Cryptocurrency has been in almost every aspect of the real world as it helps individuals and firms to possibly gain or increase profit. However, trading in Cryptocurrency is not as easy as it seems; this process requires knowledge and skills combined to progress in the field.
If you want to master the art of Cryptocurrency trading, you need to master the various ways of gathering and analyzing every data needed to come up with the most efficient trading strategy that suits your needs and goals.
One best way to do this is by learning how certain tools work and how to maximize their potential and be beneficial in trading to help investors come up with a long-term strategy. Having the appropriate knowledge and tools are essential in completing a particular task if you want to have a successful career.
The first step that every investor must take to start a trading career is by choosing the perfect crypto trading platform. It’s important to choose a platform that aligns with your goals and needs, as this can either make or break your career. With the thousands of Cryptocurrency exchanges in the market, including Bitcoin Prime, it can be difficult to select one.
Managing your Cryptocurrency portfolio can be a challenging task since there are things that you should consider and focus on, such as the trends and changes of each digital coin that you’re investing in.
To help you make the most out of your trading career, check out these five important tools that would come in handy for investors when Crypto trading:
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CoinDesk
CoinDesk helps investors keep updated with the latest Cryptocurrency trends and news. This is an important part of your Cryptocurrency journey since having the needed knowledge from research and experience helps you prepare and handle the volatility of the Cryptocurrency market. Strategies are important in determining your next move, and this may seem easier than done; one of the best things to make this easier is by using a trusted media platform.
Aside from equipping the latest news about digital coins and blockchain technology, CoinDesk offers a series of 101 articles that explains everything about how Crypto works under their Crypto Explainer+ section. The articles are divided into different difficulties and are shown in every article cover like Beginner, Intermediate, and Expert level.
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TradingView
TradingView is currently the most popular charting platform, and it’s not surprising given its various features that help investors get a clearer picture of the patterns in the market and create a profitable investment decision after studying it. The only downside of this tool’s features is its free version has a limited indicator available.
The paid version of this tool allows users to do a technical analysis of 25 indicators and cross-platform alerts from the different Cryptocurrency exchanges. This important feature of TradingView called Ideas helps newbie traders to gain insights from other experienced traders, investors, and crypto enthusiasts.
When it comes to convenience, TradingView certainly doesn’t disappoint. This tool provides an optimised web interface that allows users to access and navigate through the platform without any technical issues. So, if you’re a trader who’s always away from home but would like to track the market’s data and study charts in real-time, TradingView can be such a great help.
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Bitcoin Prime
The developers behind Bitcoin Prime are keeping up with the latest technology by associating the advancements to the algorithm of their software and benefits users who need the services. This platform provides beginner and professional traders with extreme convenience and has a smooth-flowing trading process. Bitcoin Prime utilizes an artificial intelligence-based algorithm to effectively review the Crypto market changes.
Bitcoin Prime has an efficient and quick system that helps them process trades immediately. The team considered the crypto market’s volatility and developed a way to manage the risks that it carries.
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Shrimpy
Shrimpy is a charting platform that uses social trading features to help investors connect to professional traders and crypto enthusiasts that are open to sharing some of their perspectives and take on Crypto investing trading. This tool is popular for its portfolio managing features which make it earn a spot as one of the best portfolio management platforms due to its algorithm that automates a traders portfolio.
The automated portfolio helps various trading strategies from different traders on the platform. Investors should also take note that this tool is not responsible for managing their portfolio, but what it does is track your performance to check which trading strategies investors have gained profit and which ones resulted in losses.
Shrimpy also has a feature that allows investors to rebalance their portfolio, a form of risk management that helps take out an underperforming asset which ultimately performs directly for another digital coin that possesses a better potential.
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CoinMarketCap
It may seem impossible and difficult to acknowledge how market capitalizations, price charts, exchange rankings, and digital coins are stored in one platform. However, the development of CoinMarketCap made it easier for professional investors to keep track of their Crypto portfolio due to their well-optimized platform that lets investors sync data from different platforms such as desktop or mobile.
This tool’s mobile application allows its users to keep updated with an overview of every information they need, including leading coins, coins with gains or coins with losses in a day, the global crypto market cap, and many more. Staying updated with all the global metrics in one platform is extremely convenient as it decreases the chances of confusion, especially if investors handle too many things at the same time.
Throughout the years, Cryptocurrency is constantly gaining the attention and interest of people. There are several tools that Crypto investors and traders can use that can help their crypto activities. The combination of knowledge, skills, and technical analysis tools for traders is essential to have a prosperous and free-flowing trading career.
Cryptocurrency has evolved since the development of the first Cryptocurrency, which gained millions of investors and firms worldwide to invest in it. Despite having the same goal, which is to earn or increase profit, not everyone was successful in reaching this goal. So, if you want to be a part of the group of people that successfully earned from it, it’s important to possess the right knowledge and skills needed to be an efficient Crypto trader.
