One of the largest world’s cryptocurrency exchanges Coinbase has 422,000 daily active traders. What about you? Are you among experienced users or just going to break fresh ground? If you are a newcomer, don’t worry — the Noah team has prepared a comprehensive guide on how to earn on crypto trading.
To start making crypto transactions and raise your profit, you should have virtual funds. You can acquire them on the cryptocurrency exchange. Our Noah Coin is now available on seven trading platforms. They are HitBTC,Changelly, BTC-Alpha, Mercatox, LiveCoin, YoBit, and Ataix. We drew up detailed manuals describing the registration, depositing, and trading processes. You can find all the manuals in our blog, explore the exchanges, and choose the best one.
We hope that our instructions have helped you become a proud owner of Noah Coins. You’re ready to accumulate your capital now. First of all, remember the motto of every trader, which is buy cheaper and sell more expensive on the cryptocurrency exchange. Let’s examine what this place is.
What is a Cryptocurrency Exchange?
The cryptocurrency exchange is an online service that allows you to sell or buy digital money. Since these trading platforms are usually easy-to-operate, you’ll quickly learn how they work. You just need to register and deposit your Noah Coins to start trading. Every exchange has a set of instruments and strategies that help traders determine when it’s better to buy or sell their assets. There’re the following tools:
- buy and sell orders;
- transaction history;
- trading volume.
How to Read the Charts
The Noah Coin charts allow you to understand the market sentiment and read the upward and downward trends in the market. If you can read the price charts, you can make more accurate forecasts.
The graph above is Noah Coin to the Bitcoin price ratio. The price reflects supply and demand intersection. Simply put, it is the point where supply and demand find equilibrium. Using the charts, you can compare the rate of one cryptocurrency in relation to another or to fiat money.
As a rule, the cryptocurrency exchanges apply candlestick charts, also known as Japanese candles. The Noah Coin candles show the opening price, the lowest and highest price of the given time period as well as the closing price. The color of the candle body indicates whether the closing price was higher than the opening price (usually a green bar, called an ‘up-bar’) or lower than the opening price (usually with a red body, called a ‘down-bar’). The wider the spread of the candle, the quicker the price increased or decreased.
Spread is the difference between the currently proposed, the best values for the sale (ask) and purchase (bid) currencies, which are relevant to the exchange.
Candles have upper and lower shadows that show areas of support and resistance. This data allows us to understand the current supply and demand of the coin. The support level demonstrates the number of traders who want to buy the coin. This means that most market participants think that the current price is too low and expect the bear market rally. The resistance level shows that traders are ready to sell their coins, which reduces the price.
The charts of the same cryptocurrency pair can be represented with different time axes, such as an hour or 15-minute chart. One candle shows the values that were relevant at this time interval. The body of the candle is formed from the values at the time of the beginning of the next period of time and its end. Note that the red or black candle is a bullish trend, green or white candle — a bearish one.
The open price of the stock is the top of the body. The closing price of the stock is the bottom of the body. The highest price for the day is the highest point of the upper wick, also known as the upper shadow. The lowest price for the day is represented by the lowest point of the lower wick, also known as the lower shadow. Dodges are candles that don’t actually have a body, so the price at the beginning of the time period and at the end is equal to. Tops are candles with small body size.
When you’re able to read candles, you’ll find it easy to trade in cryptocurrencies.
What Orders Are and How to Place Them
The buy and sell orders are traders’ requests that most often are represented by a list or a table. They provide data on all the offers to buy or sell Noah Coins. Each offer contains information about the transaction exchange rate, number of coins that are purchased or sold, the volume of the second coin participated in the transaction.
The order reflects a wish to buy or sell Noah Coin at the certain exchange rate. If there is a crossing offer to buy or sell, the transaction is made and the current price is adjusted in accordance with the transaction. If there is a sell order, the crossing buy offers are searched at an equal or higher price. If there are no crossing offers, the order remains in the list until it is called for or canceled. You can create your own requests or use the orders of other traders.
There are the following types of orders:
Market order is an order to buy or sell a given instrument at the market price. The market price is defined as the best available price for the instrument at the moment when the order is placed. Since the price changes in real-time, the total and fee are provided as estimates rather than exact values.
Limit order is an order to execute a transaction only at the specified price (the limit) or better. The limit order to buy would be at the limit or lower, and the limit order to sell would be at the limit or higher. The limit orders are used by traders who have decided on the price at which they want to trade.
Stop order is an order to place a regular buy or sell order when the highest bid or lowest ask reaches a specified price, known as the ‘stop.’
Get on the Market Inside with the Help of Transaction History
The transaction history allows traders to analyze the data on the general flow of funds on the exchange and on the certain cryptocurrency pair. With this information, you get a wider overview of the coins you want to buy. For example, the total amount of trade on the platform will demonstrate you the level of liquidity of your Noah Coins. The high volume of orders means the increased interest in assets at the current price and vice versa.
How to Determine the Market Trends Using the Noah Coin Trading Volume
Atrading volume is a total number of Noah Coins that is transacted on the basis of the orders inside the exchange. Analyzing trading volume allows you to understand whether it’s the best time to trade your assets and make transactions after which you can expect further price movements.
For example, if the trading volume increases with further growth in prices, this means that the market supports this motion. If the trading volume decreases with the price drop, this suggests a negative attitude to such market trends. If the trading volume is too high, the trend will change soon.
How to Multiply your Portfolio by Several Times with Noah Coins
How to succeed in crypto trading? The answer is simple — apply the special instruments provided by the exchanges. Also, keep in mind that the more you practice, the sooner the experienced trader you’ll become. So, we have given you some basic knowledge and please recall that you can use our exhaustive guides. Nothing prevents you from buying your Noah Coins and increasing your profit.
The Noah Coin’s monthly trading volume amounted to $3,332,824. The price jumped four times in February: to $0.000231 on February 3, to $0.000221 on February 9, to $0.000229 on February 19, and to $0.000215 on February 24.
Let’s see how you could raise your profit. Imagine that you contributed $100. The Noah Coin price was $0.000173 on February 1. So, you got 578,034.68 Noah Coins. After two days, the price grew by 33% to $0.000231. It turns out that your contribution grew to $133! If you fix the profit and reinvest it in the hope of the further price jump, you should repeat these actions six times in order to increase your funds fivefold:
$100 x 1.33(33% growth) x 1.33 x 1.33 x 1.33 x 1.33 x 1.33 = $553.49
What if the Noah Coin price rises even higher? You’ll earn much more!
Bear in mind that the trading platforms impose transaction fees. Recall that our Noah Coins are presented on seven cryptocurrency exchanges that apply different commissions. We recommend you to visit their fee sections in order to calculate your profit after the deduction of all possible fees. Note that you can trade Noah Coins in BTC as well as ETH pairs. Therefore, you should monitor the Noah Coin growth/drop against Bitcoin and Ethereum. Ups and downs take place every day, and it’s important to seize the right moment.
Also, don’t forget that crypto trading is a risky activity that requires you to be accurate, attentive, and ready to contribute as much money as you can afford to lose.
In actual fact, the price charts are a history of the struggle between bulls and bears for market domination. Traders make a huge amount of transactions that are immediately added to the chart. When the price grows, some users sustain losses while others earn money. Who’re you: a bull or a bear? Check yourself and start trading right now!
Remember about the news flow that allows you to obtain a complete picture of the crypto industry, upward and downward trends, and other important information. To keep the track of the latest events that take place in the Noah world, follow our official website, subscribe to our newsletter, join our Facebook, Twitter, and Telegram communities.