Crypto Academy / Season 3 / Week 1 - Homework Post for @lenonmc21

farhanali (63)in SteemitCryptoAcademy • 3 years ago

Hi, friends hope you all are fine, today I just started season 3 classes and started from the basics course by professor @lenonmc21, In this week lecture professor define what is crypto trading and how we can start trading from scratch, and things that will be helpful for beginner to start crypto trading.

I will do my best to complete my assignment by applying things that I learned from the professor's lecture post.

1. Define in your own words what trading is, what its function is, and how it relates to the cryptocurrency market?

Trading is basically buying and selling things like gold, silver, and other things which are tradeable like shares and etc. in trading are one seller and one buyer and sell want to sell his or her asset and another persons want to buy that asset for a set amount of price and by this one trade is done. the way trading markets are working they are providing a platform where both buyers and sellers are coming and performing trading.

Let suppose one person bought an asset worth $1 in the morning and at the end of the day the market goes up and another person wants to buy this asset for $2 dollar and the first person sold that asset to this person and made a profit of $1.

like, in the same way, we can trade cryptocurrencies we have and trade one cryptocurrency in pair like we can buy BTC from USDT(stable coin) and make a trade-in cryptocurrency market and for better trading, we need technical and fundamental knowledge of cryptocurrencies by applying both we can earn by trading otherwise we can face huge losses, there is golden rule first learn and then earn.

2. Define and explain which are the tools used for trading ( Technical Analysis and Fundamental Analysis ) and at least one example of each. ( A screenshot is required ).

Technical Analysis is the study of multiple charts and patterns of the candlestick and the uses of multiple indicators by which we can trade with the help of tools we can make a huge impact on our trades when to buy and when to make a sell trade.

Fundamental Analysis is the study of news and other events related study of that particular currency that is going to affect the market of that particular cryptocurrency.

In fundamental analysis, we have to keep eye on news and events by which we can predict these particular coins is going up and down.

An example of fundamental analysis is Bitcoin price fall by news by tesla suspend Bitcoin as a payment method:

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3. Name at least 3 trading platforms with the highest trading volume where we can buy our first cryptocurrencies and explain in your words the ways to buy cryptocurrencies on that platform ( Do not use Binance ).

There are an increasing number of crypto markets seen day by day, with high volume, for searching top crypto markets by volume we can search on Coinmarketcap.com

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First go to coinmarketcap ==> https://coinmarketcap.com/
Click Exchange Tab on the top left Corner and click on the spot

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All Crypto Market will be showing by daily volume

Top 3 Crypto Market by Volume:

Binance: Binance is at the first position in crypto markets by 24 hours volume, Binance has a total $17,662,596,241 of 24 hours volume.
Huobi Global: Huobi Global is in 2nd position in crypto markets and having a total $4,501,751,321 of 24 hours trading volume
Coinbase Exchange: Coinbase Exchange is coming on 3rd position in crypto markets and having a total $2,403,110,801 of 24 hours trading volume

How to buy & sell in Huobi Global Market:

first of go to the website : https://www.huobi.com/en-us/

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Go to the Buy crypto section

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Now you can buy USDT stable coin or any other support cryptocurrency by giving fiat currency Huobai Global have to the method of buying and selling crypto one is through visa card and another is P2P.