Unlock the Secrets to Cryptocurrency Investing: Exploring the Basics, Benefits, and Risks of Crypto Markets

Unlock the Secrets to Cryptocurrency Investing: Exploring the Basics, Benefits, and Risks of Crypto Markets

What is Crypto: Exploring the Basics of Cryptocurrency.

Cryptocurrency is a revolutionary technology that has taken the world by storm. It allows users to securely store, send, and receive digital assets without relying on trusted third parties like banks or payment processors.

At its core, cryptocurrency is an encrypted digital asset based on blockchain technology. Blockchain is a decentralized ledger system that records and verifies transactions in a secure and permanent way. This decentralization eliminates the need for middlemen such as banks or governments to verify or approve these transactions. Instead, anyone with an internet connection can access this public ledger and view all past transactions.

The most popular type of cryptocurrency is Bitcoin, which was created in 2009 by an anonymous programmer known as Satoshi Nakamoto. Bitcoin uses cryptography to process and confirm transactions between two parties without the need for central authority or third party intermediaries. The cryptographic code makes it impossible for any person or institution to alter transaction records without authorization from both sender and receiver. Transactions are also secured against double spending thanks to Bitcoin’s blockchain-based public ledger system; once a transaction is recorded in the ledger, it cannot be reversed or altered.

In addition to Bitcoin, there are many other types of cryptocurrencies available today such as Ethereum, Litecoin, Dash, Monero and Zcash. These altcoins offer different features than Bitcoin and often focus on specific use cases such as privacy (Monero) or smart contracts (Ethereum).

As cryptocurrencies continue to gain traction around the world, more people are becoming interested in exploring the basics of this innovative technology. With its low cost of entry and high potential for profit – not to mention its ability to provide users with greater financial freedom – cryptocurrency is quickly becoming one of the most exciting investment opportunities available today!

Understanding the Benefits of Investing in Cryptocurrencies.

Cryptocurrencies have quickly become one of the most popular and lucrative investments in recent years. With the rise of Bitcoin, Ethereum, and other digital currencies, more people are looking to get involved in this exciting new asset class. But what are the benefits of investing in cryptocurrencies? Here we’ll explore some of the advantages that come with investing in these digital assets.

1. High Volatility

The volatility of cryptocurrency markets gives investors an opportunity to make significant gains if they know how to capitalize on it. While long-term investments can still be profitable, short-term traders often take advantage of volatile market conditions by trading frequently to maximize profits from price movements.

2. Low Barriers To Entry

Unlike traditional investment vehicles like stocks or commodities, there are no high entry costs associated with buying cryptocurrency. All you need is a computer, internet access, and a wallet for storing your coins. You can purchase fractions of coins for as low as a few dollars at some exchanges – making them accessible even if you’re on a tight budget.

3. Uncorrelated Asset Class

Cryptocurrencies aren’t correlated with other asset classes like stocks or bonds – meaning that their value isn’t tied directly to any particular currency or economy. This makes them attractive to investors who want diversification within their portfolio without taking too much risk.

4. Global Reach

As decentralized digital currencies, cryptocurrencies can be bought and sold anywhere in the world without worrying about exchange rates or local regulations and restrictions – allowing investors to access global markets with ease and convenience regardless of where they live or work..

5. Potential For Growth

Given the relatively young age of most cryptocurrencies, there is still plenty of potential for growth over time as adoption increases and more use cases are found for them outside of speculation or trading purposes..

Investing in cryptocurrencies comes with its own risks but also offers many potential rewards too. By understanding these benefits better you can make informed decisions when it comes to deciding whether this is something you want to incorporate into your portfolio or not

Determining Your Investment Goals with Crypto.

Cryptocurrency has been gaining global attention due to its potential to provide investors with lucrative returns. While many people are interested in investing in cryptocurrency, it’s important to first understand why you’re doing so and what your investment goals are. Doing so can help you make smart decisions about which coins or tokens to buy and when to buy them.

Before diving into the world of crypto, it pays off to take some time for self-reflection and ask yourself what your goals are when it comes to investing in cryptocurrencies. Are you looking for a long-term investment that will appreciate over time? Are you hoping for short-term gains from day trading? Or do you want something more secure and passive, such as staking coins?

