#TradingTools101
Your Allies for Trading with Crypto
To navigate the world of cryptocurrency trading more effectively, it is crucial to know some basic tools that will help you analyze the market and make informed decisions.
One of the most fundamental tools are charting platforms. Sites like TradingView allow you to visualize the price history of cryptocurrencies, use different types of charts (candlesticks, lines, etc.), and apply technical indicators. These indicators, such as Moving Averages, the RSI (Relative Strength Index), or Bollinger Bands, are mathematical formulas applied to price and volume data to try to predict future trends or identify overbought or oversold conditions.
Another set of essential tools are news and market data aggregators, such as CoinMarketCap or CoinGecko. These platforms provide you with real-time information about prices, market capitalization, trading volume, and the latest news in the crypto world. Staying informed about relevant events that may affect prices is vital.
Finally, although they are not "tools" in the traditional software sense, understanding the use of advanced trading orders (such as limit and stop-loss orders we discussed earlier) and knowing how to set price alerts on exchange platforms are crucial skills that will help you automate certain actions and not miss important opportunities.
Familiarizing yourself with these basic tools will provide you with a significant advantage when trading cryptocurrencies and will help you make decisions based more on data than on emotions.
