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Hal's beginner guide to trading

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This is a little guide I put together for some in here, it was well received, so I thought I would post it here in the main forum. You could call this, how to make money anytime, without needing a job or a boss @Benchmark :)

Read through ALL this before jumping into trading, keep in mind trading is not the same as investing. Doing this, you can make money even if the price of the thing you're trading goes down. There is always a danger when trading, so read on.

If you're not a beginner, then you might still learn something, but this is written for novices and people who might want to gain some insight, from my years of doing this. I am self taught, with no higher education in this field, so yes anybody can learn to do this... well almost anyone :)

The FIRST lesson in trading is you probably don't know enough to do it yourself, no matter how smart you think you are, a common consensus amongst traders is, it takes about 15 years to turn a normal person into a good trader. So don't become one, unless you want to spend the next 15 years looking at books, screens and numbers. Why listen to me, I'm a Platinum member here because I spend all my time obsessing over XRP and because I do successfully day trade it.

1 ------

So how to trade (this is kind of specific to XRP and how not to have to deal with the Taxman legally), but a lot of this can broadly be applied to many cryptos + stocks (I guess).

(I have no affiliation with the people I'm recommending here).

So here's the short cut to trading successfully

Step 1... you don't know enough, but there are plenty of people who do, so find a guru with a good track record and follow them and their trades...

The link below is to one of the gurus I follow (keep in mind no Guru / Trader get's it right 100% of the time, covid, 911 etc are not predictable)...


This guy recommends safe bets and puts out a vid EVERYDAY and has done for many, many years, that takes serious dedication and I have made many profitable trades (on XRP), utilising his trading advice, on other cryptos he might be totally off, watch, if he gets it right or wrong etc.

Another Guru I follow is this guy....


He does daily analysis of BTC and as BTC usually dictates which way the rest of the crypto market is moving at least in general, then it's handy to know.

2 ---------------

How to avoid the Taxman (might be different in your jurisdiction)... every time you make a trade a potential taxable event can occur and must be reported in some countries, so is there a way around this... yes:-

Imagine you and a friend made a bet and the bet is, your car vs their car in a race and to make it even more understandable, imagine you both owned the exact same make and model of car, anyway, so imagine you won the race and the loser has to hand over their car, you now have 2 cars and no money has actually changed hands. Now imagine this same kind of scenario but you're in a global race, but this time each participant in the race is putting up their XRP rather than a car, if you win, you get their XRP or vice a versa you lose yours to them. Of course these races are mostly held at venues, there called crypto exchanges :)

3 ---------

Off to the races, so here is a venue / exchange I like to use.... 


And why do I like to use this exchange, because as can be seen in the image above they have the option for you to race your car against other racers. The name given to this kind of race, is called the inverse contracts race. As can be seen in the drop down menu above you can race against other crypto racers for their XRP.

I use Bybit because I find their interface and their XRP liquidity (other racers wanting to race against you, is an easy way to grasp it), to be the best. They are KYC but oh well nothings perfect in life :)   (EDIT) - This is now kind of wrecked for some, as the USA / UK and some other countries won't let you use Bybit, but other options are available DYOR.

Now day one you don't want to be doing any of this, without practice, so, sign up at their pretend money site, any old email will do, they also ask for KYC, but last I checked, it's not required...

https://testnet.bybit.com/en-US/    once signed up, go to there spot market and buy some XRP using the pretend money they give you, then transfer your pretend XRP from your spot account over to your derivatives account, that's it your ready to race.

So go join, get some pretend money off them and start playing around with the GUI... look at the image above, to take you to the right race track so to speak, Derivatives / Inverse Contracts / XRPUSD. 

4 ------------------

I'm not here to explain how to use a GUI on an exchange, you will have to learn how to do that yourself.

OK as you can see from the screenshot above, you have SHORT and LONG, simply put, to short something in this case, is to bet that the price of XRP is going to go down and to long, means you're betting the price of XRP is going to go up. Red = price is going down / Green = price is going up :)

Now then play with the GUI, play with the pretend money (you can't lose). Make a bet just for fun, put on a bet say $100 worth of XRP and short or long it and then see a couple of things, leverage, liquidation point, entry price etc. Once you place your bet, you will see at the bottom of the screen a position box appear, this will tell you how well or not, the race is going for you.

