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Trading Principles -- Updated 2021/1/9
Back to Snerx -- Contact us on our official Discord. ====================================================================================== Basic trade strategies: • Recognizing basic patterns and trends is wildly helpful. • The most basic trade technique is swing trading using RSI. • You can use a bot like Cryptohopper for advanced trading strats (Bittrex mostly). • Amazingly, the CNBC Bitcoin Contraindicator returns 95% accuracy for Bitcoin price. My standard BTC/USD chart. The indicators used and what they mean: • HA - Heikin Ashi • BB - Bollinger Bands • SAR - Stop And Reversal • SMMA - The Williams Alligator Indicator • RSI - Relative Strength Index • MFI - Money Flow Index • SRSI - Stochastic RSI • MACD - Moving Average Convergence Divergence • CHOP - Choppiness Index • AO - Awesome Oscillator Bitfinex has a good explanation of common order types you'll see on exchanges. Cryptowatch has the best overall chart view of every large mcap cryptocurrency if you need to monitor multiple coins at once for some reason. BitcoinWisdom is decent too. We have coinswitch integrated for exchanging between currencies. The "Golden Three" in cryptocurrency have shifted from being BTC, LTC, and XRP to BTC, ETH, and XMR. The reasons for this are because Litecoin stopped being ASIC resistant, which was its selling point, and Ripple is a shit-tier company (take it from someone that was on the inside) that is aiding the enemy - fiat. Ethereum is by far the most robust turing-complete cryptocurrency, and therefore development platform, in the space. Monero/Zcash are the most robust private currencies to date. You should never have to bother with any currency outside of the golden three if you are just going to be day trading or scalping, not just because the rest are irrelevant technologies, but because trading them artificially inflates their volumes, making them look more viable as technologies than they really are. The charts below are directly linked here and here (full version).