I am starting to learn day trading in cryptocurrency. Went to library yesterday to look for books related to day trading. Found this one which turns out to be a very useful book, the book is called "Trend Trading for a Living" by Dr Thomas K. Carr. Only read the introduction part and already find it very informative and very well written. In his book, he mentioned another book by the name of "Trading for a living" by Alexander Elder. Going to find this book and read after I finish this one.
Basically day trading is about reading and interpret charts consist of past and present price data TECHNICALLY so as to predict the near future short term long or short. "Technically" means I need learn about the technical tools (ie decision to buy or sell does not depend on news, emotion, tips from other enthusiasts and any non mathematical/statistical inputs from what-so-ever sources) which consist mainly of the following items in Dr. Thomas's predicting system. I have not much idea what they are all actually about, yet. I have to learn.
1.) Trend Lines/Channel Lines
2.) Moving Averages
3.) Oscillator (MACD, Stochastics, RSI, CCI and OBV)
4.) Japanese Candlesticks.
Need to do in-depth study of the above 4 items and will try apply Dr. Thomas's system in due course. The last item Japanese Candlesticks interest me the most and I did a google search on it. Realize this single item alone is categorized into so many patterns and having to know them thoroughly is quite taxing. Nonetheless, in order to read charts technically, I need to get to know them. The useful information on candlesticks can be found here (http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks).
I want to be a very skillful day trader in cryptocurrency. I also wanted to post as often as I can mainly on issue/occasion which related to day trading cryptocurrency, baccarat and travelling on Steemit so as to earn Steem and get motivated at the same time. If you happen to see this post, highly appreciate if you can upvote or follow me if is ok.
Thank-you.
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