Mess with this a lot, get used to it, try your best to understand what is on the screen, read up etc. The GUI and understanding it, is not what I'm trying to convey here, I'm trying to teach you a shortcut into trading, without 15 years of experience being needed :)

There are ton of guides on the Bybit site & YT etc.


5 ---------

When you take a long or short postion, there is a pop up screen and it will tell you your liquidation point, there are many factors to understanding this, it's too long winded to get into here.... but I will try to give a quick explainer... an example of the pop up.


So as you can see, $100 worth of XRP was bet, my leverage is 50X (insane), but this is just for example, now with the available amount of XRP held in this account, then I would lose all of my XRP if the price of XRP went up to 0.8272 cents and the entry price is 0.6640 cents. Why is the liquidation price above the entry price, simple this is an example of a short, so let's just say I win, because the price of XRP goes down, then how much I'm winning etc, both in terms of dollars worth and XRP will appear in the position window at the bottom of the screen, eg...


If things are in red, then you're losing, green your winning :)

As the price of XRP fluctuates then you will see the numbers change in real time, it's not rocket science, you will soon see how it works with a little playing around and practice. Get used to the interface, get comfortable with it, learn how to use it, play with the graph settings etc, on the testnet site, you can't lose and you can't break anything.

Quick tip you will see your entry price appear on the main graph as a fixed line after pressing on confirm, I like to use the 15 minute or 30 minute chart, don't look at the 1 minute or 5 minute etc, you will go mad. Now on the position bar as shown above you will see...


Yours will have different numbers in it, click on the pencil looking icon and you should get this screen up.


When you play around with the stop loss you will see a line appear on the main graph after pressing confirm, that line is interactive, you can click and drag the line in real time, to the position you want it to be, that also applies to the take profits target. The price of XRP can move violently all depending on market conditions, so this is why it's important to set a stop loss and use the Guru technique I talk about below, they may tell you how to set it, so you don't have to. It can take a long time to learn how to use stop losses effectively, too little & you will get stopped out all the time, too much and you could lose a lot... this is a skill and you will have to get used to either watching the market and moving your stop loss with the markets movements or follow the Guru's advice.


6 ------------

Safe bet's, just make sure your liquidation points are stupidly away from current price action and don't panic sell. For practice, play with leverage and put on stupid bets and see just how quick you can win or lose your pretend XRP, let's call that lesson number one.

Also keep in mind, you're betting XRP to win XRP, so all you need is XRP, (for all those with no so called real money).

You can make incredibly small bet's 1 XRP, up to whatever you like or you're willing to risk and keep in mind no market moves up or down in a straight line.

OK once you have learned your way around and understand the GUI and practiced making many shorts and longs & putting in and moving stop losses etc... then you might be ready for the next step.... REAL MONEY, better known as potential ouch time :)


7 --------------

Ok I'm assuming you're at the exchange you picked and they do XRP inverse contracts (most exchanges don't)...

So like I said find a Guru or use the choices I exampled above and start testing their recommendations out, if the Guru is crap, you will soon know :)

Every Guru will have their own strategy and their own trading style (who cares), you do, why because some Gurus might make very risky bets, you don't want that, especially as a beginner. What you want is a steady winner who places safe bets (my recommendation)... keep in mind most of them do this for a living and live eat and breath this stuff, if you got this far, then you most likely don't.

OK so hopefully you have copied your Guru's trades for a while  and it's worked out, if not find another Guru.



The key to unlocking your Guru's talents NOT YOURS, is simply this, you must trust you're GURU's advice, not your emotions, not your logic, not the 5 minute chart etc.

THAT'S IT, that's the shortcut. If you're Guru's trading starts to suck, then find another and start testing them. 


As you gain experience then maybe you can inject some of your own thoughts etc, but if your Guru is any good, then trust the guy who does it for a living.


Your biggest duty is to yourself, you're ultimately in the risk management game and only you can determine what it is you're willing to risk or bet etc. Protect your XRP don't make crazy bets, just follow your Guru's advice and LISTEN VERY CLOSELY TO WHAT THEY'RE SAYING, DON'T HALVE LISTEN, THAT CAN BE JUST AS FATAL :)

Also if the Guru starts talking about confirmations, then this is also a very important lesson to learn. If a Guru say's if the price dips or goes above a certain level then long or short, then a good Guru, will usually add what's known as confirmations to their trading recommendations. An example of this would be, if the Guru say's, if XRP goes below 50 cents and we have a daily close below that level, then short it, which can usually be interpreted as meaning, when the New York Stock market closes on that day and the price is below 50, then place the bet they recommended. Sometimes they could say something like, if we have a 4 hour candle close etc... this is all part of the terminology of trading, but with a little study and a good Guru, then you will be on the right track to successful trading.