By taking the time to determine your investment goals prior to getting involved in cryptos, you can set yourself up for success. That’s because each type of crypto asset offers different advantages depending on your individual situation. For example, if you’re a beginner investor looking for steady gains over time, then Bitcoin might be the best option as it is one of the most established and stable coins available. On the other hand, if you’re an experienced trader looking for swift profits via day trading, then Ethereum or Ripple may be better choices as they have greater liquidity and faster transaction speeds than Bitcoin.

No matter what type of investor you are or what your goals may be, setting clear objectives before launching into the world of cryptocurrency is essential in order to maximize returns while minimizing risks associated with this highly volatile market. By setting realistic expectations from the start, not only will you be better prepared but also more likely able to turn a profit from your crypto investments!

Risks Associated with Investing in Cryptocurrency.

Investing in cryptocurrency is becoming increasingly popular, as the potential for large returns on investments have caught the attention of many investors. But with every investment comes risk and it’s important to understand the risks associated with investing in cryptocurrency before you jump in.

One of the biggest risks of investing in cryptocurrencies is market volatility. The market prices for digital assets like Bitcoin, Ethereum, and other altcoins can fluctuate wildly due to news events or changes in investor sentiment. This means that your investments could lose significant value overnight if there is a sudden drop in prices.

Another risk associated with investing in cryptocurrency is security vulnerability. Cryptocurrencies are stored on devices like computers or phones, which can be vulnerable to hackers if not properly secured. Additionally, many exchanges that allow trading between digital assets are also vulnerable to hacking attacks that could result in stolen funds or lost coins. If you decide to invest in cryptocurrency, make sure to use secure wallets and exchanges so you can keep your funds safe from malicious actors.

A third risk of investing in crypto is regulatory uncertainty. There is still a lot of uncertainty around how governments will regulate cryptocurrencies and blockchain technology over the long term. This means that laws may change suddenly which could have an adverse effect on investments made today. It’s important to stay up-to-date on any new regulations regarding crypto so you can adjust your strategy accordingly if needed.

Finally, some investors overlook the fact that cryptocurrencies represent a speculative asset class which carries high levels of risk due to their relatively young age and lack of liquidity compared to more established markets like stocks and bonds . As such, it’s important for investors considering taking part in this market to do their research thoroughly before making any decisions about their investments .

Cryptocurrencies offer great opportunities for those willing to take a chance but it’s imperative for investors understand all aspects of this new asset class before diving headfirst into an investment decision . By understanding these key risks associated with investing into cryptocurrency , investors can make well informed decisions when considering an investment opportunity .

Researching Different Types of Cryptocurrencies.

Cryptocurrencies are digital forms of money that exist only on the internet. Unlike traditional currencies, they are decentralized, meaning that no government or bank controls them. This makes them attractive to those who want to transact without the need for an intermediary. Cryptocurrencies use cryptography to secure and verify transactions as well as to control the creation of new units of a particular currency.

There are many different types of cryptocurrencies, each with its own unique features and uses. Some are designed to be used as a medium of exchange (like Bitcoin), while others have specific purposes such as facilitating smart contracts (such as Ethereum). Some cryptos offer privacy and anonymity (like Monero) while others prioritize speed and cost effectiveness (like Litecoin).

Before investing in any type of cryptocurrency, it is important to understand how it works. In addition, research should also be done into the team behind the currency and its track record so far. Investing in any form carries risk; however, understanding different types of cryptocurrencies can help investors make educated decisions about which ones might be worth investing in.

One way to learn more about different types of cryptocurrencies is by reading up on their individual features and potential uses. Another great way is through forums where people discuss various topics related to cryptos – this could include anything from technical aspects such as mining, trading strategies or market analysis, to broader discussion surrounding the industry itself. Finally, attending blockchain conferences or meetups can help people gain a better understanding of how these technologies work in practice.

Overall, researching different types of cryptocurrencies can help individuals make informed investment decisions based on their needs and preferences – whether that’s maximizing returns or simply supporting projects they believe in!

Tips and Strategies for Investing in Crypto.

Cryptocurrencies have become increasingly popular in recent years, as they offer a unique way to invest your money and potentially reap substantial profits. As with any investment, crypto investments come with risks — but they also offer the potential for big returns. To maximize your chances of success, it’s important to understand the basics of cryptocurrencies and how to best approach investing in them.

