).
4. Strategies
Traders apply different strategies: day trading, swing trading, scalping, long-term investing (HODLing), or algorithmic trading using bots. The strategy determines risk and time management.
5. Analysis Methods
Differentiation is made between technical analysis (chart patterns, indicators), fundamental analysis (adoption, news, developer activity), and sentiment analysis (mood pictures, social media).
6. Risk Management & Diversification
This includes setting position sizes, using stop-losses, portfolio diversification, and hedging.
7. Automated and Social Trading Features
Finally, there are options such as copy trading, social trading, or the integration of external trading bots to replicate strategies from experienced traders.
Summary:
Trading on Binance can be structured taxonomically: from the selection of coins and types of trading to order types and strategies, as well as analysis methods and risk management. Each level builds on the previous one and increases the complexity of trading activities.
#skill
1. Asset Selection
At the beginning, the choice of trading instruments is crucial: users decide between cryptocurrencies (Bitcoin, Ethereum, Altcoins), token pairs, and stablecoins. This is also where the classification by market capitalization and liquidity takes place.
2. Types of Trading
In the second step, Binance distinguishes between classic spot trades (direct buying/selling), margin trading (trading with leverage), futures/derivatives (betting on price movements), and staking products. Each category has its own risks and profit opportunities.
3. Order Types
The platform offers various types of orders: market orders (immediate trading at the current price), limit orders (execution upon reaching a desired price), stop-loss/take-profit orders (hedging or profit-taking), as well as advanced types like OCO (“One Cancels the Other”).
4. Strategies
Traders apply different strategies: day trading, swing trading, scalping, long-term investing (HODLing), or algorithmic trading using bots. The strategy determines risk and time management.
5. Analysis Methods
Differentiation is made between technical analysis (chart patterns, indicators), fundamental analysis (adoption, news, developer activity), and sentiment analysis (mood pictures, social media).
6. Risk Management & Diversification
This includes setting position sizes, using stop-losses, portfolio diversification, and hedging.
7. Automated and Social Trading Features
Finally, there are options such as copy trading, social trading, or the integration of external trading bots to replicate strategies from experienced traders.
Summary:
Trading on Binance can be structured taxonomically: from the selection of coins and types of trading to order types and strategies, as well as analysis methods and risk management. Each level builds on the previous one and increases the complexity of trading activities.
#skill
Skill I’ve gained as a crypto noob🧠
(Quite a long read but hopefully it’s insightful)
As someone who is not experienced in technical analysis, ie drawing squiggly lines, adding indicators with weird names, understanding said indicators, spotting bullish/bearish patterns etc, I’ve gained what I believe to be one of the most important technical analysis method in price prediction.
That is to read the room. Spotting the support zone, resistance zone etc can be hard and confusing as a newcomer, so what I would recommend picking up is to understand that it’s probably a good time to sell when others are posting screenshots of the godly green candle (assuming you’re in profit) and especially a good time to DCA in when everyone is panicking. As Warren Buffett once said, “Be fearful when others are greedy, and be greedy when others are fearful.”
Going against the crowd has been a trustworthy indicator to me but as always, this is not financial advice. Find what’s best for you, immerse yourself into the crypto community, and notice the patterns. What works best for someone isn’t always what will work best for you.
Remember, time in the market beats timing the market most of the time. I hope this helped and good luck on your journey ahead!
#Write2Earn #skill #TechnicalAnalysis101
(Quite a long read but hopefully it’s insightful)
As someone who is not experienced in technical analysis, ie drawing squiggly lines, adding indicators with weird names, understanding said indicators, spotting bullish/bearish patterns etc, I’ve gained what I believe to be one of the most important technical analysis method in price prediction.
That is to read the room. Spotting the support zone, resistance zone etc can be hard and confusing as a newcomer, so what I would recommend picking up is to understand that it’s probably a good time to sell when others are posting screenshots of the godly green candle (assuming you’re in profit) and especially a good time to DCA in when everyone is panicking. As Warren Buffett once said, “Be fearful when others are greedy, and be greedy when others are fearful.”
Going against the crowd has been a trustworthy indicator to me but as always, this is not financial advice. Find what’s best for you, immerse yourself into the crypto community, and notice the patterns. What works best for someone isn’t always what will work best for you.
Remember, time in the market beats timing the market most of the time. I hope this helped and good luck on your journey ahead!
#Write2Earn #skill #TechnicalAnalysis101
So this dude just invested $.16 and walked away with $38K.
Luck or skill?
#Luck #skill #VIRTUALWhale #LitecoinETF #SECStaking
Luck or skill?
#Luck #skill #VIRTUALWhale #LitecoinETF #SECStaking
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