Timeframes - your Guru should explain the timeframes they are thinking in, they may say moon party coming soon, even though they are thinking 6 months from now and you're thinking 5 minutes from now. Learn how you're Guru is thinking in this regard.

Listen / learn / pretend trade until you're comfortable enough and successful enough at it, to risk real money / XRP.

The market other racers so to speak, want your car / XRP just as badly as you may want theirs, so understand the market does not care about you, the race is all about winning and you don't win unless you have a good driver, if you take the point. Also a lot of drivers are just machine based systems (bots), looking for the next mug and they can usually move the price up or down within a trading range and faster than you can press buy / sell, long or short etc, so be careful.

A typical beginner mistake is to jump in, because they have been watching the market for a while and thinking, I know what it's doing, then bang out of nowhere, the market moves violently and they don't know why. A good example of this, is when the Federal reserve has what's known as an FOMC meeting... when such meetings occur, the price of most stocks, cryptos etc, usually have wild price swings. There are many, many more of these types of things, that violently move the price around, such as a CPI print, the point is, there are lots of these kinds of things and if you don't know when they're going to happen etc, then they can catch you way off guard, but a good Guru, will know.

Ask yourself a question, do you really want to spend all your time, looking for these types of patterns on candlestick charts and then trying to learn all the nuances involved!


A little video below, to show you a tiny slither of just some of the knowledge you would need, so as to become even a beginner day trader...

Think of the above vid + chart patterns etc as day one in trading school, then think about the bot's / A.I. systems / pro traders etc, that learned all this stuff potentially many years ago and have gone far, far beyond these kinds of simple Technical Analysis (TA) type insights.

You're up against pros, so don't try doing this without learning a lot more and as you read on, in this thread, you will learn how to develop a trading strategy.

A little knowledge is a dangerous thing in trading, so leave it to the experts, get a Guru, learn to trust them and follow their advice, just be careful who you listen to :)

So how do you find a good Guru, well it's not always about the people with the biggest YT following etc, the proof is in the profit so to speak. So test their recommendations many times, a shortcut to finding a good one, is sometimes to read the comments or find their past recommendations and see how they played out.


9 ..... Cashing out.

Some countries don't tax personal loans, so there are now many exchanges and websites etc, that will take your XRP (just as an example) and then loan you real money for it. If you don't pay back the loan, then you lose your XRP, but if you just sell it, then that could become a taxable event. If all you want is the money, then loan it to them as collateral, don't just sell it and the taxman can go jump :)

I use Nexo for their loan and cashing out service, there are many more, you can even download their APP and get a virtual debit card on your smart phone instantly or even a real one, their in partnership with Mastercard. So you can spend your XRP directly from your Nexo account at any shop that accepts Mastercard.

If you're American (or UK now from OCT 8th 2023), then you can't use Bybit or Nexo (UK can still use Nexo), but you can use others such as MEXC (look for the COIN M option for inverse contracts), you may want to DYOR into what suits you and your jurisdiction (there are plenty of crypto exchanges - some might be dodgy, so be careful). For now you can use this - https://dexfi.pro/trade - a trustless exchange all run on the XRPL, at the time of writing this, they had yet to implement inverse contracts or leverage, but there is a good chance they will and it will be safer than ANY normal CEFI exchange, unlike FTX etc, there is no middlemen that can run off with your assets, it's all programmatic and run from your self hosted wallet. Also keep in mind XRP is at the time of writing this the ONLY crypto in the USA with real legal clarity - it's not a security, so the SEC can't touch you for trading it, unlike potentially every other crypto. 

Trust your GURU or FIND another and test them on a pretend money exchange, just keep going until you find one that works for you consistently :)

Grow the business - get the family and friends doing it, do even less work, by letting them find the good Gurus for you :)

Hal's mini guide to trading.... please like and subscribe to my non-existent patreon, you're welcome XRP chat.


