Importance of Tools
It would be extremely risky to start your trading adventure without a proper tool set. How would you know your asset value, money invested, or even when to perform trades. The number one mistakes of young traders is to trade according to your emotions. People tend to FOMO (fear of missing out) and jump on the ride when it's too late, which results in losses.
Don’t be one of them! Plan it out!
Excel
Here I have provided for you a free version of my excel tracker. It has some limitations but it is a great tool to start with for free! It is a simple version that you can download from the cloud and modify it however you would like.
If you like my excel spreadsheet, I would really appreciate any contributions to help us run this blog and further develop a better crypto tracking spreadsheet.
Chart Analysis
To perform any Technical Analysis you will need a tool set that have indicators and drawing tools in place. One of the best tools of that kind is TradingView.
TradingView offer variety of different plans, and if you don’t have any money to spend, you can sign up for free. Free version is great for beginners. You can still use most of the features including: 3 indicators and publish your ideas.
Check it out here.
Getting ahead of the game
Social Media
Being an early mover is very important in increasing your chances of greater returns. Investors should analyze all the information available out there to better understand patterns and trends. Therefore, I would say, that following your favorite crypto on twitter and reddit is a must.
Coinmarketcap.com is a great website that has all the information in one place but it is definatelly lucking some features.
This website tracks all the crypto out there and it has embedded twitter and reddit boxes for some of them.
Calendar
Very interesting strategy for cryptocurrency trading is to sell the news. Which means that you hold your investments to the point of major event hitting the headlines in the media. People tend to get excited about something and the news will definitely pump the price up. And when the price is high it is a great time to sell and collect profits. Using coin calendars you can strategize by carefully analyzing future events or announcements.
Here are some different calendars online:
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