The difference between trading cryptocurrencies and stocks is not significant; after all, they are both investments. The knowledge, skills, and concepts required for investing need to be learned.
From macro to micro.
Macroeconomic factors: the direction of the global economy, whether it is in a state of prosperity, recession, or recovery, will be assessed through various macroeconomic indicators such as CPI, PPI, GDP, PMI, etc. Attention should be paid to the interest rate decisions of the People's Bank of China and the Federal Reserve, as well as the trends of the US dollar index, US Treasury bonds, and US stocks. Focus on the data from several major countries.
Research macro factors to judge the economic climate, the bull and bear markets in the cryptocurrency space, and the overall market trends. If the global economy is expanding with abundant liquidity, the market is generally in a bull phase, and holding stablecoins is sufficient. Conversely, if the economy enters a recession, it is basically a bear market, and it is advisable to maintain a cash position.
Micro-level: studying the teams, technologies, sectors, communities, promotions, market caps, number of holders, distribution of holdings, Twitter popularity, etc. of the currencies. Analyzing the historical trends, trading volumes, and various technical indicators of the currencies, as well as the exchanges where they are listed. Focus on the top 50 currencies by market cap; others with poor fundamentals will likely go to zero in the future. There are very few currencies that can last for a hundred years. Bitcoin must be one of them; if you can't choose well, just buy Bitcoin.
Researching micros to dig into specific currencies, searching for potential dark horses that will surge in the future.
Others will bypass firewalls, access exchanges, use wallets, understand the importance of mnemonic phrases, transfer funds, withdraw tokens, use block explorers, and have basic operational abilities with smart contracts, DeFi, NFTs, etc. The key is security; don’t get scammed and don’t lose coins.
Trading cryptocurrencies is easy to learn but hard to master; wanting to achieve sustained profits is a long journey.
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