Do you conduct your own market analyses or trust the info provided by third parties?

Hello everybody!

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I've recently signed up for a crypto trading course. I've been reading a lot about cryptocurrencies and decided to take this first step and learn how to trade on crypto markets.

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So far, it seems pretty much the same as trading on the stock exchange. Most principles are similar, except that I'm not receiving dividends from my shares. Still, I like my new course. Hopefully, it won't be just a hobby. I'm really looking forward to crypto trading.

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The only question that bothers me is how professional and experienced traders make decisions. Of course, it's obvious that if you need to decide whether to sell or buy it, you need to analyze how the market behaves and whether the prices will go up or down.

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Again, if you compare bitcoins with the share trading of a certain company, you can see the previous financial reports of the companies. They have some public announcements about their business strategy. From all this information, in addition to the aggregate economy, you can make a solid decision. That's pretty clear, and it has always been like that. Of course, the risks are still there, and there is a chance of losing everything.

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But how does the crypto market really work? For instance, let's take bitcoin. It's not literally attached to any local economy. Still, political and economic events somehow seem to be affecting the price of Bitcoin. I took Bitcoin as an example since many altcoins are related to it. I wonder how investors and traders make assumptions and conduct analyses. Or do they really need analyses? Recently, I ran into the alerts for bitcoin, and there I found a lot of analytical articles. Those articles should help you both with bitcoin sales and purchases. But again, the same question? What data or information do they use to conduct those analyses?

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Finally, I'm curious about how professional traders and investors make their decisions regarding crypto. Or is it just pure luck?

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Please, correct me if I'm getting all this wrong and if my assumptions are a mistake.