What are the steps in understanding technical analysis?
What are the steps in understanding technical analysis?
As a newbie in the crypto space, I want to know the steps to take to be able to understand technical analysis and also know how to enter a trader.
1. Create or own a tradingview account for a start. There are also similar charting tools like cryptowat.ch, coinalyze.net etc
2. Do some reading about the different technical indicators and chart patterns from sites like Investopedia, babypips.com
3. Watch YouTube videos regarding technical analysis. Do not follow financial advice, but rather learn how they carry out technical analysis live. Some of the YouTubers are just shills trying to get referrals so be careful
4. Start practicing the different strategies which you think might best suit your trading style using demo/paper trading accounts (available on different platforms such as tradingview, MEXC, OKX, Bybit etc.)
5. You can now start practicing using real money, but money that you can afford to lose. Practicing is the only way you can completely learn how to analyze and trade.