10 - it takes a maths degree to be this stupid and wipe out billions of dollars :)

And to finish off this guide, here is one of the major reasons FTX collapsed, they didn't use or manage stop losses properly, don't be like Sam Bankman Fraud's girlfriend or FTX.



There are billions of ways to trade, from Bot's to Indicators, to signals, but a good Guru, is your best way into doing this. A good Guru should also teach you along the way and explain exactly what they are doing and why. Good Guru's probably have a ton of knowledge they don't share, because to them it's like muscle memory, their minds will already know and see things that you can't even begin to grasp as a beginner or even after many months or even years of trading, so listen to them, not yourself.


Once you have mastered some of this, then you can take your trading to another level using indicators and other TA / trading tools etc...

Your next step.... Trading View .com - think the MACD & RSI etc are cool, then take a look at all the indicators and TA tools etc, available on Trading View, there are 1000's....


You can obviously create your own list of favourite indicators....


You see the numbers at the end of the indicators, that's how many people have liked those indicators, just think of all this as bit like Amazon, but for indicators, trading strategies and it even has user reviews for each trading strategy and indicator etc. So the key to all this is, learn, learn, learn, this is an infinite rabbit hole and almost anything can be brought, sold, traded, become a derivatives product, the sophistication of trading strategies, indicators, products and pairs to trade is staggering.

The really big next step for a beginner, is a sophisticated trading Platform like this one over at.... 3 Commas.

Be careful and trade safely and the Guru route is still your best option, trust me on that.

There is obviously a lot more to trading, so the rest of this thread is just me and whoever wants to join in, sharing knowledge and further advice on the subject.

If you like or got anything from this, please leave a like... it just let's me know it's being read and I didn't waste my time writing it :)

Edited by HAL1000
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I still don’t get my head around the leverage. I suppose 100 usd with 50x leverage = 5000 usd. Who is guaranteeing the othe 4900 usd? And if it’s you, why don’t you trade 5000 usd at 1x leverage. 

Nice tutorial btw 👌

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Posted (edited)
30 minutes ago, DD_XRP said:

I still don’t get my head around the leverage. I suppose 100 usd with 50x leverage = 5000 usd. Who is guaranteeing the othe 4900 usd? And if it’s you, why don’t you trade 5000 usd at 1x leverage. 

Nice tutorial btw 👌

Leverage is easy to understand, play around with it in the GUI, you will learn. The only money / XRP at risk, is yours, you're not borrowing anything. Leverage only hurts you, if you don't know what you're doing with it, that's why it's important to learn it and you're liquidation point. The only thing at risk in the type of trading described above, is the XRP you hold on the exchange, nobody is going to be chasing you for unpaid debt's etc.

My brain is fried after writing that, if I can think of a simple way to explain leverage, then I will add a comment later :)

Edited by HAL1000
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2 hours ago, DD_XRP said:

I still don’t get my head around the leverage. I suppose 100 usd with 50x leverage = 5000 usd. Who is guaranteeing the othe 4900 usd? And if it’s you, why don’t you trade 5000 usd at 1x leverage. 

Nice tutorial btw 👌

Leverage is just you borrowing an amount to play with of either the asset itself or some funds to buy with. 


To short:  you borrow the asset itself and then sell it hoping it will go down in price.  You gotta provide (pay) the asset back…  so if it goes up in price that’s gonna cost you.  If it falls you can buy it for less than you borrowed and keep the difference.


Too long:   you borrow some money to buy the asset with.  If the price falls then when you have to pay the money back you gotta add in some of your own asset or money to make up the shortfall.  If the price rises you sell the asset, pay back the loan and keep the difference.


They charge you interest per minute (short period anyway) for the loan.  They insist you put a pile of the asset or money into the transaction and that’s what you are borrowing against.  Say you put in five dollars, they might let you leverage x10 which means you now have fifty dollars.  Or you put in ten XRP you now have fifty XRP to play with.


They are very quick to kill the position if it looks like you are getting near to being not able to pay back the loan.  (Eg you shorted but the price is rising, or you longed but the price is falling….   and now your loss amount is approaching the amount of collateral that you put up to secure the loan.  They close it before then to ensure that they never actually lose anything…   but you do.   :) 


So you can protect against that by adding an extra bunch of funds or asset to the position to cover any temporary losses.  But all that extra amount is at risk too.   If it keeps going in the wrong direction there is a point they will close the position and take the repayment out of your funds.  Because it was leveraged that might be a significant amount to lose.

