Technical analysis can be an overwhelming aspect of the cryptocurrency game for new traders, however, I want to share with you an often overlooked secret when it comes to trading that I use all that time and the best part is that it's so simple even those new to the cryptocurrency space can do it with ease.
Say you have 100 SBD you would like to trade.
First, head over http://www.coingecko.com
Using their search feature type in SBD. You will immediately be brought to a page listing information about SBD including all of the exchanges SBD is currently being traded on and what price each coin is fetching.
What many people don't understand who are new to the cryptocurrency space is that different exchanges sometimes have different prices. The point of this exercise is to leverage the price difference by having accounts on multiple exchanges. While SBD is trading for roughly $2 on some of the top exchanges, here we can see that on HitBTC one SBD is going for as much as $6, while SBD is currently over $8 on Liqui.
It should be noted that the reason for the huge price variances is because the wallets for SBD are currently disabled on these particular exchanges, so paying attention to the volume is also crucial for success, but the overall point of this tip still stands true: Hold multiple trade accounts in order to maximize potential profits.
I hope this tip was helpful to all the newbies out there. Good luck and happy trading Steemians!
