Creating Trading Strategy for Ethereum Classic (etc.): Beginner Guide
The trading of cryptocurrencies has become increasingly popular in recent years, and millions of people around the world have been investing and buying cryptocurrency currencies like Bitcoin, Ethereum and others. However, with so many options available, it can be difficult to move and make informed decisions about which to buy or sell.
One crypto currency that has attracted significant attention lately is Ethereum Classic (etc.). This decentralized platform for blockchain open code was launched in 2016 and received attraction as a sustainable alternative to Bitcoin. Unique features of ETC, such as smart network architecture based on the contract and the presence of a large and active community, make it an attractive investment.
In this article, we will provide a detailed guide on how to create a trading strategy for Ethereum Classic (etc.). We will cover everything, from setting up your account and selecting the right tools, to an analysis of market trends and identify potential input points.
Step 1: Setting up an account
For starters, you will need to sign in to the network trading platform that supports etc. Some popular options include:
- Binance
- Coinbase
- Crack
- Huobi
After selecting a platform, create an account by providing the necessary information, such as your name, address E -Star and password.
Step 2: Bightning of Trade Plancty
With the setting up your account is time to select a trading platform that best suits your needs. Consider factors like:
- Fees: Look for platforms with competitive fees, especially for small transactions.
- Liquility: Ensure that the platform has a large amount of market and a quick execution time.
- Security: Choose a reputable exchange that uses strong security measures to protect your account.
Step 3: Setting up your trading account etc.
Once you choose your trading platform, follow these steps:
- Open your account on the platform.
- Place funds on your account using a payment method such as a credit/debit card or bank transfer.
- Fund your account with a sufficient amount of Ethereum Classic (etc.).
Step 4: Drawing a trading strategy
The successful ETC trading strategy involves understanding market trends, an analysis of technical indicators and making informed decisions based on data.
Here are some key concepts to keep in mind:
* Market Analysis : Study Historical Prices, Volatility and Mood to identify potential input points.
Technical indicators : Use tools such as moving average, RSI and Bollinger Bands to evaluate market momentum and identify opportunities to buy or sell.
* Basic analysis : Understand the fundamental reasons for the value of Behaind, etc., such as his dynamics of offer and demand.
Step 5: Identifying potential entry points
Look for the following indicators of potential entry points:
- Support level
: Identify areas to which prices have bounced in advance, indicating a strong pressure from the purchase.
- Resistance levels : Look for areas that prices have been priced earlier, proposal sellers are prepared for pusing prices.
- Trends on the market : analyze the overall trend, etc. and identify all the shifts that could indicate a potential entrance point.
Step 6: Setting up the stopping of loss and position size
Once you have determined the entrance point, set the stopping of losses and position size based on your risk tolerance and investment goals:
- Set the stop loss : Identify the price level below which you are willing to sell if the market is moving against you.
- position size : Calculate how much your account states can be afforded to lose your trade.
Step 7: risk management
As with any trading strategy, it is crucial to manage the risk:
1.