There are finer details but that’s the gist of it.



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3 hours ago, HAL1000 said:

The only money / XRP at risk, is yours, you're not borrowing anything.

Yes that’s why they never lose but I find it easier to explain as a loan.

One way of looking at leverage is that it lets you pretend you are a bigger player than you are.  Bigger players make bigger profits.  But when they lose it’s bigger amounts.

And the amount of leverage determines how close you are to the price…. high leverage means that you are riding close to the price and a move in the wrong direction wipes you out.  

Lower leverage means you’ve stepped back from the price a bit and it can wiggle more without wiping you out.

Adding more security means that you are widening that gap…. it will take a large price movement to hit your liquidation trigger point.

Setting stop loss trades means that you have a moat in front of your position.  If the price moved far enough in your preferred direction then you can set that stop loss at a point where you are guaranteed profit.  If it keeps moving in the preferred direction then you can reset your stop loss at a further point even more into profit.


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Posted (edited)

As you get further into trading and you want to level up, then you can combine your Guru's knowledge with indicators over at Trading View (it's free for the basic package), there are 1000's of indicators to choose from, but for XRP trading, I recommend this one....



It's simple to understand, as soon as the colour changes on the ribbon flowing through the middle of the graph, it shows there is a direction change in how the price is going to move, this works for any time frame, but I would leave it on the 4 hour chart. Red = down = short / green = up = long, it don't get any simpler than that :)

Indicators are all well and good, just think of them as confirmation signals that you can add to your Guru's advice.

Edited by HAL1000
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Posted (edited)


Some people have no patience and want instant success (not likely to happen). This is me doing what I do, so in less than an hour I made over $150, this is easy for me, because I have spent years doing this and understanding how the market moves and understanding how to mitigate risk etc.

This is an example of a mini flash crash, I call it catching the spike, this is done by observing the one minute chart and requires a fair bit of skill and almost instant reflexes and a lot of insight :)

There are other ways of catching spikes, but that's another story.

If you get really good at doing this, then this is the kind of results you can achieve in amateur day trading. Most good Gurus would stay a million miles away from this type of trade and I don't blame them. This is what a lot of people think they can achieve with a bit of practice, you can't, this is why I can, welcome to my trading den...


That's a lot of screens worth of data flowing into my brain and you have to keep up with it moment to moment, XRP price moves real fast sometimes. That's why day trading is not for those people who read a up a bit, play around a bit and think, yeah I can do this.

Get a guru and make safe bet's, it took me 10 years of doing this, to achieve $150+ in less than one hour relatively safely, could I make more, yes, but I'm in the risk management game and it can be a very costly one to learn. Starting out, I lost tons of money, thinking I knew what I was doing, don't make the same mistake.

Get a Guru, practice, only start placing real bets when you have done this for a while and seen lot's of pretend profits fall into your piggy bank :)

Edited by HAL1000
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Posted (edited)

Another indicator over at trading view I like is this....

Boom Hunter Pro


Here is an explainer video guide for the above indicator, you will find many such guides on YT etc, if you don't know what you're doing with them....

Most indicators on trading view have guides on YT etc, you can see ratings on trading view for each indicator.

Most free indicators are just as good as the paid ones, there are lots of people trying to sell you their super fantastic never lose indicator, strategies, bots etc, think of most of them as pure snake oils salesmen :)

You may have noticed, I ain't charged you a penny and I ain't asked you for anything, this is what a good actor in this space should be doing. If you see online websites and gurus asking for money and then they will share with you this or that secret to trading, then stay wise, 10 minutes of googling will probably find you the free version of the same information.

Saying that, some of the most sophisticated indicators / strategies etc, on trading view are only available when you upgrade to their higher tiers, but are they worth it!

Certainly the free tier for a beginner is fine, I'm using their lowest price option and it does me, but if you want to go mad and you have money to burn :),  then here's a review. Also keep in mind they regularly have halve price sales etc.

Just going to some random website, with some flashy text and a promise of some unique new cool indicator / bot / trading strategy etc, then nope just stay away :)

Edited by HAL1000
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Posted (edited)

Here is a really good example of why you don't want to become a full time TA person, just listen and take in just how much information he has had to take in, so as to give you this analysis.

