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How to Buy NFT and Its Basics 

NFTs may not be as popular as cryptocurrencies. However, there’s no doubt that they may be equally, if not more, profitable in some instances. After all, the world has witnessed an NFT sale valued at $69 million. Furthermore, you or anyone else may create NFTs to earn profits. This article explains how to buy NFT and also covers everything to know about this unique blockchain tech. 

What Is an NFT? 

An NFT (non-fungible token) refers to a vast range of virtual assets, including both tangibles and intangibles. An NFT may be a digital sneaker pair, digital real estate, or collectible sports cards. The primary essence of NFTs is to store artistic or cultural values.

NFT Characteristics

  • Non-interoperable: NFTs work only on specific platforms; in other words, an NFT can only function on the particular platform it was designed for. A Gods Unchained game card is inaccessible or unusable in the Blockchain Heroes game. Likewise, a CryptoKitty is not usable on the CryptoPunk application or vice versa. 
  • Indivisible: Unlike Bitcoin satoshis, you cannot break an NFT down into smaller portions for any reason. NFTs exist solely as non-divisible items.
  • Indestructible: You cannot destroy, replicate, or remove an NFT. Why? NFT data keys directly into smart contracts. What’s better? NFT ownership is unchangeable, meaning collectors and investors wholly control and own their tokens, instead of their creators. In contrast, buying a product from the iTunes store doesn’t make you the original owner. You merely own the license to use the service for a specified period. 
  • Verifiable: The use of smart contracts for NFT technology ensures that information remains forever. As such, digital artwork and similar items are traceable to their original designers. This feature allows for data verification without third-party intervention. 

Mechanism Behind an NFT’s Operations

Think of NFTs as artwork that you may create, buy, or sell.

NFTs are established on the ETH protocol as unitary tokens containing additional information, like a flash drive containing secret coordinates. Although, it’s impossible to get the exact value of an NFT even if you get a similar copy. Think of this concept the way duplicate copies of art prints contain the same information, but does that mean they are as valuable as the original? 

These data may be music, video, images, or other art forms stored as MP3s, MP4s, JPEGs, or GIFs. NFTs hold information, which may be as important as a secret government project or as common as a gaming card. Therefore, the creator may sell them according to the price fixed by market demand. 

It’s noteworthy that while you may conveniently download an NFT image through right-clicking, the downloaded file won’t contain the data that makes it valuable. 

Differences Between NFTs and Cryptocurrencies

Some characteristics differentiate NFTs from cryptocurrencies, with blockchain programming the only similarity between the two. Let’s check out some of these differences.

  • Cryptocurrency Is Fungible: Fungibility describes the interchangeable nature of an item. Thus, cryptocurrencies are exchangeable for one another. You may exchange Bitcoin for Ethereum and vice versa on both decentralized and centralized crypto exchanges. 
  • Cryptocurrencies Are Measurable in Equal Value: Two cryptocurrency measurements may be equal in value. This means that one BTC is equal to one BTC, whatever the circumstances may be. Likewise, one ETH equals one ETH. In essence, two different cryptocurrencies (LTC and DOGE) may have the same value if correctly measured. As a result, cryptocurrencies are an acceptable payment means worldwide. 
  • NFTs Maintain a Virtual Signature: The use of smart contracts in NFTs ensures that data is encoded while the creation remains that way for eternity. Some users optimize this feature to write their signatures on their products before selling them. That way, everyone who buys a copy knows the product’s original creator. 
  • NFTs Aren’t Measurable in Equal Value: Unlike cryptocurrencies (and fiats), two different non-fungible tokens never have the same value. For instance, there’s no way to equate the value of one EVERYDAYS to one NBA Top Shot clip despite both being NFTs. You and another party may agree to barter, but others may not agree to the value measurement.
  • NFTs Aren’t Tradable Assets: Cryptocurrency trading is the most reliable way to earn with cryptocurrencies. However, that’s not possible with NFTs due to the absence of a system to measure two different products equally. You may equate some BTC satoshis to one ETH, but that’s impossible with NFTs. Consequently, automated crypto trading systems that simplify crypto revenue generation (Obolon9, for instance) do not support non-fungible tokens. 

Special Use Cases of NFTs

  • Optimizing Digital Content Creation Earnings: Typically, creators cede ownership of their content to the platforms where they publish them. Therefore, these creators get publicity but low profits from their sales in most cases. Fortunately, an NFT provides a better option. Content developers may now code their metadata into their products, such that every sale earns credit to their wallets directly. Also, they may earn commissions when others resell.
    • The Copy/Paste Debacle: The introduction of NFTs ensures that creators don’t have to bother about people copying and pasting their artwork. Their signatures remain on the products, and a screenshot doesn’t contain the valuable data they encoded during creation.
  • Improved Gaming Potential: Players can now benefit from NFTs through ownership records to fuel in-game economies and in-game assets. Moreover, you may resell gaming NFTs after completing the game to recoup your investment.
  • More Remarkable ETH Addresses: You can modify your ETH wallet address with NFTs such that it’s easier to type and remember. Such wallets are written as yourwallet.eth instead of xx324…456. These wallets may save arbitrary data like your Twitter handle and email address.
  • Physical Items: Serious projects are underway to tokenize physical assets, such as rare fashion items and real estate properties. NFTs may become the control of your home or car in the foreseeable future. Plus, you may present NFTs as loan collateral as well.
  • DeFi and NFTs: Both blockchain technologies are starting to combine for excellent results.
    • NFT-supported Loans: Some DeFi applications now accept NFTs as collateral instead of cryptocurrencies. 
    • Fractional Ownership: Although an NFT is indivisible, you don’t necessarily have to buy its whole form. You may buy a fraction and trade NFT crypto securely on DeFi platforms. 

How to Buy NFTs Securely and Conveniently

Create an Account on an NFT Marketplace

There are numerous NFT marketplaces to buy tokens. You need only to register on such a platform, but first make sure it’s a reliable marketplace to avoid getting scammed.

Reliable NTF Marketplaces

  • OpenSea: This is an ETH-based marketplace that requires a Web3 wallet, like MetaMask, to use. You may exchange NFTs for cryptocurrencies and vice versa on this platform. 
  • SuperRare: SR is a marketplace for only original NFT products. The platform operates on the Ethereum network, so only ETH can gain access.  
  • Nifty Gateway: This platform offers primary and secondary marketplaces for content creators and resellers, respectively. Nifty Gateway is also ETH-orientated.
  • NBA Top Shot: As the name suggests, this marketplace deals solely in verified NBA collectibles. They serve as an improved version of traditional basketball cards. 

Add Funds to Your Account

Funding your NFT marketplace account is typically done through ETH. Therefore, you may easily add funds if you have an ETH wallet. If you don’t, you’ll have to open one to start.

Make Your Purchase

Buy your NFT after funding your account. The marketplaces above offer simple interfaces you can easily maneuver. 

