A combination of fundamental and technical analysis can help a foreign currency exchange trader to get the real picture of an investment. With the help of fundamental analysis a trader can determine the value of the investment in intrinsic term while technical analysis is concerned with more short term aspects. A trader needs to evaluate various short term indicators or technical parts to determine the best entry and exit price.
XRP Price Prediction
There's a lot that's been written on XRP price prediction but very little is based on what drives the XRP price overall: cryptocurrency market cap and the implementation of XRapid. I'm not going to mention technical analysis since we're talking about XRP reaching its old high and well beyond. The overall market cap is presently led by the king of cryptos, Bitcoin. So until XRP is able to break out on its own we must first analyze what will cause the rise of Bitcoin. XRP will continue to follow the lead of BItcoin until Ripple's XRapid is clearly adopted by the majority of banks. I don't see this happening until the U.S, SEC's regulatory decision on XRP is made clear.
Most traders discount the need to focus on the psychological aspects of trading. This dismissive attitude stems from an underestimating of the difficulty involved in trading consistently. Apart from money management, the mental aspect plays the most critical part in trading success or failure. In other competitive fields such as tennis, hockey, and football, top athletes use visualization as the key to being prepared in advance of a practice or game. What I believe is a problem in many visualization techniques is the emphasis on developing detail during visualization exercises. Although this may be part of a method in developing useful visualization, I believe there is a more important aspect to visualization. Forex and visualization go hand in hand in the sense that forex trading leads to losses that result in the sense of failure. By practicing imagery, you can change this feeling of loss to one of optimism by bringing to mind the experience of successful trades and trading techniques. This practice can reinvigorate you and create a new sense of purpose and drive.
I'm going to keep it simple for the reader as I know of only a few altcoin exchanges that carry large volume, a large variety of coins plus flexible deposit/withdrawal methods. What is the best exchange for altcoins? I'll cut to the chase and recommend only three exchanges to work with, Coinbase to exchange fiat for Ether and Binance to trade Ether for whatever altcoin you want, and finally Coinsquare if you live in Canada for withdrawals.I'll highlight Coinbase and Binance as the best bitcoin exchange for a quick purchase and the purchase of altcoins. The primary need is exchanging your home currency for Bitcoin or Etherum from which you can then transfer to the trading exchange so that you can day trade. I cannot possibly cover the best entry exchange for every country, but I will recommend Coinbase for the countries listed below. Coinbase has reasonable transfer fees and is a secure exchange; It is U.S. regulated. For a better deal on exchanging your fiat to crypto, you'll have to do your research.
Meditation for Traders: Evidence for Numbing the Effects of Fear and Greed This Meditation for Traders article applies to all markets not just Crypto and Forex: Stocks, options, futures, binary options, etc.
By the very fact we’re playing the market we enter a trade with the confident expectation to win. However, because of the random outcome of many news events, we begin with a sense of uncertainty. These two factors, positive expectation, and risk of events lead to a feeling of mild excitement which is the result of dopamine released in your brain. Cocaine, opiates, and nicotine activate the release of dopamine as well. This release is one of the reasons we find ourselves fixated with a forex chart after we’ve entered a trade. Dopamine is conducive to overtrading, risking too much, entering low probability trades. It’s related to what we call greed.
I am trying new ideas out to help on the psychological side of trading. Since meditation increases brain waves in the Gamma region I am trying to try different methods to help increase this type of brain pattern. Here is one attempt:
I've combined fundamentals and sentiment with price action. Price action trading for me starts with first knowing the proper price action patterns to search for on the charts. That’s why I’ve introduced the day trading strategies using price action patterns PDF. In it, you’ll discover one of the most profitable chart patterns you can look at daily for different currency pairs. Price action alone is insufficient, so I’ll introduce other confluences that help you determine high probability trading setups.
I don’t particularly trade too many different candlestick patterns. I find it confusing to use too many patterns in making a decision. It’s as if some people believe they can actually read the hidden message the price is trying to tell them rather than simply a high probability opportunity.
So they memorize as many patterns as possible without understanding why and in what context they may be effective in the first place. Some patterns are neither here nor there in their effectiveness and certainly not with-ought the context of support/resistance, moving averages, trends, and fundamentals that drive these trades in the first place.
Compound this with the fact that there is no real proof offered that these patterns actually turn a profit and you have a recipe for failure.
Candlestick Patterns
I will refer to only a few candlestick patterns. You can watch the video below to get more info
In fact, the moment you decide to merge these two directions, there are twice as many prospects before you as you could have imagined. But you have to be prepared for the fact that you will have much more time to analyze the situation, and you have to get used to it and it takes some time. It doesn't matter what strategies you choose for this. The main thing is that you understand them and you will be able to understand all the events that take place in the market and their interrelationships. But in my opinion, it is more than promising, especially in terms of profit, which will definitely grow. But then again, only if you figure it out. And if you are not sure, then stop at one thing.
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Joined Dec 2018
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Of course it's a great solution. The main thing here is to distribute the finances correctly. That is, when trading on classical technical analysis, I would use a small percentage of capital, leave a large free margin, etc. I would act as carefully as possible and without rushing, because it allows me to stay afloat and at the same time to make a quiet profit. And here at work on fundamental analysis I would make an accent on key news with the greatest potential of movement to involve safely, without doubts a little bit more percent. And it is necessary to notice that such really strong events for a month are not so much, about 5-7, and the greater percent does not mean that I use half of the capital, a little - means a little, that is I can use the sum to 5 % more.
