Millions have become immersed in cryptocurrency trading with the prospect of huge profits. That said, diving into the world of crypto trading is easier said than done — it can be overwhelming, especially for someone who is still new to all this. Best part is that there are plenty of free resources to learn crypto trading which would not cost you a dime. In this guide, we teach you what it takes to learn crypto trading for free and open up a whole new world of opportunities that are waiting on the other side. Let’s start to take your first steps towards being profitable in 2019!
Now before you start with the trading of these commodities it is essential that you know what this cryptocurrency is all about and how it works. These are digital or virtual currencies that use cryptography for security and operate independently of a centralized bank. You see, they are decentralized and use blockchain technologies instead of traditional currency. The first cryptocurrency, Bitcoin was launched in 2009 and since then thousands of cryptocurrencies have been introduced which are unique.
Discovering Free Online Courses.
After acquiring a fundamental comprehension of cryptocurrency, your next level should be learning what crypto trading means. There are also online courses, which is one of the ideal ways to learn how trading works and some (most) of them are free. Sites such as Coursera, edX and even paying ones like the one of ​​Udemy give free courses on cryptocurrency & blockchain feminism. One of the examples is Coursera course “Bitcoin and Cryptocurrency Technologies” by Princeton University, which discusses basics about crypto.
If you want to take a more trading oriented approach then seek out courses that specifically deal with crypto trading strategies, technical analysis and market psychology. The Binance Academy has a number of free courses which are suited to different levels of experience. They will also equip you with the understanding to trade as Informed traders in subjects like spot trading, futures trading and so on.
Free Trading Simulators and Demo Accounts.
Using trading simulators and demo accounts is one of the best ways to learn crypto trading without putting real money on the line. These tools help you to trade in a risk-free environment using virtual currency. Some platforms such as TradeView, or CoinMarketGameoffer simulation trading on their games that can help you create and understand your strategies thus grasping how the market works without actually risking any capital.
Additionally, test your trading skill on demo accounts offered by the most cryptocurrency exchanges like Binance and (eToro). You can try out different trading strategies, such as day-trading, swing-trading and long-term investing with these accounts to figure which one works best for you. By executing trades in real-time, you will gain experience and grow more confident when the stakes are higher should you begin trading with your hard-earned money.
Join the Online Communities and Forums.
Trading in crypto is already a solitary experience, but it does not need to be. I would actually stress on this as I believe it’s one of the important aspects, there are loads of online communities and forums where you can connect with other traders to share knowledge and ask questions. The information you get and new insights that come from being in discussion with the communities are key besides all this could help save a ton of time for things to take action upon.
Such forums on Reddit, where traders discuss all the recent news and events in cryptocurrencies. You can also register for Discord groups, Telegram channels, and Twitter communities that revolve around the core of cryptocurrency trading. They are a fantastic way to keep track of trends in the markets, learn from those that have been trading longer than you and get involved with discussions which may help build your understanding of crypto-trading.
White Papers and Cryptocurrency Research.
Read whitepapers to learn more about specific cryptocurrencies A whitepaper is a document that the creators of a cryptocurrency project release, which presents their idea along with key points related to technology and actions. One of the best ways to evaluate a cryptocurrency is by taking some time and reading through its whitepapers, they can be of great help when you are in a dilemma whether or not to invest in one.
Many websites such as CryptoSlate, or on the applied side, CoinMarketCap have an extensive list of whitepapers that can be accessed. Reading whitepapers, though intimidating at first, is something that every committed cryptocurrency trader must eventually learn to do. This will help you to gain a good background of the technology behind it, use cases and risks involved with using that cryptocurrency making your trades more informed.
Technical Analysis Intermediate.
Technical Analysis is a key skill required for traders in the cryptocurrency and stock market; it involves studying historical price charts and other data to help identify future movements. Technical analysis, which helps you identify trading opportunities and establish entry/exit points or risk management tactics. Thankfully, there are a ton of free resources available to help you develop this skill.
Use free charting tools such as TradingViewIn. In addition to reading the guides, practice using some of these concepts on a FREE online trading platform called Read. It gives you the ability to use a variety of charts and indicators so that when studying what TradingView wants, you can put what they are talking about into practice. Over time, you can practice using more sophisticated strategies like Fibonacci retracements and Elliott Wave theory.
Following Crypto News and Trends.
Due to the fact that it is such a fast-paced industry, cryptocurrency prices are affected by news events and changes in regulations along with developments of new technology- on an almost daily basis. If you want to be a winner in the trading world, it is important to stay informed and up-to-date with all that goes on at this junction of finance, if one can call it so. Thankfully, there are various free mediums of information that can keep you en route.
These are websites that offer daily news updates and provide detailed analysis on price movements in the market. These platforms have the entire range, starting from big announcements made by crypto projects to regulatory changes and market dynamics. Also follow some of the bigger names in crypto on Twitter and subscribe to crypto newsletters.
Deal from experienced traders.
And the best way to do that is by following and learning from seasoned traders. In fact, a large number of successful traders share their analysis and trading strategies on social media platforms such as Twitter, YouTube, or Medium. If you follow some of these traders, you could learn much more from them about the market’s trends or their way of trading and how they manage risks.
For market updates, analysis and trading tips, you will find regular videos from channels like CryptoCred, The Moon as well as DataDash. In addition to this content, often she adds long explanations that are very useful both for beginners and experienced traders. Also, try to subscribe to trading-based blogs and newsletters as experienced traders discuss market movements and strategies.
Practising Risk Management.
The market is always risky, no matter how much you study about crypto trading. And that is why practising good risk management behaviour is important — consistency is key. Risk management is putting in place stop-loss orders, diversifying your portfolio and never investing more than you can afford to lose.
Most of the free resources are on how to learn risk management skills. For instance, Binance Academy and BabyPips have articles on risk management strategies such as position sizing and stop-loss placement with tutorials on leverage. You can reduce the losses, and save some of your capital by implementing these techniques in your trading strategy.
Continuous Education.
The world of cryptocurrency is ever-changing, and this same sentiment goes for new projects, technologies to trade on or with. Always be learning and keep up with advancements to remain competitive. This may include doing more advanced courses, reading research papers or remaining engaged within online communities.
Keep going back to your learning materials, try new strategies on live or paper trade and review how you traded. With a learning mindset, you can change with the changing landscapes quickly and hone your skills to improve trading.
Conclusion.
ELearning how to trade crypto legitimately for free with the quantity of web sources is not compulsory. You can leverage free courses, trading simulators, online communities and educational content to have a good base in crypto trading without spending anything. Always Be Patient, Maintain discipline and Commit for Never Stop Learning. You can work and perhaps even achieve your financial goals in the crypto market if you approach it properly.