Final Words

The unique nature of NFTs distinguishes them from cryptocurrencies. Their primary function is to store culture and art, but you may buy to resell on specific marketplaces. Non-fungible tokens are profitable according to market demand; therefore, mastering how to buy NFT may be an excellent income source. 

In addition, if you want to automate your trading and improve your results, try the Obolon9 system.

 

What Is DeFi Crypto? Decentralized Finance Essentials

Not only can centralized exchanges be slow with transactions, but they may restrict your control over your assets, as well. They may equally limit trading sophistication as they play catch-up to decentralized systems. In this article, we’ll look at the essence of DeFi crypto platforms and how users may benefit from this contemporary blockchain tech.

Understanding DeFi: Essentials to Know

What’s DeFi? 

DeFi (decentralized finance) refers to blockchain-based financial applications that simplify asset trading, lending, or borrowing. These apps disrupt the operations of traditional financial institutions to make their operations easier. Developers create DeFi using smart contracts — automated binding arrangements that anyone with the Internet may access.

Decentralized finance initially centered on Ethereum, but numerous other networks that offer lower costs and superior speed are emerging.

What’s DeFi Coin (DEFC)?

DEFC is a fairly launched and community-oriented token to access DeFi applications. The developers of the coin burned all their tokens before launching it and invested like everyone else. A DEFC transaction involves reflection, LP acquisition, and burn. 

Unique Reasons to Embrace Decentralized Finance

Using DeFi has many peculiar benefits that extol its superiority over the traditional financial system:

  • Permissionless: Unlike conventional financial arrangements, DeFi doesn’t demand permission before transactions take place, thanks to the use of smart contracts. This feature removes the dependence on third parties for data storage, oversight, and server space.
  • Immutability: Record manipulation, however slight, is impossible on DeFi. This unchangeableness is traceable to the excellent cryptography, consensus algorithm development, and incorporation. Protocols like POW (proof-of-work) ensure that the blockchain maintains accurate records forever.
  • Transparency: Shady financial procedures aid scams and illegitimate business activities. Fortunately, these occurrences are avoidable due to the transparent nature of the DeFi protocol. These applications also help identify fraudulent schemes.
  • Lending and Borrowing Facilitation: The presence of DeFi enables smoother and simpler verification on lending and borrowing platforms. Also, this protocol assures security for co-actors in a trade. 
  • Savings Apps: DeFi applications assist users in accessing numerous lending procedures, thereby improving their interest. Moreso, these users may perform borderless assets, moving across different lending protocols for excellent rewards. 
  • Tokenization: The use of smart contracts in DeFi allows for the issuance of crypto tokens to users. These tokens may help a user own fractional portions of physical assets. Likewise, they may be valuable shares in some digital applications.

How to Cope with Risks Attached to DeFi

All investments, whether digital or offline, have their peculiar risks. Therefore, it’s necessary to accept these risks before venturing into them for easier trading decisions. Accepting risks helps you take action when your move goes wrong. Common risks attached to DeFi include:

  • Technology Risk: Software is only as good as the coding protocols affected in their production. Sometimes, there may be errors in this code, and this may cripple functions. In other words, DeFi applications run on the blockchain, but they need a correct code collection to operate smoothly. Any mistake in a developer’s code may result in vulnerabilities within the protocol. If this weakness remains obscure for long, users on the app may pay dearly with their assets. 
    • Let’s point out that DeFi is not the problem here. Rather, it’s the developer’s error.
  • Asset Risk: DeFi applications require collateral before you may borrow their products or services. A DeFi protocol maker, for example, demands security worth 150% of the borrower’s loan. 
    • However, this isn’t the problem. What is? Cryptocurrencies are the typical collateral when borrowing from these apps. Unfortunately, these assets have fluctuating prices due to their volatile nature. Your position may liquidate should the assets you submitted as collateral fall significantly in value. As such, stablecoins are the more advisable collateral means on DeFi apps, thanks to their less volatile character. 
  • Product Risk: DeFi applications don’t provide insurance or regulation on the assets you invest in. Therefore, you may fail to regain the loan you give to others if they can’t repay as agreed. Luckily, you may have some security in the collateral that the application takes from borrowers.
    • To avoid this risk, you may invest with the more reputable DeFi protocols, but the less respected ones are typically more profitable. 

DeFi Unique Use Cases

DeFi has special use cases that are unavailable on other financial protocols. Let’s see how you may use the unique features of decentralized finance to your advantage.

  • Lending: DeFi applications offer you the opportunity to make profits with your assets instead of simply holding them. Unlike the monthly returns you are familiar with, you may lend out cryptocurrencies in return for minute rewards.
  • Secure a Loan: DeFi apps come to your aid when you’re short on finances. You may get loans within minutes since there’s no extraneous paperwork to fill out. What’s better? These protocols offer flash loans — loans with a short repayment period — that other systems don’t afford you.
  • Save Money: DeFi protocols offer you higher interest rates than traditional banks for keeping your assets in their care. This may help you build a savings fund over time.
  • Derivative Purchase: Decentralized finance options afford you the chance to place bets on some cryptocurrencies. You may see this arrangement as the crypto form of futures contracts or stock options. 
  • Trading: Decentralized finance applications facilitate P2P transactions of specific cryptocurrencies. In regards to the question of where to buy DeFi coins, many platforms are available to conduct brokerage-free crypto trading. You may improve your trading profits with the use of automated crypto trading systems, even with poor market knowledge. An example is Obolon9, a resourceful system for executing smart trading decisions effortlessly. You may try it out for free to start.

Wrap Up

DeFi is a modern-day solution to the limitations of traditional financial institutions, such as banks and other borrowing houses. Applications built upon the protocol offer users crypto borrowing, lending, and trading services, alongside plenty of other services. You may rightly describe DeFi crypto platforms as a superior alternative to the traditional financial system. 

 

 

17 Ways to Make Money with Bitcoin 

Bitcoin is currently the most valuable coin in the cryptocurrency industry. As such, it offers plenty of ways to earn cash. What’s better? Some of these require only your devotion and no capital. Keep reading this comprehensive guide to exploring some smart methods to make money with Bitcoin

Introduction to Bitcoin: Brief Historical Background

A pseudonym account, Satoshi Nakamoto, introduced Bitcoin in October 2008 to respond to the then-ongoing worldwide financial predicament. Bitcoin was intended to be a virtual currency that transcended the control of a single body or organization — unlike fiat currencies. 

The coin recorded its first transaction in May 2010, thereby proving its real-world monetary value. This transaction paved the way for the launch of numerous other cryptocurrencies. Some of these coins were BTC hard forks.

Bitcoin has undergone a meteoric rise over the years. The coin has spiked and crashed several times, but what’s undeniable is BTC’s superiority over all other cryptocurrencies. Bitcoin broke the $50,000 barrier in February this year.

Shortlisting 17 Practical Ways to Earn with Bitcoin

Bitcoin Lending

A Bitcoin lender lends the coin to interested investors on specified terms and conditions. They may also lend to legitimate websites. Typically, Bitcoin lenders request a fixed percentage as an interest to make their money. According to their records and terms, you may decide to offer short- or long-term loans to each intending borrower.

