CryptoTrading 101: So You Wanna Be A CryptoTrader? Learn These...

Hello Trader,
Today is all about good beginnings. I'm starting a thread that will help y'all to trade crypto. In this first post, I will explain what crypto-trading is in simple terms that everyone can understand.

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CRYPTOCURRENCY/CRYPTOCOINS:

• This is any digital currency like Bitcoin, Ethereum or Steem.

ALTCOINS:

• This refers to all other cryptocurrency that is not Ethereum

CRYPTOTRADING:

• This is the act/process of converting one coin to another with the aim of making profit

CRYPTOTRADER:

• This is a person who exchanges one cryptocurrency to another with the purpose of making profit in the process.

EXCHANGES (noun):

• This is a website/app that allows the easy conversion of one currency to another.

VOLATILITY:

• This is the ability of coins to markedly increase or decrease in value over a short time.

BAG:

• This is a cryptocurrency that you have bought.

PUMP:

• A marked increase in price

DUMP:

• A marked drop in price

PUMP & DUMP (noun, verb):

• NOUN: A cryptocoin that can easily be manipulated by market makers hence shooting up the price to attract buyers and selling it off to take profits
• VERB: The act/process of doing the above

BAG HOLDER:

• Someone who has lost some money because of the rapid drop in price of a pump & dump coin.

SHITCOIN:

• Another word for pump & dumps. A wordplay on bitcoin. Lolx

SATOSHI NAKAMOTO:

• The anonymous person who founded Bitcoin

SATOSHI:

• This is the smallest unit of 1Bitcoin usually used in trading Altcoins.
• 1 Satoshi = 0.00000001 Btc

BULL MARKET:

• When prices are going up or about to go up

BEAR MARKET:

• When the prices are going down or about to go down

TO THE MOON:

• When the bullish market is getting to a place it has never gotten before.

ATH:

• All time high.

ATL:

• All time low.

FOMO:

• Fear Of Missing Out: the psychological state of a trader who hasn't bought when the prices are high

FUD:

• Fear, Uncertainty & Doubt: the psychological state of a trader who has a coin when the prices are low

HODL:

• The cryptotrading equivalent of HOLD. It means to retain a coin whether the prices are going up or down.

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With these I come to the end of today's lesson on common crypto-trading terms. In future tutorials we will take each one by one.

Thanks for reading!

Cheers!

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I still remain me, my mouth & eye @nairadaddy aka SteemDaddy. My aim is to leave you better than I find you everyday.

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