How to sell Bitcoin in Canada Converting BTC to CAD ...

the strategy: know your asset [stocks/crypto]

the strategy: know your asset [stocks/crypto]
TL;TR: Every strategy is unique, here is only basic info of what you need to do before buy shares or cryptocurrencies. Well, I'm not good at fundamental analysis, looking for correlations and so on or maybe your good post for everyone at this sub.

Here, I want to share my experience with the people who like cryptocurrencies and the stock market. I have my strategy divided in 3 stages, and of course, the first one is the most long one.
  1. Learn more about asset that you want to buy.
  2. Competitors research
  3. Technical Analysis
1. Learn more about asset that you want to buy.
That, to my mind, is the fundamental challenge for everyone who wants to be successful trader. Every project has a white paper, you must read it before buy, it's the best way to understand the team's goals as the company's goals. I have read a lot of white papers and they are different from each other, when the project is really cool its wp is like a very good book for reading, very well written, w/o errors and is truly impressive while reading. Have a questions? Ask them at: official forum, reddit, twitter, telegram, stocktwits, may be at marketknows :).
If the deal is about a stock company, be sure that you understand its business model, you must know what does it produce and export or import and how is good their sales, in other words everything what you can find out about company(P/E ratios, growth, balance sheets, industry performance etc.). Here I can recommend you seekingalpha dot com, there you can find a lot of articles, but almost all of them are currently closed for free read, DM me, and I will show you the smart trick how to avoid it.
More data needs to be collected on the asset you research nonetheless have a duty to carefully select the information that should be used in your decision.
Rule 1 - Read the White Paper. You must do the full research.
2. Competitors research.
You can think that this additional workload will, unfortunately, eat your time and the price of a share/coin/token you want to buy will sky rocket without you, well it's not true. In most cases, it is better to spend a week or two to complete your research and to be certain that you are right than you will purchase illiquid asset. Anyway, you will get the data for analysis which would strengthen confidence in your decision and thus enhance the environment for investment.
3. Technical Analysis
This is my lovely part. First of all you need to analyze the market sentiment, if it's stock market you must check stocks in the same industry, are they experience a decline or follow the uptrend? As example take a "WeedStocks", the last summer - autumn, the whole industry was booming in connection with the forthcoming publication of new law, new partnerships, etc...
"What sparked the cannabis craze of 2018? Well, a number factors shed mainstream light on the long-dormant, niche industry. First, everyone started getting excited in 2018 about the nationwide legalization of cannabis in Canada in October. This was arguably the industry’s biggest catalyst ever, and as pot stocks started listing on U.S. exchanges, investors started bidding those stocks up.
But what really kicked this rally into overdrive was a massive $4 billion investment into Canopy Growth from alcoholic beverage giant Constellation Brands (NYSE:STZ) in August. That was when marijuana stocks took off like a rocket ship. The logic was that big money was finally moving into the space, and thereby legitimizing the long-term potential of the recreational and medicinal cannabis markets.
Alongside this hype, there was a significant amount of volatility. Thus, just as 2018 was the year of the cannabis craze, it was also the year of marijuana stock volatility. After more than doubling between July and October, pot stocks have since broadly dropped into bear market territory, with Canopy, Tilray and Aurora all 35% or more off all-time highs." source: https://investorplace.com/2019/02/4-reasons-marijuana-stocks-pot-stable-2019/
If it's cryptocurrencies market, then you need to know that Bitcoin is the king here, and when its price is rising, almost every token and coin value is going down in Bitcoin equivalent and rising in dollar pair, however, much depends on the state of the digital asset you choose. Future events, news, different rumors etc.. such activities have a direct impact on the price. I understand that with single stack you are dreaming about 2x, 3x, 5x but that may never happen with your favorite currency, but it can happen with another cryptocurrency which you wanted to buy but you hadn't free money, and for that reason a long-term trader must have at least 5 to 10 assets that are easy to track everyday.
And practice.
My rules:
  1. Only uptrend.
  2. Open orders only at start or end of the tf.
  3. Use only 4h, 1d, 3d tf. 1w and 1m can be used to confirm the uptrend.
  4. Use support and resistance lines/levels.
  5. Use MACD and RSI.
  6. Buy, if everything OK.
  7. Set a stop-loss lower than support line.
Examples.
here 1. http://thepatternsite.com/channels.html
Here 2:
$BNB Binance
https://preview.redd.it/c8momco8kk131.png?width=1808&format=png&auto=webp&s=d13e2e034136a3de6ed54d741259cf8ff3049cb3
$PYPL Paypal
https://preview.redd.it/0l9grb4bkk131.png?width=1813&format=png&auto=webp&s=d6a34c8961876ede118c9e01b6f4585b290de518
$DIS Disney
https://preview.redd.it/aly5qntckk131.png?width=1810&format=png&auto=webp&s=e972e11fd7098e0863a50accff2ea0d9efc7eaae
$TGODF
https://preview.redd.it/83h3skcekk131.png?width=1810&format=png&auto=webp&s=bfe76ab8282ae17b1453b39b95e93780b0da6d9b
Thanks for reading and good luck.
submitted by Fanfan_la_Tulip to marketknows [link] [comments]

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