Bitcoin Mining

Bitcoin is pretty similar to gold, and miners are the nodes that ensure the coin remains in circulation. In exchange, the system rewards them with money or valuable bonuses. However, you need high-end machines, cheap electricity, and expert knowledge to mine BTC. Therefore, it’s costly and requires a significant investment in the beginning. 

Faucet Websites

Faucet websites offer Bitcoin rewards for completing certain tasks. These challenges may include Captcha submissions, poll participation, referral programs, and survey inclusion. However, the rewards for these tasks are typically small. Moreso, there are a plethora of fake faucet websites these days.

Bitcoin Trading

Trading represents the primary and most reliable means to make money with Bitcoins. Yet, it’s arguably the riskiest of the options. 

Poor trading decisions may cause you significant losses and dent your portfolio. Therefore, it’s advisable to learn from experts before becoming a cryptocurrency trader. Four common Bitcoin trading strategies are:

  • Day Trading: It means conducting all trades within a day. These short-term deals offer relatively small profits, but they may contribute to a large portfolio over time. 
  • Scalping: This is an aggressive day trading technique that targets small profits from the positions of Bitcoin. A scalper targets market dips through the use of leverage and snipe positions. 
  • Swing Trading: A swing trader swings in both price directions: bullish and bearish. Their sole aim is to buy Bitcoin at a low price and sell when the price is high. 
  • Position Trading: A position trader maintains a position for a long-term duration until they make a profit. This period may last weeks and even months. For instance, closing a deal you started in December in February is position trading. 

In addition, you can try trading with Obolon9, an automated crypto trading system. The service offers round-the-clock market surveillance, providing you the opportunity to focus on your strategies and make excellent trading decisions. You may try it out for free today.

Buying and Holding

Buying and holding is a Bitcoin strategy that holds Bitcoin until an upward price movement before cashing out. Unlike the day trader, a buy-and-hold investor may hold their Bitcoin for months, if not years, before trading.

Affiliate Marketing

Some product websites may promise you a commission for referring customers to their products or services. This reward is usually in the form of Bitcoin. It’s necessary to verify the legitimacy of an affiliate program before joining.

Accepting Bitcoin as a Payment

Offering your products or services in exchange for Bitcoin is more profitable than accepting only fiat currencies. How so? A Bitcoin unit worth $2,000 today may be worth $2,500 after some time if you keep it. It’s a passive money-making strategy. Plus, it facilitates borderless transactions across the globe.

Bug Bounties

Software developers often offer rewards to individuals who may help detect vulnerabilities and exploits in their products. You can find such opportunities at most Bitcoin P2P marketplaces and exchanges due to their constant drive to enhance their services. 

Earning Through Tips

Some platforms connect helpers and tippers. The former represents users who help complete specific challenges, while the latter offers rewards in exchange for help. Likely tasks you may have to complete include product promotion, technical product resolution, solving fashion crises, and streaming video games. 

Bitcoin Forum Campaigns

Bitcoin forum campaigns are platforms that offer BTC as rewards for content contribution. However, your contributions have to be valuable and helpful to earn incentives. Satoshi Nakamoto launched the first of these forums: Bitcointalk.

Micro Earnings

Some websites reward members in BTC for watching ads, and trying out such platforms may earn you some cash. However, micro earnings are quite literal: they don’t pay much! An hour-long video may earn you only $0.005, but it’s something anyway.

Bitcoin Staking

Staking works similarly to lending, but there are no loans in this case. Staking involves keeping your assets in a network for stability purposes. In return, the network offers you rewards for your loyalty. You may check out Binance’s staking program for a start.

Yield Farming

Yield farming is a unique DeFi strategy that combines lending and staking. A yield farmer allows decentralized exchanges to share their Bitcoin to a swapper interested in trading, and as a reward, they receive the trading fees from the platform. Your main purpose here is to provide liquidity, thereby ensuring transaction continuity.

Task Completion

Pay-to-Click websites offer users BTC in exchange for completing little tasks, such as ad watching, survey completion, and quiz participation. These activities may be monotonous, but you may have no better option sometimes. Besides, you may find some videos entertaining or educational when you watch them.

Writing Crypto Content

You may earn cash as a cryptocurrency writer when you publish posts on blockchain-based platforms. This option is one of the highest-paying strategies to earn with cryptocurrencies, although it requires more technical knowledge too.

Sell Old Stuff Online

These days, you may find platforms that connect buyers with sellers if you’re keen on cryptocurrencies. You may sell your old stuff on such sites instead of discarding them in a backyard sale for little or nothing. Also, you may advertise on social media while specifically requesting Bitcoin for payments.

Become a Bitcoin Consultant

Cryptocurrency technicalities are often overwhelming to beginners; therefore, the industry highly regards experts who simplify the learning process. Working as a Bitcoin consultant is greatly rewarding. However, it requires years of experience and remarkable market understanding to become one. 

Summary

Knowing how to make money with Bitcoin may be an excellent source of active or passive income — depending on your preference. As things stand, now it’s up to you to choose the best way to make money with Bitcoin, considering that we’ve just highlighted seventeen ways to do so. However, trading remains the most popular strategy.

 

How to Day Trade Bitcoin — Main Strategies

Bitcoin day trading is a common money-making strategy among cryptocurrency investors. However, trying out popular techniques on how to day trade Bitcoins without prior training or knowledge increases the risk of loss. This article will look at how to day trade Bitcoin, including its technical and physiological implications. 

Here we go.

The Basics of Day Trading

What Is Day Trading?

Day trading is described as the buying and selling of assets such as cryptocurrencies on a daily basis. A day trader speculates on assets, makes purchases, and concludes sales within a 24-hour timeframe. No trade spills over into the next day. These investors conduct trades on a short-term basis; thus, they may partake in hundreds of transactions per day.

Pros of Day Trading

  • Day trading saves you the expenses that cryptocurrency trading platforms charge overnight.
  • The short-term nature of day trades helps traders sniff out a plethora of opportunities in the volatile crypto space daily.
  • Trading is quick to start and conclude. This spares you the anxiety associated with waiting for future results.
  • Day trading affords you legitimate trading that doesn’t violate a pattern day trader (PDT) regulation. This restriction requires traders to keep at least $25,000 in their accounts, and if their balance is below this level, they will be denied access to trading. 

Cons of Day Trading

  • Day trading can be super costly due to the recurrent transaction fees. This con worsens when you’re trading on a platform with exorbitant charges.
  • Day traders have to take a lot of time perusing the market before profit realization.
  • Profits are typically small in day trading.

What Should You Do to Day Trade Bitcoin More Profitably?