When it comes to crypto investing, there are three key strategies you should consider: diversify your portfolio, research the coins you’re interested in, and set a budget for yourself.

First, diversification is crucial when it comes to investing in cryptocurrency. Because the market is so volatile, it’s wise to spread out your investments across different coins and assets. This will help protect you against losses on one coin or asset class if something goes wrong with that particular coin or asset class. Diversifying can also provide exposure to multiple markets and give you more opportunities for growth over time.

Second, do plenty of research before investing in any individual cryptocurrency. Take the time to read up on the technology behind each coin and look into its past performance in order to better understand its prospects for future growth. Additionally, be sure to keep an eye on news related to each coin you’re considering — news about government regulations or major developments could affect how much money it could make (or lose) in value over time.

Finally, set a budget for yourself when investing in cryptocurrencies. Decide how much money you can afford to put towards cryptocurrency investments and stick with that budget — don’t let yourself get too far into debt while trying to strike it big with crypto investments! By keeping track of your spending and ensuring that you stay within your means, you’ll be able put aside a portion of your income each month specifically for cryptocurrency investments without putting other financial goals at risk.

By following these tips and strategies for successful crypto investing, you’ll have a better chance of making profitable investments without taking on too much risk. With some savvy planning and patience, there’s no reason why your crypto investments couldn’t result in great rewards!

Finding an Exchange to Buy and Sell Crypto Assets.

Buying and selling crypto assets can be an intimidating process for many first-time investors. With so many options out there, it can be difficult to know which exchange is the best fit for you. That’s why we’ve put together this guide to help you find the right exchange for your needs.

First of all, it’s important to understand what an exchange is and how they work. Exchanges are platforms that allow users to buy, sell, and trade cryptocurrencies. They provide a safe and secure way to store your funds while also allowing you to access other traders in order to make trades quickly and easily.

When deciding which exchange is best for you, there are several factors that you need to consider: fees, security measures, user interface (UI) design, customer service support, trading volume and liquidity of the market, and available payment methods.

Fees vary from one exchange to another but generally range from 0% up to 1% depending on the type of trade being made. It’s important that you take into account any fees associated with each trade when making your decision. Security measures should also be a priority when choosing an exchange as some exchanges may not have the same level of protection against hacking or other malicious activities as others do.

The user interface (UI) design will play a major role in how easy it is for you to navigate through different features on the platform such as setting up trades or withdrawing funds. A good UI should be simple yet intuitive enough so that even novice users can easily figure out how things work without needing too much instruction or guidance. Customer service support is also essential if something goes wrong or if you require assistance with any aspect of using the platform or making trades – look out for exchanges that offer 24/7 customer support services via multiple channels such as email, chatbot or phone call support services.

The trading volume and liquidity of an exchange will determine how quickly orders are filled – high liquidity means quick execution times whereas low liquidity could lead to orders taking longer than expected before being fulfilled by buyers or sellers in the market. The availability of payment methods offered will also depend on which country/region you live in – some exchanges may only accept bank transfers while others might allow payments via debit/credit cards as well as digital wallets such as PayPal etc., so make sure that whatever method works best for you is supported by your chosen exchange before signing up with them.

Once these criteria have been taken into consideration then it’s time to start researching individual exchanges further in order to find one that meets all your requirements perfectly! Be sure to read reviews online written by other users who have traded on each platform previously; this will give you a better idea of what kind of experience they had with their chosen exchange so that you can make an informed decision when selecting yours!

Setting Up a Secure Wallet for Your Cryptocurrencies.

Securing your cryptocurrencies is one of the most important things you can do when investing in digital assets. Your wallet is essentially your bank account for all the coins, tokens and other digital currencies that you have acquired. Like a traditional bank account, it needs to be secure and safe from unauthorized access and theft.

Having a secure wallet setup is paramount to protecting your investments and ensuring that they are safe from malicious actors or hackers who may try to steal them. The good news is that setting up a secure wallet for your cryptocurrencies doesn’t need to be difficult or time-consuming. Here are some tips on how to get started:

1. Choose a reputable wallet service provider: Make sure that you select a reliable, trustworthy wallet service provider with robust security measures in place. Look out for two-factor authentication (2FA) as an extra layer of protection when signing up with the provider or logging into the platform.

