Summarize of Mini Crypto Program Part 1,2,3 by @zzzinnn

zzzinnn (55)in STEEM FOR BETTERLIFE • 3 years ago

_{Cover Photo: edited by me in canva}

During the past 3-to-4 weeks we have acquired an invaluable amount of knowledge in the crypto world, thanks to @liasteem and her wonderful initiative which is the Mini Crypto Program.
This is a summary of the three(3) topics we have learned. I will try to summarize as much as possible in order not to make it too long and tedious to read. I will only tackle the key/main points to digest.

We learned in a wide range of topics including;

TRADING VIEW
MARKET PSYCHOLOGY (FUD & FOMO)
BLOCKCHAIN

I would like to give a summary of what I’ve learned in this wonderful Mini Crypto Program, starting with tradingview.
Below is a summary of key points from the tradingview assignment we had.

TRADING VIEW (SUMMARY)

Before the Mini Crypto Part 1 I barely knew anything about trading view.
Trading View, as I personally define it, is the information hub for all sorts of digital assets; commodities, stocks, and cryptocurrencies.
Tradingview is a platform where you can get information on all digital assets such as crypto, NFTs, stocks, and many more.

How to sign up

You can sign up to trading view using your accounts from Google, Facebook, Twitter, Yahoo, Apple, LinkedIn, which will just import your login details from these third-party applications, without you having to go through the login process of creating a new password and stuff like that.

_{1. Click the thumbnail}

_{2. Start Free trial}

_{Tap Free trial}

_{Choose the app or email}

_{Enter username & Upload profile picture}

_{You’re signed!}

Sign up packages

You can join trading view using one of three(3) packages.

Free package
Paid package

Free package

This package allows you to use the system for only up to 30-days. Here you only have a limited benefits such as some indicators and charts. It comes with ad distractions; ADs appear while using this package.

Paid package

The paid package comes in monthly and annual basis.

Monthly
Annual

_{Monthly packages}

Monthly plan

The monthly plan also comes in three(3) different plans.

Monthly PRO
Monthly PRO+
Monthly PREMIUM

_{Monthly PRO package}

Monthly PRO

In the PRO plan, you pay $14.95 for a month and enjoy perks such as AD/ distraction free trading and investing and you have more charts, indicators and intervals as compared to the free package.

_{Monthly PRO+ package}

Monthly PRO+

In the PRO+ plan, you pay $29.95 for a month and enjoy perks such as the opportunity for an intraday technical analysis of charts/assets on the platform. This plan has all benefits of the PRO plan plus additional perks such as more indicators, charts and more.

_{Monthly PREMIUM package}

Monthly PREMIUM

In the PREMIUM plan, you pay $59.95 for a month and enjoy, in addition to all perks of the monthly plan, highest precision and maximum data to capture all possible opportunities on the tradingview platform.

_{Annual packages}

Annual plan

The annual plan also come in three(3) different plans.

Annual PRO
Annual PRO+
Annual PREMIUM

_{Annual PRO package}

Annual PRO

In the annual PRO plan you pay $155 for a year and enjoy an AD free (no distraction) usage of the platform in trading and investing alongside more indicators, charts and intervals and many more benefits/perks.

_{Annual PRO+ package}

Annual PRO+

In the annual PRO+ plan you pay $299 for a year and enjoy all benefits of the annual PRO plan plus an intraday technical analysis alongside more indicators, charts, and more devices (2 devices) using same account simultaneously.

_{Annual PRO package}

Annual PREMIUM

In the annual PREMIUM plan you pay $599 for a year and enjoy the complete package of the trading view platform thus, all functionalities and benefits of the platform at you finger tips. This comes with as many as 25 different indicators per chart, 8 charts, and include all benefits of all the other packages.

How to change graph

_{1. Go to settings}

_{2. Choose your preference}

_{3. Adjust to preference}

_{4. Changed graph colors}

Next, I would like to digest our second assignment which was on market psychology(FUD & FOMO), while believing that the above summary of trading view platform highlights the most important information for anyone new to the platform to easily use.

MARKET PSYCHOLOGY (FUD & FOMO)

_{Emotion levels in trading | source}

FUD

In the Mini Crypto Part 2 we learned that FUD is an acronym meaning; Fear, Uncertainty, Doubt. These emotions affect traders decisions in performing trades in the crypto currency markets. It often times cause traders to make bad decisions in trades and end up losing their assets/investments.

Where FUD occurs

_{Screenshot ETH/USDT taken from coinmarketcap}
FUD occurs mostly with traders who don’t understand the market cycles. When the trader don’t understand that a bearish market is a beginning of a bullish market then they’re most likely to be affected by FUD all the time.

In the screenshot above, as a result of FUD of the trader, when the price fell the first time they panicked and then when it fell the second time FUD made them sold their assets not knowing it was just preparing for a bullish market. The price went bullish after they had sold and now they’re in big regret as a result of Fear, Uncertainty, and Doubt.

FOMO

We learned that the full meaning of the famous acronym, FOMO is Fear Of Missing Out. This occurs in all forms of digital tradings especially in crypto trading, where we focus more light on.

Where FOMO occurs

_{Screenshot BTC/USDT | Taken from coinmarketcap}

FOMO also again, happens mostly to newbies in the crypto trading world. Watching a particular crypto going through bullish market in your face, if not you’re experienced in trading, anyone would be tempted to go in the trade with hopes that it will continue rise.

When it happens this way; buying a particular asset (crypto ) when it is on the rise, we call it FOMO. Most of the time you hesitate a little before you buy and by the time you go in to buy it has reached its peak and the bears have started to come but by this time you have already bought just when the bears start to come in. You buy when the price is rising as a result of Fear Of Missing Out.

Finally, I would like to summarize the last topic we learned which was on Understanding of Blockchain while believing that the above summary of Market Psychology (FUD &FOMO) highlights the most important information for anyone new to the crypto trading world.

Understanding of Blockchain

Blockchain can be described as a type of system that stores information in such a way that the information is almost impossible to be hacked or changed in any way.
Blockchain is a digital record book for keeping information or data. This data is distributed across all users of the blockchain system. These users are called nodes.
Every piece of data is distributed across many nodes so that no single user(node) has a full piece of data. In a way that no full piece of data is located at one place. This promotes security and transparency in the blockchain platform.

Public Blockchain

A public blockchain is a blockchain which anyone can easily join without having to pass through permission rules. In this type of blockchain, anyone can join and participate in the network; read and write data into the blockchain network. Public blockchain is a pure decentralized, self-governed, autonomous digital public ledger. Example is the Steemit blockchain platform.