Certain actions have to precede your venture into day trading to earn gains:

  • Blockchain Understanding: The blockchain represents the playing field for all transactions. You’ll be able to enter profitable trades if you gain a good understanding of the blockchain. 
  • Be Attentive: Day trading has both positive and negative sides. It’s essential to notice and attend to both aspects before your move.
  • Work Out Your Investment: The presence of risks means that you either profit or lose with day trading. As such, you should invest amounts that don’t cripple your portfolio if the move backfires.
  • Stay Updated: The cryptocurrency world is interrelated. It’s, therefore, necessary to keep track of other coins. The price of BTC may affect every other coin.
  • Know Politics: Cryptocurrencies relate to the outside world. Therefore, government regulations have a significant influence on what happens in the crypto industry.
  • Find Good Software: The last but most relevant preparational step to day trading is acquiring capable software and mastering its use. Good trading software may day trade profitably even in your absence.

Common Bitcoin Day Trading Techniques

People who day trade Bitcoin adopt different techniques according to their risk tolerance level, the amount they’re willing to invest, and portfolio shape. Here are the most common of these methods!

Scalping

Scalpers are investors who attempt to profit from the little adjustments in an asset’s price movements. Such investors conduct short-term transactions to scalp a meager gain from largely profitable trades, thanks to market inefficiencies such as spreads and liquidity. 

A trader must be consistent and fast to realize profits from scalping. A scalper without a strict exit technique may lose all the profits they’ve accumulated. 

Range Trading

Range trading is a strategy that aims at making profits between two consistent price levels of an asset over a specified period. A range trader studies the market structure to identify stable trends and buys or sells according to their observations.

For instance, these two price levels may be the support and the resistance. Range trading helps earmark both levels as entry and exit points. 

Trading the News

News-based trading takes its cue from Forex and traditional stock trading. This approach aims to make trade decisions in a reactive response to significant events or news that may affect the crypto industry. 

Trading the news is possible in traditional trading because news is typically scheduled; therefore, traders may anticipate price adjustments correctly. However, events or news relating to cryptocurrencies are often more sporadic; thus, anticipation can be more challenging in this regard. It may be highly profitable if correctly timed, however. 

Automated Trading Resources

Automated trading tools simplify day trading. They automatically identify market trends and act according to your set preferences. 

It’s advisable to verify a platform’s reliability before trying it. Obolon9 is a secure automated crypto trading system that has different crypto trading scenarios with alerts. So, you’ll be notified about changes in your set parameters of a trading scenario.

Trading on the Ideal Exchanges

Trading on the appropriate platforms helps improve your profits. Transactions are 100% secure, remarkably quick, and less costly. Such platforms include:

  • Binance: Binance is arguably the world’s largest cryptocurrency exchange. Trading fees are affordable, and security is outstanding. Plus, Binance boasts an impressive liquidity ratio.
  • Kraken: Kraken is a reputable cryptocurrency exchange to maximize day trading profits. Transactions on the platform are relatively affordable and secure.
  • CEX.io: CEX is a reputable platform to trade cryptocurrencies with fiat currencies. The resource charges considerably lower fees and assures maximum security. 

Tips to Avoid the Negative Physiological Part of Day Trading

  • Avoid Greediness: Day trading is basically for small profits. It’d be best if you stuck to the typical gains instead of unrealistic targets.
  • Take Responsibility: You’re responsible for your day trading decisions. Realizing this early helps improve your consistency and speed at decision-making.
  • Accept Risks: Day trading comes with significant risks. Accepting that you may lose your investment helps you move on quickly after losses.
  • Improve Your Discipline: Some distractions may occur while you day trade. It’s best to ignore them and focus on your target. 
  • Adopt a Winning Mindset: Ingrain into your mind that you’re a winner and that losses are simply unavoidable. This will help you continue, even in the face of painful losses.

Conclusion

Beginners to day trading need to master a lot before their debuts. Otherwise, they’d likely lose their starting capital. You must master both the technical and physiological aspects of this strategy to know how to day trade Bitcoins profitably. In addition, you may consider Obolon9, an automated crypto trading system that offers 24/7 market surveillance and notifies users of market changes instantly. Remember that speed and precision are the fundamentals of successful day trading. 

 

Why Day Trading Crypto Is Worth Your Time

Day trading is considered a challenging yet profitable way of making money. By utilizing the appropriate strategies, cryptocurrency day trading can be an ultimate game-changer, especially for new traders.

Today, we’ll define day trading and describe the advantages and risks of day trading as well as some of its core points. You’ll find out about day trading crypto and whether it is worthy or not. So let’s begin!

About Day Trading

Day trading is the short-term trading of financial assets that occur in a single day. Day traders depend on analysis and intuition over the price movements of various financial assets or products. Furthermore, day traders always stay updated about the market to leverage any opportunity to make a profit. This process can take a few minutes to hours to capitalize on the price movements.  

Earning Money Through Day Trading 

  • Entry and Exit Points: Traders need to perform extensive research on the entry and exit levels of an asset. Also, they have to keep an eye on the perfect time to exit the position at a profit. Fortunately, day traders will exit before the market closes which reduces the overnight risk of losing money.  
  • Managing Risks: Day cryptocurrency trading may involve some financial losses like any traditional form of trading. But a step-by-step risk management process to identify, assess, and monitor risks can reduce capital loss. 
  • Volatility and Profit: Crypto markets are extremely volatile. But sudden price changes in a volatile market can be a lucrative opportunity for day traders. Since day trading involves rapid price changes, traders can quickly take entry and exit positions and make a profit in hours. 
  • Watchlist and Market Pairs: Having a trading watchlist helps day traders make the most profitable trading decisions. Each watchlist will contain the assets that traders want to track for their recent performance. Often, watchlists save time when it comes to locking into profitable trades. However, day traders can also utilize a single cryptocurrency pair to earn money.

Benefits of Day Trading

Day trading has several benefits for both novice and experienced traders:

  • Learning from Free Sources: Learning day trading involves zero cost if you utilize free online sources. Even resources that are available locally, such as libraries, can be used without paying a big fee. 
  • Diminishing Overnight Risks: Day traders can easily close positions before the trading day ends. Closing the position before the end of the trading day means that traders can sleep peacefully.
  • Making a Profit in Poor Conditions: Day traders can utilize short-selling strategies to make money from a bearish market. The strategy can have an extreme profit-making advantage over other traditional strategies.
  • Technical Analysis-Based: Traditional traders used to focus on the fundamentals such as the latest news, reports, currency performances, etc. However, day traders can skip the fundamentals and deploy a technical analysis-based strategy to ensure faster profit growths. 

Drawbacks of Day Trading

While day trading comes with several benefits, there are a few drawbacks to day trading:

  • Volatility Risk: When a day trader bets on a short-term market it comes with some risks. There is the chance that traders’ predictions might see a negative trading result. Forecasting the market volatility for a very short time period, for example, minutes or hours can bring higher volatility risk.
  • The Risk With Margin: Crypto traders have the ability to take margins to create better earning opportunities without investing money from their own pockets. This borrowed money can become a risk factor. Losing margin money with day trading doesn’t mean that you don’t have to pay back the money.
  • No Tax Benefit: While long-term investment comes with tax benefits, day trading returns have no additional benefits. Rather than counting day trading as a capital gain, it is considered an ordinary income. Hence, there is a higher tax burden if you are a day trader. 
  • Trading Addiction: Day trading can be similar to gambling because investors can earn large amounts of money in a very short time. As a result, it is considered an addictive way to make money. 

