How to Make Trading Decisions

The most critical step to profitable trading is learning how to make correct decisions about market entries and exits. The ability to make perfectly timed entries and exits lies at the core of your success, as a trader.

Monfex provides you with industry-leading analytical tools and ideas for market analysis. All analytical tools can be grouped into two broad categories: technical analysis and fundamental analysis.

Technical Analysis

Technical analysis allows you to study price charts of cryptocurrencies using technical indicators and analytical objects. Price charts have a variety of settings, and you can adapt them to your unique needs and trading strategies. There are 6 chart types in the trading platform, and every chart can display 9 timeframes from one minute to one month.

An indicator is a primary tool for technical analysis. You can make decisions about how and when to trade on the basis of signals, generated by technical indicators. The essence of a technical indicator is a mathematical formula that transforms the price of a financial instrument into a meaningful trading signal or price forecast.

To access technical indicators, open the trading platform in a browser from a PC (Windows or Mac) and click on the Indicators, located on the toolbar:

Fundamental analysis

The scope of fundamental analysis is in the constant monitoring and studying of various economic and industry-specific indicators, which may affect the prices of cryptocurrencies.

 

More Monfex tutorials:

1. Getting Started with Monfex

2. How to set up a Monfex account

3. How to fund your Monfex account

4. How to buy Bitcoin to trade on Monfex

5. How to analyze the market with Monfex

6. How to enter a trade on Monfex

7. How to exit a trade on Monfex

8. How to make trading decisions using Monfex tools

9. How to withdraw funds on Monfex

10. How to Set up Account security on Mobile