2. Use strong passwords: Weak passwords can easily be guessed by hackers so make sure you create strong ones using upper case letters, lower case letters, numbers and special characters where possible. Consider also setting up unique passwords for different wallets and accounts associated with them.

3. Keep your private keys safe: Because only you have access to these keys, it’s important that you keep them secure at all times – never share them online or with anyone else! Consider writing down the keys on paper or storing them securely offline if possible instead of keeping them on devices which could be vulnerable to attack from cyber criminals

4. Utilize hardware wallets: A hardware wallet is an external device designed specifically for securely storing cryptocurrency information such as public/private keys, transaction records etc., making it much less likely that someone will gain unauthorized access to your funds

5. Backup regularly: In case something were ever to happen such as losing your device or having critical data compromised by malware, backing up regularly will ensure that you don’t lose any of your hard earned investments

Following these steps will help you keep your cryptocurrency holdings safe while still allowing you the freedom and flexibility to trade, spend and save digital assets whenever necessary – enabling peace of mind when dealing with volatile markets!

Trading Techniques to Maximize Profits in Crypto Markets.

Cryptocurrencies have become a viable asset class for many investors, and the crypto markets offer traders an array of opportunities to capitalize on market movements. While there is no single “right” way to trade in the crypto markets, there are some strategies and techniques that can help maximize profits when trading cryptocurrencies.

One of the most important strategies is risk management. Properly managing risk can help minimize losses and ensure that gains are maximized. Before entering any trade, traders should consider the amount they are willing to risk, as well as their exit strategy in case things don’t go according to plan. This will help ensure that losses are kept at a minimum while also allowing traders to get out of positions quickly if needed.

Another important strategy is diversification. Cryptocurrency markets are highly volatile and it can be difficult to predict which direction prices will move. By diversifying your portfolio across different coins and tokens, you can reduce your exposure to any one particular coin or token and increase your chances of success. It’s also important to keep up with news related to the coins or tokens you hold so that you can make informed decisions about how best to manage your investments.

Finally, it’s important for traders to stay disciplined when trading in crypto markets. Markets can be unpredictable, so it’s important not to get too caught up in trying to time trades perfectly or chasing after short-term gains at the expense of long-term success. Learning how to recognize potential entry and exit points, as well as having an overall trading plan will help ensure that trades are executed correctly and profits are maximized over time.

How to Read Price Charts and Analyze Trends in Crypto Trading.

Price charts are the backbone of any successful crypto trader. They provide traders with valuable insights into market movements and help them identify points of entry and exit in their trades. By understanding how to read price charts and analyze trends, traders can gain a significant advantage in the ever-volatile crypto trading landscape.

The first step to reading price charts is getting familiar with the different types of data available on them. Price charts typically consist of two main elements – price action (the movement of prices over time) and volume (the amount of coins that have been traded). Other elements such as technical indicators may also be included in the chart to aid in analysis.

Once you’ve identified what data is available, it’s important to understand how each type contributes to overall market sentiment. Price action helps traders identify trends and determine when an asset might be reaching a peak or trough – something that’s especially useful for those looking for entry/exit points in their trades. Volume provides insight into which direction the market is moving: if there’s higher buying activity than selling activity, it likely means that prices will continue to rise; conversely, if more coins are being sold than bought, then prices may be due for a fall.

It’s also important for traders to keep an eye out for certain patterns emerging on their price charts. Candlestick patterns are particularly popular among crypto traders as they provide clues about upcoming price movements; this includes both bullish patterns such as hammer and shooting star formations, as well as bearish ones like head & shoulders. Using these patterns together with other technical indicators can give traders an edge when making decisions about where to enter and exit their positions.

Finally, one should always keep an eye on news events that could potentially impact their trading decisions – whether it’s a new launch from a top crypto project or regulatory updates from governments around the world. Keeping abreast of these developments will help you stay ahead of the curve in terms of anticipating future market movements, thus allowing you to make more informed decisions about your trades!

Staying Safe When Investing in Cryptocurrency Markets.

Cryptocurrencies, such as Bitcoin and Ethereum, have gained immense popularity over the past few years. As these digital currencies’ values continue to rise, more and more people are looking to invest their money in the crypto-markets. While investing in cryptocurrency can be a great way to make money, it can also be a risky endeavor if you don’t take the necessary precautions.