Day Trading and Best Strategies

There are a number of day trading strategies from range trading to arbitrage strategies. This section will talk about the best day trading strategies: 

  • Range Trading: This trading strategy involves an active system where traders will target a range for buying and selling cryptocurrencies. If there are signs that a pair is overbought or oversold, traders can make a quick entry and exit decisions using a range trading strategy. 
  • Market Scalping: Scalping is a form of trading where traders can make frequent and quick trades to utilize volume for profit. Also, there are automated crypto day trading platforms, such as Obolon9, to make the strategy more accurate than manual trading operations. 
  • Crypto Arbitrage: When investors utilize the price difference of the same asset in different markets it is called an arbitraging strategy. Due to the decentralized nature, different crypto exchanges will have price differences of the same coin. Hence, arbitrage can be a quick and profitable way to earn money as a day trader.

What Are Common Day Trading Mistakes?

Now you have an idea of how to day trade crypto. Let’s look into the most common mistakes day traders make.

  • Influenced by FOMO or FUD: The most common cryptocurrency slang is fear of Missing Out (FOMO) and Fear, Uncertainty, and Doubt (FUD). Traders make mistakes by using information like market crashes and booms, which is related to FOMO and FUD. For instance, many investors lost money by trading Bitcoin in 2017 due to FOMO. They started to invest in the asset when the market was already falling.  
  • Trading Tool Mistakes: Day trading tools can provide a trader with the power to make a maximum profit from each trade. On the contrary, selecting the wrong tools can make your profits disappear. So choosing safe tools should be a priority. 
  • Getting Locked After the Entry: If you take a trading position, there is no guarantee that you can make quick exits with a profit. Illiquid markets can force you to lock into a position. To avoid this mistake, traders can choose exchanges with higher liquidity.
  • Poor Spread Calculation: A trading spread is a difference between the prices or rates of an asset. Some traders calculate the spread by checking the top of the order book at the exchange platform. But traders must check the order book thoroughly to make a proper estimation.

Summary

In conclusion, we’ve covered the most important factors regarding day trading that can kickstart your crypto journey with success. If executed properly, day trading can be a lucrative way to earn money without getting involved in long-term investments.

Focus on the best strategies and avoid common mistakes, and there’s a chance you will make a profit day trading. To start with automated crypto trading, try the Obolon9 platform. 

Assessing the Pump-and-Dump Crypto Scheme

Arguably, the government’s inability to influence cryptocurrency proceedings remains its most significant advantage. People may now keep their financial information private and tax-free – thanks to cryptocurrencies. There are also excellent legitimate, profitable opportunities. However, the absence of government regulation may well be a double-edged sword. Why? 

The crypto industry allows (and perhaps encourages) the use of questionable practices, such as the cunning pump-and-dump crypto scheme. This article will assess this dishonest practice and discuss ways to avoid falling victim to such tactics. 

What Is a Pump-and-Dump Scheme?

A crypto pump-and-dump scheme is when an investor, or a group of people, promotes a coin they are holding in bulk until its value grows so that they can sell it for significantly higher profits. Typically, an investor is an influential figure in the crypto space; therefore, many lower-level investors look to that individual for guidance.

How Does This Scam Work?

A pump-and-dump is an elaborate arrangement that follows orderly steps. The methods of propagation may differ, but the aim is always the same: hype up the coin to build its price, sell when the value is high, and exit the market just when others are about to profit. A pump-and-dump investor achieves his/her aim by spreading false, deceitful, or excessively positive information about the asset in question. 

  • People involved in the scam communicate through platforms where they can quickly gain the attention of others. For example, they communicate on anonymized messaging platforms, like Discord and Telegram, and social media apps, like Facebook and Twitter.
  • The preparation process may be subtle or obvious. A popular investor may indirectly speak in favor of the asset or mention it among other high-profile coins. While this psychological manipulation is going on, there’s a group of foot soldiers spamming every notable platform with good news about the coin. You can only resist for so long before noticing the messiah everyone seems to be talking about.
  • Consequently, the coin becomes popular, and transaction volumes and prices grow, providing the perfect opportunity for schemers to sell their volumes at excellent prices. Arguably, pump-and-dump may not be a terrible idea, but here’s what breaks the deal: The coin in question is rarely capable of reaching the heights the marketers claimed it would. 

How to Detect a Pump-and-Dump

Hundreds of new cryptocurrencies are created daily, and it’s only natural that the creators market the coin before and after its launch. Therefore, it may be impossible to identify crypto pump-and-dump activities immediately. However, these coins all have a similar modus operandi, so there are a few recommendations that can help stakeholders identify them as soon as they come across them.

  • Review Target Token Exhaustively Beforehand: Target tokens are a great indication of the future of a coin. Therefore, investors should evaluate the target maximum cap rate of an asset before investing. This investigation helps to determine whether there are any shady dealings in the coin’s mechanism.
  • Avoid Emotionally Driven Investment Decisions: Smart investment decisions are made with nerves of steel as emotional decisions rarely allow critical thinking and assessment. As such, it’s best not to invest in a coin when emotions are high.
  • Diversify Your Portfolio: Just as there are many fakes, there are also already established cryptocurrencies. Therefore, it’s advisable to spread your capital across numerous coins to avoid falling victim to crypto scams. Portfolio diversification also minimizes risk and maximizes profit. 
  • Consider an Asset’s Background Before Investment: Experts advise that investors thoroughly research a coin’s background before investing. This check helps to fish out any red flags. It’s best to invest in coins with a solid structure and trustworthy people to avoid pump-and-dump assets. 

Protect Investments From the Scam

Cryptocurrencies use very high security levels. Therefore, hackers find it almost impossible to access the network. However, like most digital operations, security defaults are mostly the users’ fault rather than the platform itself. The following suggestions will help keep your portfolio watertight. 

  • Turn On 2FA: Two-factor Authentication (2FA) is a security measure that requires hackers to break through two security levels before they can access your account. Enabling this setting for your wallets means that unauthorized people can’t access your portfolio even if they have your login keys. 
  • Be Dynamic and Creative With Passwords: In 80% – 100% of hacking cases, the account holder is guilty of poor password setup. Hackers can easily guess your likely passwords by considering key information about you. Therefore, it’s critical to form passwords creatively (not your name and date of birth) and use different ones on various sites. 
  • Restrict Cash Access: It’s necessary to restrict cash access from your crypto wallet or exchange. Doing so will ensure that an unauthorized person can’t access your real cash through your cryptocurrencies. Likewise, it’s critical to not link your bank accounts to platforms you don’t trust. 
  • Be Wary of Unrealistic Profits: There’s a saying that if it’s too good to be true, it probably isn’t. In other words, be cautious of schemes that promise unreasonable returns on your crypto investments. Some scams involve depositing an initial volume of coins to receive a higher coin volume.
  • Confirm the Authenticity of Testimonials: Digital platforms may employ people to testify in favor of their assets or simply contract writers to create fake testimonials. It’s essential to figure out if the people soliciting for a coin are real or on contract.
  • Check Out Automated Trading Apps: Legitimate automated trading platforms can help manage your portfolio better—securely and without emotion—thanks to the array of features they offer. Furthermore, platforms like Obolon9 ensure that you can execute all critical trade moves on time while assuring safety and affordability.

