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7 Best Day Trading Books for Beginners

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  Let us today discuss the best day trading books for beginners. But first, we need to know What is Day trading? Day trading is done by day traders who execute an intraday plan of action to profit off-price changes for a given asset. It requires a wide variety of skills and strategies to take […]

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Let us today discuss the best day trading books for beginners. But first, we need to know

What is Day trading?

Day trading is done by day traders who execute an intraday plan of action to profit off-price changes for a given asset. It requires a wide variety of skills and strategies to take advantage of the market inefficiencies.

A skillful day trader can make up to $5000 a month with day trading. It is often identified by technical analysis and requires a high degree of self-discipline and fairness.

In simple terms, Day trading is nothing but the purchase and sale of assets/security within a single trading day.

Day trading strategies?

best day trading books strategy

There are four major strategies used by Day traders in intraday trading. They are:

  • Scalping trade – An attempt to make numerous small profits on small prices changes throughout the day.
  • Range trading – It primarily uses support and resistance levels to determine their buy and sell decisions.
  • News-based trading – It is typically seizes trading opportunities from the heightened volatility around news events.
  • High-frequency trading (HFT) – It uses sophisticated algorithms(bots) to exploit small or short-term market inefficiencies.

Unfortunately, everything about day trading cannot be written in a single article.

In order to know more about the different strategies, technical analysis, risk management, and psychology you need to refer to the following books listed below.

Best Day Trading Books:

1. Advanced Techniques in Day Trading

In our list of Best day trading books, Advance Techniques in Day Trading by Andrew Aziz is one of the highly recommended books of all time. The book discusses the necessary tools of the trading software and platform.

Then it moves to practical advice on how to find the right stocks to trade, how to define support and resistance levels, and how to best manage your trades.

This is a great book for beginners who are starting with day trading. After you have completed this book you need to move to a more advance version.

It has a rating of 4.5/5 on Amazon.

Download it today

2. Day Trading: The Ultimate Guide

A highly recommended book on our list of best day trading books. Authored by Alan Foley this book helps you learn day trading in the fastest and easiest way so that you make it your source of Income.

It focuses on how day trading works. Why day traders should be aware of the economic outlook held by the experts. why news is an important part of day trading and how to identify investment opportunity?

It has a rating of 4.5/5 on Amazon.

Download it today

3. How to Day Trade for a living

Written by the same author Andrew Aziz, this book is for both beginners and intermediate traders. The book emphasizes more on practical knowledge rather than having book knowledge. it focuses more on practicing what you have learned through the book.

It is considered as the next level of the first book listed in these articles.

It has a rating of 4.5/5 on Amazon.

Download it today.

4. How to Make Money in Intraday Trading

Co-authored by Ashwini Gujral and Rachana R Vaidya, this book is best for beginners and intermediate traders. Ashwini Gujral is one of the famous traders in India.

The book equips you with the skills and temperament to make you market-ready. In this book, Ashwini reveals his time tested and practical day trading strategy.

It has a rating of 4/5 on Amazon.

Download it today.

5. Start Day Trading Now

Authored by Michael Sincere, it is an entry-level book to understand the concept of Day trading from zero. The book is especially for those who know nothing about day trading and are understanding it for the first time.

He starts with the basic fundamentals as to what computer equipment is needed, how much money is required, technical jargon of day trading and so on.

It has a rating of 4.5/5 on Amazon.

Download it today

6. How to Make Money Trading the Ichimoku Chart System

On our list of the best day trading books. Authored by Balkrishna M. Sadekar this book emphasis more on understanding candlestick charts.

Loosely translated, the Ichimoku chart means a ‘one glance equilibrium’ chart. According to the author using this system, a trader can visually determine in an instant whether a chart is bullish or bearish!

It has a rating of 4.5/5 on Amazon.

Download it today

7. A Game I Play Every day

The last book in this list is by author Kamal Jamwal, here you will be able to learn the powerful intraday strategy in less than 90 minutes.

It consists of a quick and simple intraday strategy that can be used on a daily basis to capture up trends and down trends of the market.

It comes with examples of how to use of proper risk management and position your trades. Even a new day trader can easily grasp the concept and start using this day trading strategy in his/her daily use.

It has a rating of 4.5/5 on Amazon.

Download it today

Take away:

Books can only help you to understand the concept but, you cannot rely on them for trading. The more you practice the easier it will be for you to implement those strategies.

All the above books listed in this article have been highly rated on Amazon and have good feedback. You can download them for free if you have Kindle or can buy them for a small amount.

I personally would recommend you to go for the first three books if you want to learn about day trading. Keep in mind that trading is highly risky and there no guarantee on the return.

Always do your own research before investing, never follow the books blindly. Trading is not a get rich quick scheme, it requires a lot of hard work, dedication, and commitment.

