RE: Steemit Crypto Academy Contest / S3W4 – Cryptocurrency Trading by @temitopef
where a cryptocurrency can be sold for fiat currency or bought with fiat currency
This is a good feature for most of us especially in Africa, cryptocurrency is not dominant and can’t be use to purchase stuffs, but when convert to fiat which is our traditional currency, we can buy items and others things with it.
These time frames are those that suit my style of day trading, they are lower time frames, like 15 minutes, hourly, 2-hourly, 3-hourly, and 4-hourly.
I also believed in daily trading, using the day timeframe to identify general market trend and spot positions with 4hours, 1hour and 15minutes timeframes. I also like swing trading where you keep the assets for weeks till your desire price.
both take profit and stop loss levels using a good risk to reward ratio (1:1 or 1:2), this has helped me to reduce my loss exposure
Okay, you really have much knowledge of trading. I also set stop loss and take profit levels but sometimes greed makes me to adjust it and it will sometimes lead to losses.