Cryptocurrency isn't about just investing but knowing what, were and when to invest is the principal thing and as such we need to be very cautious especially in building our personal cryptocurrency portfolio. Many have ended up losing their life savings just because of wrong choice of investment. Platforms that can help us build a healthy portfolio are made available, also the internet is also at our disposal and more importantly the project white paper which tells you exactly what the crypto assets is showing all necessary road maps and other very important information about the Cryptocurrency.
CoinGeko is an informative platform, just as well have goggle giving us result for almost all online search, coingeko gives us useful and vital information about over 80% of cryptocurrency in the market. It is true that there are over 8000 cryptocurrency tokens available in the market, there are however new tokens been release into the market. I said over 80% because some tokens get listed on applications like poocoin , etc, before they apply for coingeko listing which might take weeks and sometimes months as long as the criteria is duly met. There are other informative platforms such as coincheck, etc but CoinGeko is a more detailed and easy to use platform.
Now a days, many investors exit the market having lost their funds to bad and dead project or cryptocurrency scams, this tool will provide information we need to know about a token in other to assess the future and fate of a token. It is a private owned company and can be found in the central part of Singapore, founded in 2014 by Co-founder Bobby Ong and TM Lee, having a workforce of less than 50 persons and finally a board member and advisor whose name is Steve Wei Zhuang. CoinGeko is strongly dedicated to research among other qualities. Currently it is rated 4.8 over a total score of 5 according to users.
Very intresting is the reward section which is indicated by the bottle of candies. In this section, you are given a daily reward of candies as long as you log on daily, this candies however can be exchanged for NFTs and other juicy. tools. A list of rewards can be displayed followed by your own personal reward as well as your a detailed list of your daily candies collections.
Give a brief explanation of Trading view platform.
a) What is a trading view platform?
As the name implies its a platforms where trades can viewed. Usually trading analysis are usually represented by the use of graphs, this gives a more readable and precise information. A tradingview platform is simply a social-networking software platform where active and interested traders both beginner and advance interact with themselves, there discussions are usually basically market views, market trends, future market projections, etc.
It is a charting platform (cloud-based) equipped with basic tools for research and analysis purposes and with great features such as chatting, a social community of active traders, customized analysis, stock screener, trading, an opportunity to open free account and many more.
b) Explain the steps involved in adding indicators on Tradingview chart. You can add any indicator of your choice except moving average
- The first step is to visit the trading view website, tradingview.com
- Click my indicator at no. 1
- Select your choice of trading pairs on 2
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- Select indicators/strategies on 3
- Am adding the boolinger band strategy
c) With relevant screenshots, illustrate how to modify the indicator you have added to your chart.
On the bollinger band chart click at point X
In your own words, explain cryptocurrency Portfolio and Watchlist.
a) what is cryptocurrency Watch-list and Portfolio
There is an old saying that 'good traders don't store all their egg in one basket' this means that a trader weight both the profit, loss and other eventualities before finally investing his money. The crypto market market functions on the same principle, it is called the principle of diversification.
The cryptocurrency market is very volatile and its not advisable to invest in just one token, at least when others are down, there will still be some that could give profit, this forms the idea of a cryptocurrency portfolio. A cryptocurrency portfolio is a list of all cryptocurrency that an investor has acquired and stored over a period of time. Most people argue the amount that can be used to open a cryptocurrency portfolio but the value doesn't really matter.
A cryptocurrency watch list from my point of view can be a list of spectacular tokens that could do very well in the market. A watch list is put in place to monitor a particular token, and to see how it booma in the market, however the prices of this tokens can also be monitored on the watch list. Watch list are not limited to these as most portfolios are created be diligent observation of a cryptocurrency watch-list.
b) Explain the need for Portfolio management.
A portfolio is very important in cryptocurrency investing, as an investor you can put all egg in one basket, you might definitely crash when the going gets tough. The portfolio is needed to manage inconsistencies in the prices of cryptocurrency, all cryptocurrency may and will not increase in price at the same time, others would definitely move faster than others, therefore getting varieties of cryptocurrency tokens in your portfolio can very rewarding.
c) 5 cryptocurrency Tokens I would love to add to my watch list are:
Cake is a governance token of Pancakeswap decentralized exchange on the Binance smart chain, it can be used for staking, providing liquidity on its network. Small circulating supply of 204,283,294 Cake token. Cake can also be used for lottery just like the prvious lottery where you can ticket was sold for 10 cake tokens. Cake has potential for growth.
ADA is a token governing th Cardano blockchain. ADA has a splendid road Map which they been executed in stages. They are marking time to compete with Etherum buy incorporating the ability of Smart contract to be built in their network. There is a future for this token.
Etherum is a master of smart contract, the use cases on the Ethereum network is massive, they maintain a very secure network, aloowing the construction of smart contract. Though there is problem of high gas fees but there will always be need for Etherum.
BNB is a token governing the Binance smart chain, the network has grown exponentially and tokens are being built on a daily basis, fees are paid in BNB. As at December 2020, BNB prices at 45 USD but today prices is over 300USD, and even more before the price fall early sometimes this year. The network is embraced by many token creators.
SOL a token for the Solona network, just like BNB (the Binance Smart chain), all project building on its network needs to trade on the SOL pairs. There are currently more than 100 projects built on top the Solona network today and above all it can be staked to receive rewards.
Conclusion
The Cryptocurrency market is still but a very young though rewarding, there is bound to be series of scams and fake tokens as we see today, however anyone who desire to be successful must first spend enough time planning and less time in executing those plans, in this case a good Portfolio aids an investor in the process of planning and knowing where and what to invest in.
As part of a mean to create a sustainable portfolio, the project whitepaper, road maps, etc, tokens can further be put in the watch list to observe the market and know when to see off and rebag.
The Lecture has been very timely and educating, from my perspective I think investors needs such lectures before even thinking of investing.
Thank you.
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Hello @promo-nigeria , I’m glad you participated in the 6th Week of the Beginner’s class at the Steemit Crypto Academy.
Unfortunately, you have been blacklisted in the academy and won't be able to participate in the homework.
Thank you.
Blacklisted for an offence which can be pardoned. That's not fair .