Crypto Trading #12 – Easy Tip to Buy the Dip for Crypto Beginners

JB Trader: Hi everyone. Good evening. This is JB Trader with crypto trading. Today, I want to show you this new platform that I just got on, it’s called Binance.

It was pretty hard to get this. Registrations have been locked out on and off for a long time on this exchange. It’s a very large exchange out of Japan. I’m so grateful that my friend Tai told me to get on at ASAP.

In the crypto world, you have people having your back. You can’t be on all the news all the time.

Here is Binance. Today, I just want to do a quick run-through. Just learning and navigating myself around this platform.

The first thing I did was adding some favorites. I added different cryptocurrency pairs here. All of these were definitely in the top 30. That was earlier today. Although their 24-hour volumes have changed, this was based upon the Coinmarketcap.com like the top 25.

What I like to do is when I buy something, I like to buy stuff on sale. If you look up here and click on it, it puts it in order. If you click on ‘Pair’, it can like alphabetize it.  If you click on ‘Price’, it can go from low to high and vice versa.

I can click on a 24-hours percent change. This is what is interesting because when I click on it if you notice like a top gainer for the day. Over 30% gain is BNB – Binance Coin and  Bitcoin pair.

Over here, if you click on ‘24H Volume’, you can look for the highest volume of the day which you have XRB         and below that TRX, which is Tron, and then down on third place for the day is Ethereum.

The one that I want to use is this one right here. Again, when I buy stuff, I like to buy it on sale. I don’t want to really go after the one that’s had a huge rally in price. I want to scroll all the way down to the bottom and see who’s had a nice juicy pullback, who was really cheap today.

For today’s sale, I’m going to look at ICX, which is down 14.7%.

Now what I have noticed is this chart is a little glitchy. It’s not as user-friendly as what I’m used to in some other platforms like Tradestation, Thinkorswim, Oanda for forex.

Hopefully, they’ll get these glitches out. I’m pretty sure it’s not my computer or my internet. For example, I clicked on a 12-hour chart.

For people who aren’t too familiar with how a price chart works, these are candles. Now when I first logged on, there were indicators on here that were, I guess by default, like a MACD on there, and there was a moving average on there. There were actually like a couple of different moving averages.

I’m not going to use those. I know how to use them and a lot of traders do, which is going off the moving average and MACD and a bunch of different indicators.

I mean I can really stack them on here if I want to and then I’ll have like no room for my price chart. I’m not gonna do that.

What I did is I just closed it. Click on the ‘X’ to get rid of them. I like to keep my chart clean and simple. I do like the colours. I do like to color-coordinate my lines.

Now here is the example of ICX. The way a currency pair works is the first quoted currency is called your base currency, then the one to the right is your quote currency. Basically, the price that’s on here is what is quoted. This is going to tell me how many Bitcoins it takes to purchase 1 unit of ICX.

Right now, this is the price. Over here, you’ve got your asks and bids. It’s interesting how this is vertical like this instead of horizontal. Usually, the bid and ask will be like to the left and right. In this one, the ask is on top and the bid is on the bottom.

Now what candlesticks mean is each candlestick represents a unit of time. Up and to the left, I can do weekly. That’s a weekly chart, so each candle represents one week.

Some of these currencies are so new that it doesn’t have a lot of data to go back that far to have a lot of candles if you’re in a higher time frame like a weekly.

This is daily. Dailies are really good. Usually, I use weekly and daily candlesticks to do like position, trades, swing trades, long-term kind of buy and hold, or even if I want to trade and put in a large time frame.

For today’s sake, we have a lot of data points. I’m going to look at the 12-hour, so each candlestick represents 12H.

Just to keep this really simple. You can start to look at price charts and not be totally confused as to what you’re looking at.

The main 4 data points you want to look at in a candlestick is the high, the low and the open and the close. Another important thing to look at is the trend.

Let me put a tool here. If you go to tools, here’s trendline. This platform was a little glitchy. Hopefully, this will work. It’s not working.

Anyway, as you can see, it’s an uptrend. I’ll do some more charts later in another video.

Anyway, I’m gonna use the crosshairs. You can see this is going up. It’s a very very steep uptrend. Now, this is the pullback, which means the price has fallen and it’s on sale.

It fell to an area of support here. There were buyers here. I want to go looking to go long there or you looking to go long right here. I would consider that. This is what I do.

I go to my favorites again. If I go to the next one at the bottom of the list with a negative 7.3% change for the day, XVG. You can see it has a pullback for the day.

That’s just a way that you can do a quick scan. Go to coinmarketcap.com, put in some big movers or put in your positions. If you’re using this platform, your positions will be here.

In this platform, I just started to make up my favorite. Click on here for a percent change over the last 24 hours, go down to the bottom, see what’s on sale and see who’s had a nice pullback into an area of support if you’re looking to go long and buy and hold.

This is my experience with Binance. Today I’m gonna continue to keep working with this platform.

It’s pretty good. It’s got some glitches, but I’m sure they’ll work through it.

Thank you so much for tuning in with me. This has been fun and on the next videos, we’re going to look at some more cryptocurrency and chart some of these babies.

Peace out. Bye.

Keep in mind that all trading involves risk. I am not a financial advisor, planner or licensed broker. I’m simply an individual trader. I’m just sharing with you my journey into the world of crypto trading and investing. I’m not advising to buy or sell anything.

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