Visiting a Bitcoin exchange - or those for other digital currencies - can be a frustrating experience, especially to the inexperienced investor. On the surface, it would appear that everything is laid out for traders: there are up-to-the-minute market graphs, currency value listings, and buying and selling portals. Why is it, then, so many cryptocurrency traders are expressing frustration and confusion when it comes to the information they are given?
Coin Pursuit Founder and CEO Spencer Forrest recently summed it up in one word: Context. “All the information's there, but there's no informational interpretation, in terms of the market. That's all left up to the investors to figure out on their own. If you're new to the game, that's a big problem.” Major cryptocurrency exchanges, he added, do an excellent job of presenting reliable and useful statistical information, but fall short in explaining what any of it actually means.
Digital currency is a young field - at this writing, no more than five years old - and the majority of its investors and traders are newcomers to commodity markets and exchanges. “A lot of us are newbies when it comes to trading, myself included,” Forrest told us. “and it can take hours for a trader to dig around online in order to learn what he needs to know.” Even traders with experience in other markets experience a learning curve when their goal is to make wise cryptocurrency investment decisions.
In response to this obvious need, Forrest's resource website, Coin Pursuit, was born. As he put it, “We cater to anyone with an interest in cryptocurrency, but at heart we're really there for the traders.” Among its many features is a comprehensive articles section that includes in-depth looks at trading terms and issues. The focus of these articles is to assist traders - whether they're new or experienced - through specific facets of digital currency investing.
Included there is a series of articles that define market graph patterns in plain English. “Do you know what a 'cup and handle' is on a chart? I sure didn't,” Forrest says with a laugh. “Exchanges assume you know all that stuff, when the fact is most of us don't. Coin Pursuit steps in and fills those gaps.” Traders are able to learn how to identify specific trading patterns and interpret what types of market activity they represent; the articles translate industry lingo into easy-to-understand layman's terms. All the articles on Coin Pursuit, it should be noted, consist of original content written expressly for the website.
Forrest highlighted one article in particular as a jumping-off point for his readers. Titled “The Ten Commandments of Trading Cryptocurrency,” it represents the culmination of research Coin Pursuit culled from several industry experts. It serves as a listing of no-nonsense advice, and gives potential traders and investors an idea of what to expect and how to react to the industry's extremely active markets.
Satisfied as he is with his articles section, Forrest realizes there's always room for growth and improvement - and he invites readers to play a role in that by providing feedback. “Traders, this website's for you,” he said, “and if you hit upon a concept you'd like explained in greater detail, well, let us know. That's what we're here for.”
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