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In the End:

Thanks for reading this article about the best day trading books. I hope you enjoyed reading it as much as I did writing it for you. Please do share it as sharing is caring.

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Source: https://cointikka.com/best-day-trading-books/

Blockchain

Ripple’s Brad Garlinghouse, Chris Larsen File Motions To Dismiss SEC Lawsuit

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Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen have recently appealed to Judge Analisa Torres, filing two separate motions to dismiss the US SEC’s amended complaint against Ripple and its executives.

Regulatory Overreach

In a letter dated March 3, 2021, the Attorneys representing Garlinghouse stated that the lawsuit filed by the SEC against Ripple was simply a “regulatory overreach.”

They argued that the SEC’s allegations of Garlinghouse aiding and abetting the sale of XRP, which they also alleged of being a security under the Securities Act, failed based on several reasons.

The letter reads:

“The SEC fails to recognize the economic realities of Defendants’ transactions in XRP, the XRP market, and Ripple’s business, each of which exhibits none of the traditional characteristics of an investment contract under SEC v. W.J. Howey Co.”

The Howey Test is often used by the SEC to determine whether an asset possesses the qualities of a security, and the regulatory body had argued that XRP had all the characteristics of a security. 

However, Ripple and its executives have maintained that XRP is a virtual currency, as confirmed by the Justice Department and FinCEN.

The filing also remarked on the recent amended complaint filed by the SEC before the pretrial hearing on February 22, which alleged that Garlinghouse violated securities laws by selling his XRP holdings through Ripple.

Baseless Claims

Garlinghouse had reportedly sold more than 60% of his XRP holdings worth around $159 million at that time, a move that had been frowned upon by several members of the crypto community.

However, the attorneys representing him have asserted that the SEC’s complaints against him are baseless since there are no tangible proofs to show that those transactions had indeed occurred within the US.

They said that “the truth is that the vast majority of Mr. Garlinghouse’s XRP sales were made on foreign exchanges, and those transactions do not and cannot violate the federal securities laws.”

Meanwhile, Chris Larsen’s lawyers said in their letter that the regulator has failed “to state a claim against Mr. Larsen,”  even in its amended complaint. Hence, the lawsuit against their client should be dismissed.

An Attack On Cryptocurrencies

The conclusion of this SEC lawsuit against Ripple will greatly affect the way cryptocurrencies are viewed and regulated. 

The CEO had earlier stated that this case is an “assault on crypto at large” and that Ripple “will not let SEC bully the entire industry.”

It is still uncertain who would be declared right or wrong, we just have to wait and watch with fingers crossed.

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Source: https://cryptopotato.com/ripples-brad-garlinghouse-chris-larsen-file-motions-to-dismiss-sec-lawsuit/

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Blockchain

XRP Price Analysis: 04 March

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

XRP’s price action has seen it move in both directions rapidly over the past two months. In fact, the first half of February alone saw the coin make significant strides north before it corrected to account for losses on the price charts. However, such price movement was mostly confined between its resistance and support levels. In the coming weeks, the cryptocurrency may continue to trade range-bound provided its immediate support doesn’t give in to the market’s bears.

At the time of writing, XRP was trading at $0.455 with a market capitalization of over $20 billion. Over the course of the week, the cryptocurrency registered losses of over 6 percent. However, a slight uptick in price was noted over the last 24 hours, with XRP able to hike by close to 4 percent.

XRP 1-day chart

Source: XRP/USD, TradingView

Since the start of February, XRP has traded within a confined range. Its price action has been limited to trade between its resistance at $0.62 and support at $0.39. This support level is very crucial to XRP’s price in the long-term and if the bears flip this to resistance in the coming days, XRP will see its price head towards the $0.24 range – a trading price that was last seen in January 2021.

At the time of writing, there was a bit of bullish momentum that seemed to be benefitting the crypto’s price. If a trend reversal takes place over the coming days, then traders can benefit from a short position.

Rationale

The altcoin’s technical indicators highlighted how the coin is still not entirely out of the woods yet. There was significant bearish pressure for XRP on the daily chart. The MACD indicator underwent a bearish crossover and while a reversal seemed possible, it hadn’t occurred at the time of writing. Additionally, the Stochastic indicator was still in the oversold zone, despite moving towards the neutral zone.

Important levels to watch out for 

Resistance: $0.62

Support: $0.39, $0.24

Entry: $0.42

Take Profit: $0.26

Stop Loss: $0.58

Risk/Reward:0.91

Conclusion 

XRP’s price can be expected to be range-bound in the near-term. That being said, the altcoin may lose a lot of its value if the immediate support is breached in the next 24-48 hours. On the contrary, if the press time bullish momentum sustains itself, then a move towards its immediate resistance at $0.62 cannot be discounted.


