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I tried doing an analysis post some days or months back on HIVE token and BTC against the USDT, I didn't have a turn up, so I'm writing an article for thise who love trading in general, I do know the title says FX trading but this article covers any form of trading that involves analysing using Japanese candlestick charts, I do hope you find this article insightful.
Trading involves the buying and selling of an entity, in most cases like currencies in the FX market, crypto etc. The currency or material (utility) in question is compared with another currency in other to reflect the actual exchanges going on, and profit can be ascertained even when buying and holding, it can also be viewed individually when it comes to crypto, stocks, commodities haven't heard of currencies though, this entire action of exchange and value of the material (utiliy) is represented in Japanese chart (preferably), real time which aids investors make proper financial decisions.
The way of analyzing or simply put Understanding this chart is called technical analysis, in this you hear about price action, trend lines, support and resistance, indicators and all the other tools used to decipher the next movement of price along the chart for more information check out UNVEILING THE HIVE: MASTERING TECHNICAL ANALYSIS FOR FX, STOCKS AND CRYPTO TRADING.
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This is a critical area in trading as it is hard to catch on as early as possible but it's value is important as it is the analysis gotten from news release which shapes the transaction mentality which is responsible for the creation of trends which are visible in charts.
Get a course/trading educational content
This is the first step, which is where you Understand the necessary points that a trader needs to know like what are supports and resistance, uptrends, sideway trends (consolidation) and downtrend. In this stage you build your foundation as a trader, I nickname this stage as strategy fetcher.
Back testing
This stage involves testing the effectiveness of a strategy by this I mean your compartability, in this stage you begin to Understand the loopholes you haven't covered yet and this is efficient because this is done by using past data. To start this stage research on how to get a back testing software.
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Demo trading
This stage is a lot slower as it involves trading woth real time data, and this reflects your current market capabilities as missing entries becomes a lot more easier, but it doesn't really reflect it as a result of emotional pressure not being present.
Get a cheap prop account
This stage is real trading with money at stake and all emotions are present as well as excess confidence because you have passed all these stages before this, chances are you might lose this account due to emotions and you repeat this stage after working on yourself emotionally through whatever means you researched about; meditation helps a lot and then get back buying the sane cheap account till you can keep it then your free to scale up.
This stages if properly followed can take 3 - 6 months to be achieved, really hope this article is insightful any questions you have, I'm ready to answer just comment them below also do well to visit my blog to view more of my articles they are worth your time if this did, thanks for stopping by.