To ensure that your investments remain safe, here are some tips for staying safe when investing in cryptocurrency markets:

1) Research – Before investing any of your hard-earned funds into cryptocurrencies, be sure to do your due diligence. This means researching various cryptocurrencies and learning about their potential risks and rewards. There are many online resources available that can help you understand these markets better and find out which coins may offer the best return on investment (ROI).

2) Diversify – Don’t put all of your eggs in one basket! Rather than investing all of your money into one particular cryptocurrency, consider diversifying across several different coins. That way, if one coin fails or loses value suddenly, you won’t lose everything at once.

3) Use Secure Exchanges – When buying or selling cryptocurrencies through an exchange platform, make sure it is secure and reputable. There have been numerous cases of exchanges being hacked or users losing access to their funds due to security breaches. Therefore, it’s important to choose an exchange that has strong security protocols in place before transferring any money.

4) Set Limits – It’s easy to get carried away when trading cryptocurrencies; however, it’s important not to let emotions cloud your judgement when making decisions about how much money you should invest or when it’s time to sell off assets for a profit (or loss). Setting limits will help keep your financial discipline intact so that you don’t end up overtrading or losing too much money at once.

5) Understand Taxes – Investing in cryptocurrencies often comes with tax implications — some jurisdictions may require investors to pay taxes on their profits from trading activities. Be sure to research local laws thoroughly before engaging in any type of crypto trading activity so that you’re aware of what taxes may apply and how they should be paid accordingly.

By following these tips for staying safe while investing in cryptocurrency markets ,you will increase your chances of success while minimizing losses along the way!

Staying Informed About News and Events Affecting Crypto Prices.

Cryptocurrency prices are constantly changing, and it can be difficult to keep up with the latest news and events that might affect them. That’s where a cryptocurrency blog can come in handy. A good crypto blog will provide readers with insights into the industry and keep them informed on the latest developments that could impact their investments.

A quality crypto blog should strive to provide objective analysis of the market, offering both short-term and long-term trends. It should also cover important topics such as regulation, security, scalability, adoption rates, technology advancements, partnerships, and more. Additionally, knowledgeable contributors should offer advice on how to make sound investments as well as explain why certain coins may be overvalued or undervalued at any given time.

The best crypto blogs will also feature interviews with key players in the industry as well as stories from those who have experienced success or failure in the world of digital assets. This will give readers a better understanding of what makes this market so unique and unpredictable. Finally, an excellent crypto blog should include opinions from diverse sources — such as traders, developers, investors — so that readers can gain a holistic view of any given topic or coin.

By staying abreast of news and events affecting cryptocurrencies via a trusted source like an expertly crafted crypto blog, investors can make better decisions about which coins to buy or sell at any given time.

Taxes on Profits from Trading or Investing in Cryptocurrency Markets.

If you’re considering trading or investing in cryptocurrency markets, it’s important to understand how your profits will be taxed. Cryptocurrency is a relatively new asset class that has grown exponentially over the past few years. As such, many people may not be aware of their tax obligations with respect to these investments.

In general, any profits from trading or investing in cryptocurrency are subject to taxation as capital gains. This means that you will need to report these gains on your annual income tax return and pay taxes on them at your applicable rate. Depending on which country you reside in, the specifics of how these gains are taxed may vary slightly, but the fundamentals remain the same – if you make money from trading or investing in cryptocurrencies, it’s taxable income.

When calculating capital gains taxes for cryptocurrency investments, it’s important to keep track of each transaction and its associated costs (such as commissions and fees), so that they can be accurately accounted for when filing your taxes. Additionally, different countries have different rules around what type of cost basis should be used when calculating capital gains (the “first-in first-out” method is most common). It’s best to consult a qualified tax professional for advice about specific regulations and requirements for filing taxes related to cryptocurrency investments.

It’s also important to keep in mind that some governments may require users to report any large transactions involving cryptocurrencies (>$10k USD equivalent). In addition, there could potentially be other legal implications depending on where you live; however this is beyond the scope of this article and should be discussed with a qualified financial advisor or attorney before engaging in any kind of significant activity related to cryptocurrencies.

Overall, understanding how taxes work with respect to cryptocurrency investments is essential if you want to properly manage your finances and stay compliant with laws and regulations in your jurisdiction. Doing research ahead of time can help ensure that your profits are accurately reported and any applicable taxes are paid promptly – allowing you peace of mind when engaging in digital currency activities!

