DigiAlpha’s Cryptocurrency Beginner’s Roadmap
The cryptocurrency market can be considered one of the most exciting trading markets, and discussions about it have increased significantly in recent years. A considerable number of traders have joined this market and achieved good profits.
This has made many beginners eager to enter this field as well (in fact, maybe you’re here for the same reason!). However, most of them do not know how to start in this market. A roadmap for learning about cryptocurrencies is exactly what can help clear up this confusion and lack of knowledge. Below, we have this kind of roadmap for you in 5 simple way so all you need to do is breaking down the steps and keep up the good work!
Suggested Reading: Understanding what blockchain is, how it relates to cryptocurrencies, and how cryptocurrencies work is essential for getting familiar with the cryptocurrency market.
The importance of a roadmap to become trader
Unfortunately, these days, many people rush into the cryptocurrency market without proper knowledge and end up facing significant losses. They enter this field without sufficient awareness or education and thus become highly vulnerable to the risks of this market.
A crypto trading roadmap is exactly what can prevent such problems.
In fact, with the help of our crypto trading roadmap, you can clarify your path and move forward with complete awareness.
Our suggested cryptocurrency beginner’s roadmap
Step 1: Get to know different cryptocurrencies
The first step in learning about cryptocurrencies is to know them better. You need to understand the market and the types of cryptocurrencies. For example, learn about major coins, stablecoins, how to transfer them, how to store them, and other basic things. Everything.
We have explained some of these topics in our articles What is cryptocurrency?, and Best cryptocurrencies for monthly profits, and What is a crypto spot market?. Make sure to check them later. Also, since our blog is updated weekly, make sure to bookmark it so as to learn new topics.
Step 2: Learn basic concepts of fundamental analysis
Learning the basic concepts of fundamental analysis in cryptocurrencies is another important step you shouldn’t skip. You need to understand key fundamental ideas in this market. Concepts like cryptocurrencies with proof-of-stake algorithms, proof-of-work algorithms, the difference between tokens and coins, tokenomics, and similar topics will help you analyze the fundamental aspects of a cryptocurrency.
To learn more about fundamental and technical analysis (explained in the next step), you can check out this article.
Step 3: Learn a technical analysis style
The next step in our trading roadmap for beginners is to learn a specific style of technical analysis. There are various styles of price analysis that can help you predict future prices based on past data.
Technical analysis generally allows you to make predictions without needing extra information, solely by studying price history. This simplicity makes it very popular among traders. Popular styles of technical analysis include candlestick patterns, Elliott waves, Fibonacci retracement, and price action, among others.
Make sure to read:What is crypto exchange platform and how does it work
Step 4: Create a trading strategy
A trading strategy is what helps you enter trades in a planned and precise way. In fact, this strategy serves as your roadmap within the cryptocurrency market.
Using the knowledge you gained in the previous step, you can either create your own strategy or use ready-made ones. This will help you trade with more confidence and clarity.
Step 5: Create an account on an exchange
After completing these steps, you can open a trading account on a local or international exchange and start trading cryptocurrencies. However, it’s recommended to start with demo accounts first to practice without any risk.
You can also create your own cryptocurrency website to directly engage in spot trading.
If you’re interested in this roadmap, we suggest reading How should I trade crypto?, as we have explained in detail the learning process for cryptocurrencies there as well.
Conclusion
The cryptocurrency beginner’s roadmap is a guide that helps you enter the market without confusion or emotional decisions.
So…
In this article, we have provided a detailed crypto trading roadmap to help you make a successful entry into the cryptocurrency market.
If you have any questions, feel free to ask us in the comments section.