60% of the Cryptocurrency Traders have only perceived about Trading Indicators and Charts; 10% don’t have any idea and 30% are the ones who actually use them or at least know what it is.
Cryptocurrency Trading isn’t merely about buying and selling. Just as in forex and stocks, you analyse the markets and make use of trading tools, the same is implemented in crypto trading as well. The new and fresh digital virtual currency based on cryptography (by the way it is going to be a decade old but still new for a large mass of people) is complex to understand up to some degree. Trading cryptos in a simple manner has been catching up with pace. On the other hand, potential traders carry out an extensive research to make sure their investment does not equal to zero.
Trading indicators and charts are the handy tools which help is analysing the current trends supplementary to future predictability. To get hands on substantial information about the scope of these tools among the traders, an opinion gathering survey was conducted by Encrybit – an upcoming Cryptocurrency Exchange platform. The purpose of the survey was to draw in the problems faced with existing platforms and the expected features which are currently missing. One of the questions was in context indicators and charts.
To one’s bewilderment, the survey insights were shocking:
- 60% of the participants said nothing – This segment of traders are happy with the simplest trading strategy; buy at low price, hold till you get desired profit and sell. They have heard about trading indicators and charts but never felt the need to go deep in it.
- 10% of the participants are clueless – A fraction of traders don’t have any idea about what trading indicators are. It’s like an alien to them.
- 30% of the participants showered some information:
- Line chart and Candle stick chart are the most commonly used charts for trading.
- Mountain, bar, Renko and Kagi charts are missing from most of the exchanges.
- MACD, SMA, EMA and RSI are the most popular trading indicators.
- ADX and Stochastics indicators are missing from most of the exchanges.
Cryptocurrencies have reached to a considerable state of popularity. With some stretched out learning, the crypto enthusiasts can master the art of reading these indicators and charts along with avoiding silly trading mistakes. Although it is not a thing to be completely reliable on, it surely gives a direction to move on the right path.
It is witnessed that trading indicators and charts surely helps in better trading strategies. It reduces the number of wrong moves in the trading game. With such low awareness, it is highly recommended for the traders to try their hands on these assisting trading tools and make the most of it. The better you grasp, the better you earn.