HOW TO READ JAPANESE CANDLESTICKS, CHARTS, VOLUME, TREND AND INDICATORS: Deciphering Market Trends and Making Informed Trading Decisions with Technical Analysis (2024 Beginner Guide)

By SIDNEY MORENO

"How to Read Japanese Candlesticks, Charts, Volume, Trend, and Indicators" is your comprehensive guide to mastering the art of technical analysis in financial markets. Whether you're a novice trader or looking to refine your skills, this book demystifies complex concepts, providing clear insights into reading Japanese candlestick patterns, inter

• Language: English
• Publisher: SIDNEY MORENO
• Release date: Dec 7, 2023
• ISBN: 9783988316608

SIDNEY MORENO

Sidney Moreno, an accomplished trader and financial analyst hailing from the vibrant city of New York, is the author of "How to Read Japanese Candlesticks, Charts, Volume, Trend, and Indicators." With a wealth of experience in deciphering market trends, Moreno imparts valuable insights to empower beginners in making informed trading decisions through technical analysis.

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Sidney Moreno

How to Read Japanese Candlesticks, Charts, Volume, Trend and Indicators

First published by Sidney Moreno 2023

Copyright © 2023 by Sidney Moreno

All rights reserved. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise without written permission from the publisher. It is illegal to copy this book, post it to a website, or distribute it by any other means without permission.

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Contents

Chapter 1: Best Exchanges for Trading Crypto

Chapter 2: Must have Trading Tools

Chapter 3: Must have Trading Checklist

Chapter 4: Winners VS Losers

Chapter 5: Trading Strategy with Implied Volatility

Chapter 6: How to set up a Trade Order

Chapter 7: Fundamental Analysis vs Technical Analysis

Chapter 8: Does Technical Analysis Work and Why?

Chapter 9: What is Support and Resistance

Chapter 10: What Time Frame on the Chart to Choose

Chapter 11: How to Read Japanese Candlestick Charts

Chapter 12: Basic Chart Elements

Chapter 13: How to Read Volume

Chapter 14: How to Read Moving Averages

Chapter 15: How to Read Trends

Chapter 16: How to Read Indicators

Chapter 17: Best Crypto TAX Software

Conclusion

Chapter 1: Best Exchanges for Trading Crypto

Numerous cryptocurrency exchanges are available nowadays. The era of limited choices is long gone, replaced by an overwhelming range of options. This doesn’t just pose a challenge for newcomers to the cryptocurrency scene; it also means that current exchange users must constantly contemplate whether they are truly getting the best possible deal. But there’s no need to fret, as in this chapter, I will provide you with precisely the information you require regarding the top exchanges presently active in the market. I will examine their advantages and disadvantages side by side, enabling you to evaluate your alternatives and select the most suitable cryptocurrency exchange for your needs. Many of you, like myself, might have experienced jests from friends when the cryptocurrency markets are performing poorly. However, during bullish market phases, the inevitable question arises: Which is the finest cryptocurrency exchange? On each occasion, I respond by asserting that they are posing the wrong question. The more pertinent inquiry is: Which is the best cryptocurrency exchange for my requirements? After all, our priorities diverge, making a universal solution impractical. With this in mind, I want to be upfront and state that the following exchange recommendations are not ranked in any particular sequence. To commence, I will discuss Coinbase Pro, an advanced trading platform operated by Coinbase. Speaking of Coinbase, they were among the pioneers to venture into the cryptocurrency exchange arena in 2013. Situated in San Francisco, the company boasts 35 million users who have collectively traded a volume of $220 billion. An interesting tidbit is that Coinbase recently secured $300 million in funding, valuing the company at $8 billion. This underscores its significance as a cryptocurrency exchange. This leads to a crucial query: Who can utilize Coinbase Pro? The positive news is that Coinbase is accessible in over 100 countries, indicating that you are likely eligible to trade on Coinbase Pro. This encompasses all states in the US except Hawaii. Registering for Coinbase Pro is relatively uncomplicated, though it’s essential to note that you must first create a standard Coinbase account and subsequently log in to Coinbase Pro. Your login credentials for Pro are identical to those of your fundamental Coinbase account. Upon accessing Coinbase Pro, a trading interface will greet you. Within this interface, you can execute market or limit orders and implement stops. While this might seem intricate and daunting to newcomers in the cryptocurrency realm, I assure you that the process is relatively straightforward.

An additional feature available on this platform includes the option for leveraged trading, allowing up to a threefold increase in trading capacity. However, it’s crucial to exercise caution with leverage, especially if you lack experience and aren’t comfortable trading in spot markets. For newcomers, this could lead to significant losses rather quickly, a situation best avoided. When examining deposit methods at Coinbase, it’s worth noting that the options can vary depending on your location. Nonetheless, the primary supported payment methods encompass bank transfers, PayPal, debit cards, and credit cards.

Turning our attention to fees, it might be tempting to overlook them, but they can accumulate and substantially impact your overall long-term profits. There are two primary fee categories: deposit and withdrawal fees, as well as trading fees. Beginning with deposits, it’s important to recognize that ACH and SWIFT deposits come at no cost. However, USD wire transfers incur a $10 fee, and SEPA Euro deposits involve a minimal charge of 15 cents. Withdrawals are free for ACH, $25 for USD wires, 15 cents for rapid transfers, and $1 for SWIFT transactions. Fortunately, withdrawing cryptocurrency from the exchange is exempt from fees. If your monthly trading volume falls below $10,000, you’ll encounter a 0.5% trading fee, which decreases as your trading volume increases.

Shifting our focus to the selection of cryptocurrencies accessible for trading on Coinbase Pro, approximately 40 different digital currencies are currently available. This diversity offers a reasonable range of choices. While we all hope to avoid needing customer support, it’s an aspect worth considering when choosing a platform. Coinbase Pro facilitates support requests through a form submission, with responses delivered via email. Nonetheless, it’s important to note that some individuals have experienced delays and frustration with Coinbase’s customer support.

Coinbase Pro does offer phone support during specific hours, but disappointingly, these agents are unable to assist with queries related to individual accounts, such as order statuses, specific transactions, or account histories. This limitation significantly reduces the usefulness of this type of support. Addressing security measures, Coinbase Pro stores 98% of user funds offline. These private keys undergo redundancy splitting, encryption, and are copied onto highly secure USB devices and paper backups. These backups are then placed in secure deposit boxes located across the globe.

If you’re inclined to store your funds on a cryptocurrency exchange, Coinbase provides a high level of security. This also applies to Coinbase Pro, which extends FDIC insurance to accounts denominated in US dollars. This type of insurance is the same safeguard utilized by banks to ensure customer protection. Essentially, any US dollar balances under a quarter of a million dollars are covered by the US government. This is particularly reassuring if you’re a US citizen holding US dollars within the Coinbase platform. As for enhancing the security of your account, Coinbase Pro boasts an array of security features, including two-factor authentication.

However, there is an important downside that warrants mentioning: the exchange experiences frequent outages during periods of elevated market volatility. This can be frustrating, especially when