Creating a trade strategy for Ethereum Classic (etc): a beginner guide
The trade in cryptocurrencies has become increasingly popular in recent years, and millions of people around the world invest in cryptocurrencies such as Bitcoin, Ethereum and others. With so many options available, however, it can be difficult to navigate and make well -founded decisions about which you can buy or sell.
A cryptocurrency that has recently gained considerable attention is Ethereum Classic (etc.). This decentralized open source blockchain platform was introduced in 2016 and has gained traction as a practical alternative to Bitcoin. The unique functions of ETC, such as the intelligent contract -based network architecture and the presence of a large and active community, make it an attractive investment option.
In this article we will offer step-by-step instructions for creating a trade strategy for Ethereum Classic (etc.). We will cover everything from setting up your account and the selection of the right tools to the analysis of market trends and the identification of potential entry points.
Step 1: Set up your account
First you have to register for an online trading platform that supports, etc. Some popular options are:
- Binance
- Coinbase
- Scratch
- Huobi
As soon as you have selected a platform, create an account by providing the necessary information such as your name, e -mail address and your password.
Step 2: Select your trading platform
With your account, it is time to select the trading platform that best suits your requirements. Consider factors such as:
- Fees: Search for platforms with competitive fees, especially for small transactions.
- Liquidity: Make sure that the platform has a large market volume and quick execution times.
- Security: Choose a reputable exchange that uses robust security measures to protect your accounts.
Step 3: Setting up your etc trade account **
As soon as you have selected your trading platform, follow the following steps:
- Open your account on the platform.
- Pay funds with a payment method such as credit/debit card or bank transfer to your account.
- Finance your account with a sufficient amount of Ethereum Classic (etc).
Step 4: Select your trade strategy
A successful etc trade strategy is to understand market trends, to analyze technical indicators and to make sound decisions based on the data.
Here are some important concepts that you should consider:
* Market analysis : study historical price diagrams, volatility and mood to identify possible entry points.
* Technical indicators
: Use tools such as Moving average values, RSI and Bollinger tapes to measure the market industrial dynum and identify opportunities for buying or selling.
* Basic analysis : Understand the underlying reasons for the value of etc., such as: B. its offer and after-dynamics.
Step 5: Identify potential entry points
Find the following indicators for a possible entry point:
- Support stages : Identify areas in which the prices have previously decreased, which indicates a strong purchase pressure.
- Resistance level : Look for areas in which the prices have previously broken, which indicates that sellers are preparing to increase prices higher.
- Market trends : Analyze the overall trend of etc. and identify all shifts that could indicate a possible starting point.
Step 6: Set stop losses and position sizes
As soon as you have identified an entry point, set stop losses and position sizes based on your risk tolerance and investment goals:
- Set a stop loss : Identify a price level under which you want to sell if the market moves against you.
- Position size : Calculate how much of your account balance you can afford to lose per trade.
Step 7: Manage your risk
As with any trade strategy, it is important to manage the risk:
1.