How can I talk about Ukrainian traders and best practices if there is a war going on in Ukraine? The economic situation in the country makes people find new ways to earn money. Speculating on price fluctuations is one way to generate income during this difficult time. We not only become the best traders in the world but also create the best trading software!
You should know that crypto trading is not new for Ukraine, Ukraine is in the top 3 in the ranking of countries in terms of the number of people who own cryptocurrency per capita. Moreover, we have a very mature trading community.
I have done over 100 interviews with traders and here is what they recommend to do to be a systematic trader.
Before buying and selling, you need to analyze the coins and find a liquid market. There is fundamental and technical analysis. In addition, you need software that allows you to do this conveniently.
You need to use a watchlist with your coins, look for possible patterns on the chart and place limit orders or notifications to enter a trade at the right time.
Traders recommend analyzing each coin on daily, hourly, and 5-minute timeframes. It is important to select coins in which formations are visible on the daily timeframe and which have high liquidity. This whole process takes me about 40 minutes.
In Ukraine, traders are often divided into day-trading and scalping. A very interesting point, scalping for the USA is trading on a chart, in Ukraine, they came up with a special tool for this and a number of strategies for it. You can see the tool in the picture on the left. This is DOM (Depth of Market or Order Book), which shows all limit orders at particular prices, executed orders, and a chart with clusters.
The average time for a deal can be from 5-10 minutes with profit from 1%-5%. If you trade futures with 3K-5K, you can yearn for good enough money for the time you spend on it.
Using this kind of information allows the trader to see entry points and sentiment in the futures market and react even faster than those who trade through a chart.
The most important thing in trading is the analysis of mistakes. You can never become the best version of yourself if you don't analyze.
For this kind of analysis, there are various tools on the internet. Try to google “trading journal“ or “trading diary“. For example, tradevue, its disadvantage is that it does not allow you to work with Binance.