Trading is an act whereby goods or services were exchanged with another goods or services

 

In respect to Forex and Cryptocurrencies, it is the act of exchanging one currency to the  using an intermediate channel which is the trading platforms usually referred to as exchanges or swaps in crypto space and brokers with regards to forex.

 

For you to engage in trade, you need to analyse a currency that you want to exchange for another one and for you to take in profit one of the currency pairs must be weak and the other one being strong relative to the other. 

 

In a nutshell one of the currency will need to be losing it's value and the other gaining more attention and value.

 

This is the mentality or general concept as regards trading.

 

So fundamentally speaking in trading, all we do is to take a decisive motion that a  currency will be weaker and the other one will be stronger, when you analyse that a coin will appreciate in value you buy it and when you analyse that a currency will depreciate in value you sell it off.

 

So when you hear somebody has entered a trade, it simply means that person have exchanged a currency pair for another and is opting for it to go according to predetermined analysis.

 

Take for instance,

 

I analyssed based on analysis that USD will gain value against naira, I will buy usd with my naira or even sell naira currecy against usd, this is what is regarded to as trading pairs.

 

Usdt/Ngn means that you are buying usdt against Naira as pairs, that's you are insinuating that usdt will appreciate more in value than naira and when that occurs you are in profit and already lucrative.

 

Ngn/usdt as a sell pair means that you are selling off naira against usdt based on your pre-analysed decision that naira will be weaker against USDT

 

The first pair is known as the base currency while the second pair is known as the quote currency.

This philosophy applies to all the trading pairs and instruments in general 

 

So to trade you have to learn the act of trading analysis first before engaging in trading decisions.

 

In  trading you have to check the the strength of the pair you want to engage with and also is there any news that will impact the trade is available especially in fx, the people's sentiment as regards the currency and so on.

 

One of the main reason for bitcoin surge in price of recent is because of the halving that is coming up in April coupled with other gigantic investors that are coming to the fore, so news like that makes a coin to appreciate impulsively and makes the price to surge, and that's the reason a coin should be analysed properly before getting into it which takes time and concentration to learn. It is not  a rocket science, it takes diligence and dedication depending on your level of comprehension, your desire and passion to learn and the materials available at your disposal 

 

So now let's breakdown the Binance interfaces as one of the popular exchange in crypto space

 

Binance platform design would be used as a case study in order to expatiate on some of the available key features there and with that you can navigate any other platform

 

Binance home  page comprises the following including your wallet balance 

The other ones includes;

 

 

Now, let's discuss some of these afore-listed features on binance exchange and some other major exchanges in the market 

 

 

This is the first interface you will notice once you login into binance or any other exchange that comprises the underlisted features and more

 

 

This deals with coins that you have marked as your favourites  or those you want to keep track off, it is just like a watchlist forex market.

 

 

These are the coins that are being hyped or making significant waves at the moment. Different exchanges have their own specific coins as HOT so what you see as HOT in binance might be different in another exchange as they select it based on their user's choices

 

 

 Deals with the coins that have gained the most percentage in the recent 24 hours period as their index growth and they are listed in descending order in most exchages

 

 

This has to do with the coins that have lost the most value in the recent 24 hours as well and are listed in descending order too. (This could possibly be a potential buy if you Analysed it properly and spot that the coin have reached a support level based from your technical analysis)

 

 

Talks about the newly listed coins in the Exchange which can equally present a buy zone if you have watched the coin and see that it have not really pumped or it have bottomed to a support zone

 

 

Deals with a place where you see spot the coins and the ones you didn't notice, you search for it, just like a normal conventional market you go to buy your needs but this time its  coins you are going to buy. So any coin you want to trade that is in the Exchange, marketplace is where to spot and decide your take as regards it

 

 

In order not to make this post much lengthy, this is the basic understanding of what trading is all about and as such it requires dedication and passion with commitment to learn.