Postscript

Various cryptocurrency scams are prevalent these days due to the absence of government control. The pump-and-dump crypto is one such scam. Fortunately, there are now various methods to protect yourself from the activities of these fraudulent scammers. Two-factor authentication and increased awareness are two helpful resources. In addition, automated trading solutions, like Obolon9, are highly recommended to minimize the risk of loss. 

 

Scenario Templates

Tired of constantly adjusting your cryptocurrency trading scripts? If yes, there’s a way out — scenario templates. Just configure your templates once and then make only minor changes when you need them. Using the trading automation software Obolon9, you need not set up a scenario every time you want to trade your cryptocurrencies.

To understand how well crypto trading strategies work with Obolon9, let’s take a look at the scenarios and templates it offers.

Create Your Own Scenario Templates for Crypto Trading

Obolon9 Scenarios

With Obolon9, traders are able to customize scenario templates for cryptocurrency trading. Suppose you are a beginner and are looking for pre-configured strategies. In that case, you can use scripts that are classified into two categories: alerting-only scenarios and alerting-and-trading ones. With this crypto trading strategy tool, you can template any script on the platform by setting in advance the necessary parameters to run it at the right time.

Trade with Obolon9 Ready-to-Work Scenarios

These are automated scenarios on the platform: 

  • Alerting scenarios
    • Range Price Alerts: This feature comes in handy when you wish to know when an asset is trading in a specific price range. You will get notified of it by an alert.
    • Close Price Alert: It delivers the closing prices directly to your inbox or as an app notification to your smartphone.
    • Pivot Points Alerter: These are the price levels traders know in advance. It is important, as traders may make trading decisions around that level.
    • Candle Patterns: It is one of the technical trading tools that traders have been using for centuries. It notifies you to place the order once a candle pattern is identified for the asset under watch. These patterns are used to determine the price direction once completed.
  • Trading-and-alerting scenarios
    • Bands Monitor: This scenario allows you to monitor up to four bands. Get alerts when different averages cross or prices deviate from the middle to the upper or lower limit of the band.
    • Basic Trading Scenario: This is a simple alert that uses indicators such as the volume or price of the crypto you are trading.
    • Basic Trading Scenario with Safety Orders: This is a safer scenario than the basic trading one. This scenario can be prepared to hold the conditions of the market after reaching basic trading scenarios.
    • Conditional Market Order: It lets the trader set order triggers for assets based on their price movements. These can be interlinked to form chain algorithms, which then execute the series of orders the moment all defined conditions are met.
    • Horizontal Trading Channel: When an asset’s price has been within a particular range for quite some time, and during that time, a trader wants to trigger an order, this script is used. It is also known as sideways trading. 

Finally, there are additional customized scenarios for personalized and complex trades.

How to Set Up Your First Scenario on Obolon9

You need to follow these steps:

  • Choose a name for your scenario. It is preferred to use a name that reflects its associated asset and purpose.
  • Secondly, select a trading strategy either from the ready-to-use scripts or the customized ones. You can also import one from TradingView.
  • Then pick a trading platform and a pair you are planning to trade.
  • Set the parameters of your selected script you want to monitor.
  • Finally, click on the “Save and Start” button.

Create a Template with Obolon9

If you do not wish to set up scripts every time before trading, you can create templates based on the ready scripts. Customize the templates by setting the parameters in advance so you can run them at the right time. The benefit of creating the templates in advance is that a trader can enter all the data or only some of the parameters as they want. 

Following are the quick templates for running scripts:

  • Bands Monitor
  • Primarily specify the price to check crossing with levels.
  • Save the template, and set the parameters when you want to use them.
  • Pivot Points Alerter
  • Specify the type of pivot-point indicator.
  • Save the template, and when you want to use it, specify the parameters.
  • Candle Patterns
  • Select the patterns of interest.
  • Save and specify other parameters to use the template later.
  • Basic Trading Scenario
  • Under this template, specify the price entry, take profit, and stop loss.
  • Save, and select other parameters to use the template later.
  • Basic Trading Scenario with Safety Orders
  • Specify the market orders to enter, take profit, stop loss, and limit safety orders.
  • Save the template and specify the parameters whenever you want to use it.
  • Conditional Market Order
  • This template operates with three prices: Activation, Cancel, and Order.
  • Save it. Specify the parameters and use the template later.
  • Range Price Alerts
  • It specifies the minimum and maximum prices and generates alerts when the price has crossed any given level.
  • Save and specify other parameters to use the template later.
  • Horizontal Channel Trading
  • It specifies the prices: buy, sell, high stop loss, and low stop loss.
  • Save and set other parameters to use this template later.
  • Close Price Alert
  • Specify the price of interest.
  • Save and set the parameters to use the template later.

You can even run these templates from the mobile application on the Events page. 

Summary

Templates can make traders’ routines more efficient by offering premature preparation of scripts. Obolon9 offers important scenarios that make cryptocurrency trading easier by combining the manual with automated work and useful alerts. To use nine quick templates for scripts, you only need to register there. Finally, this tool locks in profits when it reaches a high and limits your losses. 

Swing Trading Indicators You Should Know

You most likely have experience in trading and are looking for swing trading indicators. Typically, swing traders use swing trading indicators to determine support and resistance levels when a trend changes. For the best results, traders usually combine these indicators, as using a single indicator may be insufficient.

Based on this logic, let’s examine what swing trading consists of, the top five technical indicators to use, and how to automatically find trend changes.

What Is Swing Trading?

This is a trading plan that attempts to get short-to-medium-term gains in a cryptocurrency through an expressed period. 

It tends to be pretty much as short as a day, but occasionally it might run on for weeks. Swing traders use specialized instruments and indicators to look for any changes on the horizon. They likewise utilize essential examinations to help with investigating cost developments and blueprints. 

How Does It Work? 

To swing exchange, one needs to remain with a possibility either for a brief period or an extended time. The holding period can go either way, from a trading meeting to a couple of months. Swing traders are helpless against abrupt market fluctuations, for example, short-term and end-of-the-week relative danger. 

To harvest gains, swing traders make evaluations of exchanges on a danger/reward remainder. To finish their assessments, swing traders study cryptocurrency charts to choose when to go in and when to leave. 

These are types of swing trading

  • Swing Lows: They happen when there is a ricochet in the market after it tumbled down to a depressing spot. These swing lows permit traders to exchange long. The individuals who open a long situation during a low swing frequently ride the wave and in this way leave their exchanges during a high swing, procuring their benefit too. 
  • Swing Highs: Swing highs are ideal for swing traders with an inclination for shorting. They show up during times of overbought elation. At that point, the trader wagers against the tide, entering a short position when there is a high swing, and watches the cryptocurrency tumble down, taking the benefit at the lower part of the low swing.

