Get Ahead of the Crypto Curve with Traditional Trading Tools

Get Ahead of the Crypto Curve with Traditional Trading Tools

Foresight is something you need when you’re trying to read ICO markets. Most people assume that means you need some sort of divine intervention or a clairvoyant side. It’s easy to assume that. There’s undoubtedly a lot of guesswork when it comes to choosing the right crypto ICOs. However, while this might be true, it doesn’t mean you should completely give yourself to blind luck. In this regard, we can look to the financial trading world for inspiration. Specifically, the role trading software has on people looking for potentially profitable spots.

A product such as MetaTrader 5 is packed with features. From risk-management tools and technical indicators to economic calendars, MetaTrader 5 has everything a trader needs to gain an edge. What’s particularly impressive about this software is the fact it’s available in all regions. From the UK and US to Korea, where it’s known as 메타트레이더5 (MetaTrader 5), this product is universal. That’s why it’s become a staple tool for traders who buy and sell traditional financial instruments, such as stocks and commodities.

Make Strategic and Informed Decisions

MetaTrader 5 doesn’t cover crypto ICOs, so why would we mention it? Because it speaks to the measured and calculated way traders approach their craft. The reality is that crypto trading is driven, in part, by media hype. A single article by the New York Times, for example, can help the price of Bitcoin. Why? Because the uninformed investor sees the price is rising and gets FOMO. This leads to a surge of money into the market and another price spike. This also happens with other financial instruments, including stocks and commodities, but not to the same extent.

As someone who wants to get ahead of the curve in crypto trading, you can’t use mainstream interest as your guide. You need to analyze the market like someone looking for profitable stocks and commodities. That’s the lesson we can take from people who use trading software like MetaTrader 5. Getting into specifics, here are some ways you can take inspiration from the tools available in MetaTrader 5:

  • Signals – MetaTrader 5 allows users to receive signals from experienced traders. Signals are, in essence, quick price predictions and overviews. You can set up your social media feed in a similar way by following proven authorities.
  • Risk Management – programs like MetaTrader 5 give users the ability to set stop-loss and take-profit limits. You might not have the luxury of automatic risk-management tools, but there is a lesson here. Set your own limits and stick to them. If an ICO price reaches a certain level you deem profitable, consider investing. If it goes above that level, don’t.
  • Variety – MetaTrader 5 gives users access to hundreds of tradable instruments. This demonstrates the power of variety. Focusing on a few areas is a good idea because it allows you to become a specialist. However, don’t become overly restrictive. Consider the ICO market as a whole because there could be opportunities in a variety of areas. For example, you might want to consider the value of new eco-friendly tokens, even if you typically focus on gaming tokens.

We don’t have tools like MetaTrader 5 in the crypto world, but that doesn’t mean we take inspiration from its features. Learning to set limits, spread your interest, and glean data from respected authorities can help you make better decisions in the ICO market and when you’re trading cryptocurrencies in general.

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