Learning TA can be fun, but if you just want the money, then GURU UP :)

Just be careful who you listen to....


BCB is no slouch, but the above shown YT thumbnail, shows his prediction and as you can see it was from over a year ago and still XRP never did go over one dollar, in that whole time, so no matter what some experts might sound like or how many followers, the proof is in the profit.

Shorter term TA such as the daily / 4 hour or even weekly, I see working, but the further out you look the harder it is to predict, think of it like a weather forecast, this time next year is really hard to predict, 4 hours from now, not so much.

Keep in mind some XRP holders have been waiting for $10 XRP since 2017 and it ain't happened yet (partly because of the SEC lawsuit), but still be careful and keep an eye on BTC as it still moves the market.

Edited by HAL1000
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Posted (edited)


It don't get much more simple than BUY / SELL :)

This indicator also draws support and resistance lines on the graph for you (very useful) and works on all timeframes. I don't ever suggest trading below the 4 hour timeframe, as it's super dangerous, keep in mind spikes can occur anytime - if you don't know what a spike is, then I explain it further on in this thread.

More indicators and wisdom from this indicator maker, can be found here...


Edited by HAL1000
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One more things to keep in mind, I have yet to come across 2 TA Gurus who agree with each other completely, so that tells you something about TA work, it's not an exact science.

Also if you find a good Guru or indicator / strategy or just have a tip about things you want to share about trading, that you have tested to work, then please post them in the comments on this thread :)

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Posted (edited)

As a beginner and even a pro, this is something you should be aware of...


This is the 15 minute chart for XRP and that dump actually occurred in less than 5 minutes, the price wicked down from basically 58 cents to 31.5 cents. This is known as a flash crash, they are incredibly hard to predict and are a rarity for most top 10 cryptos.

This is why trading can be incredibly dangerous and stop losses should always be used, this wick down either liquidated or stop lossed out almost every person in a long position at the time it happened. That's over a 26 cent drop in minutes and if you thought, "oh I will be safe", because you set your liquidation point let's say 10 cent's etc, away from current price action etc, then you get the point.

Keep in mind this usually happens sometime after a fast pump up, it also seems to happen at least a couple of times a year. Sometimes it can happen the other way around, especially if there has been a crash, these are called fast run ups.

What caused the crash exampled above, some thought Elon Musk had sold all his BTC all at once, some say, it's because Evergrande went bankrupt, some say whales playing, some say natural market correction or back test or all or part of the above and more... who knows for sure!

So be super careful when trading, STOP LOSSES are there for a reason, don't be stupid, never make bets you can't afford to lose. Also when falls like that happen at insane speed, then sometimes your stop loss, MIGHT not trigger where you placed it, this can be mitigated somewhat, if your exchange / trading platform supports something called a trailing stop loss.

Trailing stop losses, can save you a lot of heartache especially if you're already in a profitable trade, so rather than you having to move your stop loss up etc, all the time, it becomes an automated kind of deal. On lower timeframe trading, then trailing stop losses are pretty useless, because, fast wicks and the volatility of crypto, will probably just get you stopped out all the time, but for traders playing on higher time frames, longer trades, then yep it's invaluable.

Also if you're expecting a mega fast pump or dump, then it may also be very useful. 

Edited by HAL1000
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Posted (edited)

The MA EXP Ribbon


The MA EXP Ribbon is actually a collection of Estimated Moving Averages, when combined with other indicators and GENERAL TREND as can be seen above then it usually means a faster move is about to happen when the ribbon bunches up and usually in the same direction.

As you read on in this thread I will go over this in more detail. I'm a bit of an EMA ribbon nut, mostly because it works and it's incredibly easy to understand and can be grasped by anyone in minutes. Plus it's extremely easy to see what's going on, with just a glance, when you get used to reading it.

You can look at graphs and candles all day and still as a beginner go, "I don't get it", BUT, just think of the EMA ribbon as acting a bit like a ship anchor, the ship (current price) never really get's that far away from it.

It also helps give you an easy to see and visual reference point for where the price is going to or moving away from and on anytime frame... this is all explained further on in this thread :)

If you like this content, then please leave a like, as I sometimes think nobody is even looking at this :)

Edited by HAL1000
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