What Is a Swing Trading Indicator? 

This indicator is an instrument utilized by traders to perceive when to purchase or offer cryptocurrency and what explicit coin to get. It helps traders in realizing what patterns provide the best returns at specific periods. 

Why Should You Use the Indicators? 

  • To identify long-haul trends in market developments containing some momentary changes
  • To spot breakouts, which are focuses that recognize the beginning of the most recent pattern 

Top Five Swing Trading Indicators to Use

Moving Averages

This is just a technical tool that collates the price data points of a given cryptocurrency over an expressed period. Afterward, it isolates said focus by the quantity of information focused on showing up at an average. It is named “moving average” since it is consistently determined dependent on the latest price value given; subsequently, it isn’t static.

Moving Averages

What Is the Indicator Used for?

  • To distinguish the strengths of the trend: A more vulnerable trend is perceived by the cost of a cryptocurrency and a trend much further from the moving average. The swing trader joins the trend strength and a picked indicator like volume to settle on the best choices.
  • To decide the trend reversals: To do this, the swing trader needs to pay extraordinary attention to situations where the current moving averages cross the more drawn-out moving averages following an uptrend.

On Balance Volume (OBV)

On Balance Volume (OBV)

An OBV tool is a technical instrument that utilizes changes in volume flow to expect crypto price developments or reversals. It additionally assists with uncovering any connection between price and the amount of cryptocurrency exchanged.

What Is the Indicator Used for?

  • To recognize positive or negative divergence: It distinguishes an upward trend by the expanding pinnacles and rising box in both price and OBV and the other way around. 
  • To foresee the trend continuation or caution breakouts: Rising OBV cautions of a looming aggregation bringing about an upward breakout. A downward breakout is noted when the OBV falls and circulation is continuous.

Relative Strength Index (RSI)

The RSI is a notable momentum oscillator that investigates the speed of progress in price developments. This indicator best offers the vital data expected to choose the best entry point into the market.

Relative Strength Index (RSI)

What Is the Indicator Used for?

  • To decide when security is overbought or oversold: It perceives the two conditions to guarantee that both the trend revisions and reversals can be found. 
  • To distinguish divergences: Divergences help acknowledge reversals in trends.

Stochastic Oscillator

Very much like RSI, it is likewise a momentum indicator. In any case, this time it looks at the specific closing price of a coin in the scope of its prices throughout a particular time. It assesses the end price of a cryptocurrency to the variety of its expense over a specific stage.

Stochastic Oscillator

What Is the Indicator Used for?

  • To recognize bullish and bearish divergences: When the market price arrives at higher highs, a bearish divergence is shaped; however, the stochastic oscillator makes a lower high. At the point when a bullish divergence happens, the price is a lower low, and the stochastic oscillator is a higher low. 
  • To anticipate bottoms or tops (bull or bear set-up): A bull arrangement happens when the market price shapes a lower high; however, the stochastic oscillator is at a higher high. A bear arrangement is the converse of a bull one.

Bollinger Bands

Created by John Bollinger, Bollinger Bands are technical tools that produce a trendline based on two standard deviations, away from the simple moving average price of a stock or coin. 

Bollinger Bands

What Is the Indicator Used for?

  • To recognize potentially overbought/oversold areas: The prices spread over an average worth, in this way showing the overbought/oversold areas. 
  • To recognize the volatility of the markets: The positive and negative groups extend when there is high volatility and differentiation when there is low volatility.

Obolon9 Swing Trading

The Obolon9 candlestick pattern detector helps automatically find trends that will come in handy when swing trading. This tool scans the charts and finds the candlesticks that are about to change. It then notifies you on your smartphone or email. 

Conclusion

Swing trading is a trading strategy that involves identifying the top and bottom of the value of a cryptocurrency. Above we listed five swing trading indicators you need to know. You can utilize a candlestick pattern detector on Obolon9, which is useful for swing trading. 

 

Optimizing the Seven Most Common Candlestick Patterns

Cande Pattern Detection

Candlestick patterns remain a crucial resource for technical traders, and here’s why. The financial market is highly volatile and therefore offers no assurances. However, a candlestick chart helps conduct in-depth price behavior analyses, thereby providing some stability, no matter how minimal. 

In this article, we’ll consider the essentials of the candlestick and look at the seven most common candlestick patterns.

What Is a Candlestick Pattern?

A candlestick pattern is the movement (rise and fall) of an asset’s price, graphically represented on a chart. A trader can predict, to some extent, the market reaction to certain occurrences using this pattern. As such, the tool is a common consideration for entering and exiting a trade. There are seven common candlestick formations, and even more according to different schools of thought.  

Primary Categories of the Candlestick Formation

You may classify the candlestick pattern according to the three more foreseeable behaviors they may reflect after appearing on a chart:

  • Bullish: A bullish candlestick pattern predicts that the market will go on an upward trend.
  • Bearish: A bearish candlestick formation suggests that the market will take a nosedive.
  • Neutral: The neutral candlestick holds the opinion that the market is indecisive and there’s a huge war going on between the bulls and bears. 

The Most Common Types of Candlestick Formations

Hammer

Hummer Candle Stick

  • The hammer pattern portrays a bullish reversal. It is synonymous with downward trends, and the chart depicts it as a candle with a short top and long lower wick. 
  • The image suggests that demand levels weren’t commensurate with price when the asset was falling, thus leading to a long lower handle. The presence of demand in this region suggests a trend reversal signal, which many interpret as a cue to buy (entry).

Inverted Hammer

Inverted Hummer Candle Stick

  • The inverse hammer is similar to the hammer pattern in logic, but it appears during an upward trend. It’s a bearish reversal pattern. 
  • The inverted hammer appears on the candlestick chart as a candle with a short bottom and long upper wick. You may use it during upward price movement to close your trade or open a short-term position. Many may consider the inverse hammer a sell signal (exit).

Three White Soldiers

Three White Soldiers

  • Some experts may call this pattern the “three advancing white soldiers,” suggesting that the three sweet-smelling candles continue an upward climb during a downward trend. This defying formation suggests a bullish potential and helps identify trend reversals.
  • The candlestick chart displays your three white soldiers as three candles, each with a long body moving upward following a downtrend.

Morning Star

Morning Star

  • The morning star brings hope to the astrologist, and it does the same when your candlestick horoscope picks up this pattern. A morning star indicates the reversal of a bearish trend, thereby spurring most traders to strengthen their buy points. Any asset price that forms a morning star following a buy signal is likely to experience a trend reversal.
  • You can find the morning star as three candles on a chart. The first candle is long and narrow, the second is closing below the first, and the third is a long and growing candle closing above the middle of your first candle. 

