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Kian Hughes

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Everything posted by Kian Hughes

  1. Hello, thank you for asking! The first important thing about stock chart reading is to identify the type of chart. They can be a bar, candlestick, line, and point and figure charts. The second thing is that an analyst or a trader should have a basic understanding of components on charts, such as summary key, time period, moving averages, volume, and daily trading average. Volume is one of the most important parts of stock charts, as it represents the number of stocks traded, whether it is a purchase or a sale. The importance of tracking volume is to recognize the shift of resistance and support lines. By knowing the total volume on a day, you can understand the power of influence on a given stock and how much of “real money” are behind specific market moves.
  2. Hello, I would like to know how to become a day trader?
  3. Hello, thank you for asking! In order to find the best indicators that will suit your approach to day trading, it is necessary to test them out first. Usually, traders opt for a combination of RSI and moving average convergence/divergence on the screen to suggest and reinforce a trading signal. This combination allows traders to avoid traps of short trends, where an asset is being overbought or oversold. It may not prove to be useful for all traders, and it is advisable to check out its effectiveness o in order to learn if they are working as they should.
  4. Hello, I would like to learn about the advantages and disadvantages of swing trading.
  5. Hello, thanks for asking! The advantages of technical analysis are that market news reflects the stock prices, it is easier to keep track of the trend of an asset using technical analysis. This type of analysis used previous experiences and gathered knowledge to signal a trade opportunity, and when to make a timely exit in order to maximize your profits. Sometimes technical analysis can bring confusion, by sending out mixed signals, whether to buy or sell, it also isn’t 100% accurate, and doesn’t guarantee profits. Another disadvantage is that it carries a biased opinion, and because of previous misconceptions and bad results, it can oversee good opportunities. The best combination is to combine fundamental and technical analysis, which will guarantee the best results.
  6. Hi, thank you for inquiring! After their introduction in the 21st century, robo-advisors have constantly gained popularity in trading societies. This is due to their reliability and constant improvements, that make the trading business a much easier endeavor. Another advantage is their price, which has constantly been reduced with their diversification. All of these characteristics that we have mentioned, makes them a tool that has become a must-have in the modern stock trading business.
  7. Hello, I would like to learn how to use penny stocks?
  8. Hi, thanks for inquiring! At first, many traders and miners of cryptocurrencies thought that crypto is not taxed, which led to many inconveniences and confusing situations. There are important steps to follow when completing this procedure. The first one is to calculate your gains and losses, this is done by calculating all the bills and payments that you have incurred from the mining process and subtract them from the profits that you have made. Secondly, you need to find the correct form for reporting your cryptocurrency gains. In the US this form is provided by the IRS, and it’s labeled 8949. There are platforms that automatically track your cryptocurrency transaction history and can fill out the form automatically according to these. If you are unsure how to do this correctly or the process is too confusing for you, there are always individuals, companies, and platforms that can do this for you for a certain fee.
  9. Hi, thanks for asking! Before starting the process of mining it is necessary to set up your crypto wallet, have a high-speed internet connection, keep your mining tool in low-temperature surroundings, then you need to choose and acquire the required software. Finally, you need to join the mining pool. It is important to note that you should always make sure that your rewards are exceeding your expenses. You can do this by constantly tracking the time required to mine a specific cryptocurrency, the power consumed, and finally the exchange rate for that currency. As all of these factors constantly change, crypto mining is a requiring and challenging endeavor, which requires constant attention and personal time.
  10. Hello, I would like know about Crypto tokens.
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