Learning on binance


#1

Can some explain how the prices work.

What affects price etc.

I’m confused how the 3900 and the .33 work.

Any learning tips greatly welcome.

Long term holding.


#2

Hi Alex!
Price is affected by market demand. A more important volume of buyers in the order book (OB) drive the price up, a more important volume of sellers in the OB drive the price down. You can see the order book under 2 forms (I’m on a desktop, I don’t trust phones to trade):
1)

2)

The 1st screenshot is more detailed and the 2nd gives you an instant visual as to where is the pressure: Lots of green means that many buyers positioned themselves in the order book, then normally, the price shouldn’t drop further than that in theory. Because that buying/selling pressure graph only shows you the orders that are waiting to be executed (Limit Orders), it doesn’t take into account the Market orders ( that are basically instant orders no matter what the price is)

  • 0.00039772 is the price per ADA in Ether (ETH)
  • $0.33 obviously is the price per ADA in dollars

Given that there are more decimals in the ADA/ ETH price, it is more detailed and will keep changing more than the dollar price.

Here is a good guide to start trading on Binance that might help you. Skip to the “How to Trade on Binance” paragraph. Good luck in your new career!

P.S: Very good timing: $0.33 is an excellent buying opportunity


#3

Thank you very much for the info!!

Very helpful indeed.

Alex


#4

Thanks @CosmosX

Is SMA just for traders or would you say it’s quite good to have an understanding of this?

I’m really quite excited about crypto currency, markets and tech and willing to just learn as much as I can.


#5

You’re most welcome. What do you mean by SMA?


#6

@CosmosX


#7

Ah yes, the moving average, I use it with BTC, but not with ADA, because I don’t trade ADA, it’s one coin to cherish and hodl. Last time I attempted day-trading ADA before the december pump it costs me 3000 ADA. Never again. I’ve learnt that Technical Analysis doesn’t work well in crypto anyway, unless you commit 200% of your time.
So personally I don’t trade this coin, I just accumulate when I can afford it using dollar cost average techniques. It’s too easy to get burnt trying to outsmart and time the market, when most of the time you would have been better off just hodling.

One of my fav memes with Leonardo Di Caprio and Matthew Mc Conaughey in the Wolf of ETH Street (applies to any coin)


#8

Thanks Pierre :wink: @CosmosX

I’m not planning to trade any coins at the moment so will pass this by for now.

:joy::joy::joy: that’s brilliant that meme!!

I’m buying ADA when it dips, I am trying to accumulate as much as I can. I have great faith in the team and tech :grin:


#9

You’re welcome!! :smiley:


#10

Pierre. @CosmosX

How comes the eth btc price starts dropping but the price is going up?

There isn’t any movement on eth or btc on coin market cap? I dont understand!!


#11

You mean ETH and BTC prices are dropping, but ADA price goes up? That’s a good question and I am not sure that I ever saw that happen, I honestly don’t know.

Just for your information, following the January fiasco of CoinMarketCap brutally taking out of their algorithm and without notice Korean exchanges due to higher coins prices, the CMC prices plummeted and triggered a wave of panic sell-offs because people were seeing a lot of red on this site… That’s why I’ve been using CoinCheckUp.com instead, they have a much better interface in my opinion. :slight_smile:


#12

the .33 is the price in current us dollars relative to the current underlying pair … in your case you have the ETC market … so the fractional price you see the .00039772 is what percentage of a ETH makes up .33 cents.

besides the obvious supply and demand … you also have a currency pair … so the other side aka in your case ETH can move up and down impacting the price you see on this end.

if your buying a bitcoin or either just to move into ada … then your only concerned with the .33 cents price …

but if your holding btc or eth you have market risk on that side as well as ada movement that will impact the prices pricing … a .33 cent price … isnt the same as a .33 cent price with the other side of the currency pair moving … you may see .33 and the larger (or smaller) fractional number changing and thats because of the other side of the pair increasing or decreasing in value… remember currency trades in prices relative to each other.

hope that helps

Cheers


#13

@ThinkTank

Thanks Rocco :grin:


#14

Little off topic but we are on random @CosmosX, I read you don’t do phone trades, even with 2FA google authenticator enabled? I know phone cloning and man in the middle malware is the hack issue. If you verify your withdraw address and have your security protocols in line, has that proven to be to still be vulnerable? Just curious, I phone trade all the time.


#15

Hi Jeremy, thanks for your post, I enjoy security questions but I am afraid that my answer is only going to disappoint you.
I personally don’t do phone trade more for convenience reasons rather than for security reasons.
As a paranoid individual when it comes to moving money online, I prefer checking if my hosts files are compromised on my computer (like this, see top answer) rather than on my phone. It may be stupid, but it’s just a habit. I am far from an expert, but as long as you’re not on a public Wi-Fi, that your app is legit, and that you follow the basic rules of triple checking addresses etc… that you seem to already know, you should be good.

I have never heard of crypto hacks on phone apps, if you have read some articles about it, please let me know.

Which app do you trade on? I hear the Binance Phone app is very good.

Cheers,

Pierre


#16

Yeah, Binance is my goto. I have researched any hack that may effect me. The ledger Nano S man in the middle has been the craftyest. (If that is a word.) :grinning: I would feel much better if we were able to utilize our hard wallets with the Daedalus wallet. I know it will come.