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Source: https://ambcrypto.com/xrp-price-analysis-04-march

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A dark horse in the Ethereum scaling wars? Chainlink’s oracles find fertile ground on xDai

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Chainlink (LINK) oracles have made their way to xDai, an Ethereum sidechain that has seen growing adoption among DApp developers who cannot afford to stay on the Ethereum mainnet.

As announced by Chainlink on Thursday, its price feeds are live on the xDai mainnet, offering price data for an initial set of trading pairs including LINK/USD, AAVE/USD, DOT/USD and SUSHI/USD. More pairs can be quickly added if there is demand, the company said.

The integration was completed by Protofire, a development workshop and xDai validator. The team received a Chainlink Community Grant to port native Chainlink oracles on xDai, including a token bridge adapter that enables native LINK payments for the oracle’s functionality.

The integration of Chainlink price feeds is the latest in a series of positive adoption news for the xDai project. The chain was already hosting major Ethereum-based DApps like Perpetual Protocol, a derivatives platform, and Omen, a prediction market developed by Gnosis. The inclusion of native Chainlink oracles removes a major barrier for projects relying on them, potentially opening up xDai for more DApps who wish to escape from the congested Ethereum mainnet.

Decentralization is good, but it won’t pay for gas

xDai is a relatively centralized sidechain secured by an independent set of validators. Sidechains are a type of chain where a standalone blockchain uses another’s token as a native currency for paying transaction fees — in xDai’s case, that token is MakerDAO’s Dai. The architecture binds the economies of the two environments, but the sidechain is otherwise a completely independent entity with its own security rules.

In the Ethereum community, xDai is commonly known as a centralized layer two solution. It was launched by PoA Network, a project whose name directly hints to centralization — Proof of Authority is the somewhat euphemistic name of a consensus model where the validators are chosen by the project’s insiders, instead of a community.

The xDai chain has since its launch transitioned to a Proof-of-Stake model very similar to that used by EOS or Binance Smart Chain. The total number of validators can never exceed 19, compared to the tens of thousands of validators in Ethereum’s Beacon Chain. The benefit this architecture provides is faster scalability, with xDai offering an advertised 70 transactions per second for simple token transfers.

In a conversation with Cointelegraph, Friederike Ernst, chief operating officer at Gnosis, agreed that xDai is somewhat centralized:

“It is not as decentralized as mainnet, this goes without saying. Obviously these are for very different use cases: you don’t want to do things on xDai where you need the economic consensus guarantees of layer one. But for many things, you don’t actually need them.”

The allure of xDai comes in part from its almost plug-and-play compatibility with Ethereum. Its OmniBridge allows moving any token to xDai and back, while its blockchain architecture is almost identical to Ethereum. This makes porting DApps or infrastructure elements like oracles very easy.

The centralization concerns seem to be not enough to stop adoption. Chainlink sees itself following developer demand, with Johann Eid, head of integrations at Chainlink Labs, telling Cointelegraph that “smart contract developers should have the option to work with whichever chain is the best fit for their use case.”

For Omen, the decision to set up shop on xDai was a matter of immediate necessity, Ernst explained:

“For most things, the gas costs outweigh the downsides of being on a PoA chain. And the fact of the matter is, while people are betting on a lot of layer two solutions, very few of them are in production.

Array

The growing adoption of xDai or Binance Smart Chain is seemingly at odds with the crypto community’s preference of decentralization. Ethereum fans often believe that the prevalence of DeFi on the blockchain is the result of its more decentralized architecture and community spirit. Indeed, the rise in usage of blockchains like Tron or BSC occurred after it became clear Ethereum could not cope with its load.

At the same time, decentralization appears to be not enough by itself. For example, the most Ethereum-like blockchain in existence is Ethereum Classic, which was formed by a community who believed that Ethereum was not decentralized enough. It has failed to attract almost any interest from DApp developers.

More centralized solutions have a major benefit going for them — they work, right now. Rollup-based layer two solutions are still in development, with Optimistic Rollups being closest to release. Ernst was not particularly enthusiastic about its one week withdrawal waiting period, though. “I’m a huge fan of zkRollups. There you don’t have the withdrawal limitations, but the technology is not developed enough.”

While some developers continue waiting for rollup-based solutions, platforms like xDai can advance unimpeded. “Ultimately, it’s a tradeoff between the higher security guarantees offered by Ethereum and the usability, innovation, speed and cost savings right now on L2 sidechains,” an xDai spokesperson told Cointelegraph. As long as gas fees on Ethereum remain high, DApps may bforced to choose practicality over ideology.

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Source: https://cointelegraph.com/news/a-dark-horse-in-the-ethereum-scaling-wars-chainlink-s-oracles-find-fertile-ground-on-xdai

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