Tycoon Debuts to Offer Users a Fully-Automated Crypto Trading Experience

Want to Start Trading Crypto?

First, you’ll need to create an account on an exchange like Binance, Coinbase Pro, or Kucoin. Therefore, this guide is mainly suited for “Binance” users. Still, when using the advanced trading mode on your chosen platform, you’ll be presented with a similar layout and interface with several key features.

The Chart

Before reading the chart, establish and select which time frame you intend to analyze. These charts will all be candlestick charts, with each candlestick representing a specified time. For example, if you select “1D”, one candlestick on the chart will represent one day of trading. If the candlestick is red, it means the price moved down that day, and if it’s green, that means it went up. The thicker section of the stick indicates when trading began and finished that day in terms of its price.

Currency Pairs

All cryptocurrencies are traded on any exchange in pairs. One of the most common pairs available is BTC/USDT or Bitcoin/USD Tether. USD Tether is a cryptocurrency and stablecoin, pegged to the value of $1.

Using USDT in trading makes it easier for traders to trade against the US Dollar. This also provides them with a clear understanding of the value of their trades. Notice that choosing a “FIAT” trade when selecting an asset pair on Binance will select USDT as one-half of the pair. To get USDT, you can on-ramp USD onto your exchange and change it for USDT. For example, you could choose ETH/USDT, which means you would be trading USDT for Ethereum Coin or vice versa. To do this, search for ETH in the currency pair search bar and select this pair. If you wanted to trade an asset against Bitcoin, you would choose “BTC” instead of “FIAT” and search for ETH or whichever currency you wish to trade against it.

When trading currency pairs, you are simultaneously buying one and selling another. Therefore, what you are essentially saying is, “I think this currency will outperform the other one.” Even if they both increase in value, the one that goes up the most is the one that you want to have – this is the purpose of trading currency pairs.

Order Book

Stick to Spot Trading, to begin with, since the other options such as 3x and 10x are for margin-based trading. Margin trading is like borrowing money from the platform, which is not advisable for beginners.

The order book is a list of all the traders currently trading in the system at the present moment. The green listings in the book are those who are trying to buy stock by bidding for it at a specific price. Those listed in red are sellers offering their crypto stock to buyers. Sellers offer to sell their crypto above the currency’s current market price.

In contrast, buyers offer to buy it for below this price. Whenever the market price goes up or down and finally matches the value of an offer in the order book, that particular trader’s offer goes through, and the transaction is executed.

Choosing a Trading Strategy

Establishing a solid set of go-to strategies is crucial for trading cryptocurrencies and assets. Crypto traders read charts using Technical Analysis, a way of systematically analyzing current market movements compared to past market movements.

In other words, by considering past market behaviors of an asset, technical analysis attempts to predict future trends while also receiving the help of indicators provided by their trading platform. You can look into two examples of technical analysis techniques as beginners: SMA (Simple Moving Averages) and Fibonacci Retracements and Ratios. However, you should not feel like these are the only ones you can learn at entry-level. Instead, find a method of analysis that suits you.

Market Order

Near the buy/sell buttons are options for placing an order. When using a “Market Order,” you don’t choose the price you trade at – you only decide how much of the cryptocurrency you want to buy. You don’t put an order into the Order Book during a Market Order; therefore, you have no control over the price you’re buying the currency.

A Market Order is like giving Binance or your exchange the permission to automatically buy a set amount of crypto for you without regard for its market price, rather than you independently choosing the price point you’d like to buy it at. For ETH/USDT, enter the amount of ETH you want to purchase in the “Amount” section and select “Buy ETH .”

This will happen pretty much instantly. Alternatively, you can switch the “Amount” tab with “Total .” By selecting Total, you are now telling the exchange how much you’re willing to spend to get whatever amount of the other currency in the pair. This is where trading against USDT comes in handy. If you wanted to spend no more than $500 on ETH, you could select “Total” and enter 500 USDT as a Market Order.

There’s also a slider to quickly determine a certain percentage of your holdings that you may want to spend on this order, may it behalf (50%) or a quarter (25%). Although Limit Orders are more popular, Market Orders are quick to go through, and you’ll probably end up overpaying for a currency.

Limit Order

With a “Limit Order,” you have more control. You choose the amount you want to buy and the asset’s price you are willing to pay. For example, if the price of 1 ETH was $2555, using a Limit Order, you could then tell the exchange you want to buy it below the current market price at $2500.

Although it won’t trade right away, if the value of 1 ETH comes down to this price, you will make the trade at the value you chose. Then, before hitting Buy, the exchange will show you how much you need to complete the transaction. Until the trade is executed, it will appear in the “Open Orders section,” indicating that the exchange is still working on the trade. Once the transaction is carried out, it will appear in your “Order History.”

Social Trading – A Simpler Alternative

Having said this, you may now feel like you don’t have the time for this. Or perhaps you aren’t the kind of person who can keep up with the intricacies of trading in these volatile markets. However, this should not be a reason to abandon the idea of trading completely.

Social trading or copy trading is a way of replicating the actual trading moves of professional traders. It’s effectively an alternative, more straightforward, and simpler way of trading through the eyes of someone more experienced than yourself. All traders reveal and share their investment portfolios in the social trading system.

Members of the community or “followers” of a trader are handed a wealth of information based on the nature of the copy trader’s investments and trading decisions. Successful traders can be marked and their investment actions copied.

Tycoon is a new platform built to facilitate copy trading, but it is explicitly geared towards cryptocurrencies. New investors may be intimidated by crypto’s volatile nature, which adds additional risk for them going into this space. Through Tycoon’s API integration, users can gain crypto trading confidence through the insight of professional trading moves taken directly from more experienced traders. These traders can monetize their trading skills, which also works for investors as they are doing effortless trading.

There’s no need to move funds from your exchange onto Tycoon – you will simply connect the API to your preferred centralized exchange, and off you go. This means the platform is fully non-custodial, so all users have ownership over their funds. Tycoon aspires to provide its users with a time-saving, simple, and fully-automated experience of trading cryptocurrencies through its social trading platform.

Don’t Feel Excluded

Advanced charts and analysis are not for everyone. However, one of crypto’s main benefits is decentralization, through which there are no sole gatekeepers of a network.

Furthermore, the community is an ever-present force within crypto spaces. Therefore, it’s natural that traders of cryptocurrencies would follow this trend of sharing their knowledge to grow tiny social trading communities of their own. So, don’t feel shut out from the world of crypto trading if it takes your interest. However, you may need to look at it from the perspective of a professional – and remember, it’s never been easier to do so.

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