Strategies for Long Term Success with Crypto Investments.

Cryptocurrency investments can be a great way to build your long-term wealth. But, as with any investment, it is important to do your homework and develop a strategy that will help you maximize your returns and minimize risk. Here are some tips on how to make the most of your cryptocurrency investments over the long haul.

1. Understand Cryptocurrencies: Before investing in any asset class, it is essential to have a thorough understanding of what you’re getting into. Take time to research cryptocurrencies, their history, technology and their potential effects on the global financial system before making any decisions.

2. Invest for the Long Term: Many investors get caught up in trying to time the market or make short-term trades that don’t necessarily add much value over time. It is best to develop a long term strategy that takes into account fundamental factors such as adoption rate, supply and demand dynamics, technological advancements and more.

3. Diversify Your Portfolio: Diversifying your portfolio by investing in different crypto assets is one of the smartest ways to reduce risk while maximizing potential returns over time. Consider diversifying across different sectors such as payments, storage solutions or privacy coins among others; this will ensure that you are spreading out your risk across multiple asset classes instead of putting all your eggs in one basket.

4. Research Your Investments Thoroughly: There are many scams lurking around in the crypto space so it’s important to research thoroughly before investing any money into an asset or project. Always look for reputable sources of information about a particular project and its team members before committing funds. Use due diligence when researching projects; if something doesn’t feel right then trust your gut instinct and stay away from it!

5. Keep Track Of Your Portfolio Performance: Keeping track of your portfolio performance can help you identify trends and make informed decisions about where best to allocate resources over time – whether by rebalancing existing positions or opening new ones based on market sentiment or news events such as hard forks or protocol updates etc.. Tracking tools like CoinMarketCap allow users to monitor their holdings quickly & easily – giving them valuable insight into which assets are performing well (and which ones aren’t).

By following these simple strategies you should be able ensure success with cryptocurrency investments over the long run – good luck!

Conclusion: Keys to Making Fast Money with Crypto Investments

Cryptocurrency has become an increasingly popular way to make fast money for investors. With the potential for huge returns and quick profits, it’s no wonder why so many are flocking to the crypto market. But with such high rewards comes higher risks, so investors must take the time to educate themselves on the crypto market before taking a plunge. Here are some tips for making fast money with cryptocurrency investments:

1. Research and Due Diligence: As with any investment, research is key when it comes to cryptocurrency investments. Investors should do their homework on each asset or coin they plan to invest in, researching its history, technology, use cases and potential future growth. Additionally, investors should look into the team behind a project and do their own due diligence before investing in any ICOs or tokens.

2. Set Reasonable Expectations: Fast money doesn’t come without risks; setting realistic expectations can help manage your risk profile and prepare you for more volatile periods in the market. It’s important to understand that not every investment will be successful and that some may take longer than expected to appreciate in value.

3. Diversify Your Portfolio: Cryptocurrencies are incredibly volatile; diversifying your portfolio across different coins can help lower overall risk exposure while still providing opportunities for great returns on individual investments. For example, if one coin takes an unexpected dip in value you can hedge against further losses by holding other coins as well as fiat currencies like EUR or USDT (Tether).

4. Utilize Leverage Trading: Leveraged trading allows traders to amplify their returns by using borrowed funds from a broker or exchange; this is commonly done with futures contracts where traders leverage their positions by up to 100x times their capital invested – however this also increases the risk of losses exponentially as well so caution must be exercised when utilizing leverage trading strategies!

5. Use Stop Losses & Take Profits Orders: Setting these orders helps protect your capital from unexpected swings in price action – stop loss orders allow traders to exit a position at a predetermined price level if it moves against them while take profit orders allow them to automatically lock-in profits once they reach a certain threshold of profitability – both of which can help minimize losses and maximize gains over time regardless of market conditions!

Making fast money with cryptocurrency investments requires careful planning and strategy but can yield significant rewards if done correctly – understanding how these markets work will go a long way towards ensuring success! It’s important that investors take their time researching projects carefully before investing any capital into them; staying informed about news events affecting the industry is also essential when trying to stay ahead of other traders looking for quick gains! Finally remember that diversifying across multiple assets is always recommended as well as utilizing stop loss/take profit orders whenever possible – these strategies combined should give traders an edge over those who don’t properly prepare themselves before entering positions!