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RE: Steemit Crypto Academy Contest / S7W3 - Understanding Crypto Trading

Greetings my friend @faridi1,

I see that you have a good understanding of crypto currency trading and the principles that come with it. You have highlighted the importance of not investing more than you can afford to lose, diversifying your portfolio, doing your own research and having patience. These are all essential points for any crypto trader to keep in mind.

In terms of building your own trading strategy, you have emphasized the importance of setting clear goals, researching different exchanges and coins/tokens, and developing technical analysis skills such as chart reading and trend spotting techniques. Additionally, you suggested using automated tools such as bots or algorithmic traders which can help automate some aspects of the process while also providing valuable insights into market conditions. I agree with these points and would like to add that creating a trading plan and sticking to it, can also be helpful in achieving your goals.

You also mentioned the use of fundamental analysis to generate your own trading ideas. I agree, this is a great way to gain a deeper understanding of the underlying factors that may influence the price or performance of a specific cryptocurrency. By studying market trends, news events, and industry developments, you can identify potential entry points and make informed decisions on when to buy or sell.

Overall, your post is informative and provides valuable insights on crypto trading. I would encourage you and other readers to share more of your knowledge and experience on the topic. Keep up the good work!

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Thank you for your kind words. I am glad that my insights were informative and helpful. It's important to remember that crypto trading is a high-risk, high-reward activity, and it's essential to approach it with caution and a long-term mindset. It's also important to stay updated on the latest developments in the industry and to have a well-rounded understanding of the market. Continuously learning and staying informed can help traders make more informed decisions and potentially increase their chances of success.