Evening Star

Evening Star

  • The evening star depicts a bullish trend reversal. This formation is shaped during an upward trend to suggest that prices may fall soon. It’s typically your call to sell. 
  • To find the evening star on the chart, check for three candles where a small and growing candle follows a long and increasing candle before a long, decreasing candle closing below the middle of the first candle. 

Abandoned Baby

Abandoned Baby

  • The wailing abandoned baby may be a reversal signal for a bullish or bearish trend. Three candles represent the pattern on the chart.
  • The abandoned baby shows on the chart as three candles: the first long and moving upward, some market gap, and the second candle (Doji) before the third, which is also long and upward-driving.

Engulfing Pattern

Engulfing Patterns

  • The engulfing formation is a bullish or bearish reversal signal that appears as two candles. The second candle completely overwhelms the first one on the chart. 
  • Suppose this pattern forms during an uptrend; prices are likely to have a bearish reversal. Should it appear during a downtrend, prices may reverse back up. 

How to Spot Candlestick Patterns with Obolon9

Obolon9 is trading software that combines the diligence and precision of automated scenarios and the flexibility of manual trading to help traders make excellent trading decisions. It offers programmed trading tools, as well as one adapted personalized script. The candlestick pattern detector is one of these tools.

Unique Benefits of the Obolon9 Candlestick Pattern Detector

  • The Obolon9 candlestick formation spotter has remained a trusted trader resource for decades. It has the full trust of thousands of traders.
  • The pattern detector is super quick. It notifies you of formations the instant they form, so you can make your decisions when it matters. With this advantage, you can maximize even the opportunities that open for the shortest windows.
  • The Obolon9 candlestick formation detecting script can recognize up to twelve candlestick patterns. That’s a wider range compared to most detectors these days. 

What Is a Candlestick Detector?

The candlestick indicator is a resource that recognizes candlestick patterns as soon as they form and labels them appropriately before notifying you. Some may suggest that this inbuilt detector may be unnecessary since the eyes can detect these formations. However, you can’t sit 24/7 in front of your computer trying to recognize these patterns, and the automatic candlestick spotter saves you the effort. 

Why Is a Candlestick Pattern Detector Valuable?

Crypto traders and investors use the candlestick formation indicator for three major decisions:

  • Entry Signals: Traders use the candlestick pattern finder to enter the market at the right time. For instance, you may enter a trade if the detector indicates a bullish trend.
  • Exit Signals: The candlestick pattern indicator also suggests the appropriate time to leave a trade. You may interpret the bearish formation as your cue to exit before prices crash.
  • Trailing Stops: Traders may enhance their stop-loss orders through the trailing stop feature. A capable candlestick formation indicator helps predict potential trailing stops. 

Final Word

Candlestick patterns may not guarantee future price movement, but they are good indicators of what may happen to an asset. And in the irrational crypto world, any hint of predictability matters greatly. Therefore, it’s necessary to pay good attention to the most common candlestick patterns

It’s recommended to optimize candlestick benefits with reliable tools, such as those offered by Obolon9. Such platforms save you time when looking for candlestick patterns.

Pivot points alerter: Why Traders Need It

To be successful in the financial market, a trader needs to have advanced tools. These tools have been designed to make trading easier and more profitable. 

A pivot point alerter is one such tool. When it comes to technical analysis, the pivot point is seen as a more sophisticated instrument than support and resistance levels. It is also easy to use if you understand its basics, as even amateurs utilize pivot points in the market successfully. 

This article includes the definition of this tool, the reasons for using it, and a platform that offers pivot points to trade cryptocurrencies.

What Is a Pivot?

This can be defined as a price level that is very crucial to traders, as it helps them know the right moments to take steps in the market. Its role is similar to that of a resistance or support level. 

Should a price go beyond this level, it is expected to remain on course. It may take a reverse close to or when it gets to that level. 

For example, a trader may set their pivot as the previous peak of a price or its lowest point. If the price goes over this position, the trader will expect it to continue to rise. But if it drops before reaching the point, the trader may make an exit. The trader can set any vital point on the chart as a pivot. This could be a technical level or a daily/weekly/swing highest or lowest point. 

A pivot point alerter is a tool used by traders for determining pivot points. It is used in forex, crypto, stocks, bonds, and other securities that have close, high, and low prices within any period.

Types of Pivot Points

Traders who want to use the pivot point in their trades need to understand its various types. There are five main variations: 

  • Standard: Also known as classical or floor pivot points, standard pivot points are the most widely used. 
  • Woodie’s: This is a variation of pivot points in which more emphasis is placed on closing prices.
  • Camarilla: These pivot points are identical to Woodie’s; however, the difference is that this system utilizes nine price levels.
  • Fibonacci: This strategy utilizes Fibonacci studies in deducing the direction of trends and stances of trades.
  • Denmark’s: These pivot points are not like others due to their condition’s nature. 

Reasons to Use Pivot Points

Traders make use of pivot points, as they offer various advantages, such as:

  • Traders get accurate information on the direction of prices.
  • Pivot points make it easier for traders to act during trades or generate signals.
  • A trader can easily choose between being bullish or bearish and also set targets for possible profits.

Introduction to the Obolon9 Platform

Obolon9 is a software-based trading service that enables users to automate their trades. It provides traders with an advanced trading experience and mitigates risks by running various scenarios with different strategies. 

Upon registering on the platform, you will be able to use it for free for the first 30 days. After this, you will have the option of either using any of the available scripts or creating your own.

If these features aren’t convincing enough, you will be happy to know that you can create a fully functioning scenario during your free trial. However, this will only be active for two weeks. We believe you will get a clear idea of what the platform has to offer within this period.

Monthly and annual subscriptions are available at GBP 9.99 and GBP 99.90, respectively. You may opt for the monthly option if you are interested in a short-term service or want to have a complete feel of the platform. The annual subscription is more suitable for serious traders and new traders looking for long-term service. It will save you some money too. 

How Obolon9 Can Help You Create a Pivot Point Alerter

The great thing about Obolon9 is that it works with price points deemed to be vital by traders. When prices reach these points, traders are then able to decide what works best for them. 

With Obolon9, traders no longer have to keep tabs on price points. Instead, they receive timely updates from the software in their inboxes or smartphones. 

Discover Your New Pivot Point Alerter with Obolon9 

By following these simple steps, you can create your Pivot Point Alerter with Obolon9:

  • Give a name to the scenario.
  • Select the strategy for trading – Pivot Points alert.
  • Choose your desired trading platform and the pair on which you will be trading.
  • Configure the parameters for the script you have selected.
  • Set the time interval of work (in minutes).
  • Choose your desired type of Pivot Points indicator. 
  • Click on Save and Start. 

Conclusion 

We can agree that the pivot point alerter is an essential tool in trading by making it much more effective and efficient. Pivot points are chart positions on which prices may change course and result in support and resistance levels. 

Pivot point alarms notify traders of these events and in doing so help them stay on top of the situation. Obolon9 is a good example of a platform that can provide this service.

As a trader, you only have to define the parameters to indicate the necessary scenario. After the completion of the registration and simple settings, you will receive a pro tool that will assist you in your trading. 

 

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