TradingView Techniques you Need Under your Sleeve for Successful Crypto Trading
Cryptocurrency traders spend most of their time searching for the coins with the most exciting prospects. Well-informed investors also look to various crypto exchange platforms, applications, cryptocurrency price tracker monitors, and services to maximize their earnings. The accuracy of cryptocurrency trackers is so significant in an investor’s decision.
For this reason, traders need to choose their price trackers carefully. TradingView (Official Website) is an online stock-picking software released in June 2012 as a social platform for active traders. The platform features a scripting language that allows its users to customize charts and indicators.
TradingView has grown its popularity among active traders and financial software companies due to its versatility.
How Tradingview Works
Even before one can sign for a free account on the TradingView platform, so much information is displayed on the platform’s homepage. At the top of TradingView, there is a Ticker for the EUR/USD, BTC/USD, and ETH/USD currency pairs. Additionally, the platform has a ticker for the Dow, Nasdaq, and S&P 500 markets.
One can search for any stock and filter by Ticker, trading ideas, educational ideas, scripts, or people. As one scroll below, they find the newest stories by top authors, up-to-date market summaries, an economic calendar, the latest stock news, and trading charts on the platform’s social media section. About social media, the TradingView socials add more educational value.
If one signs up for a free account, they access the platform’s community and basic charting features to create market alerts and market indicators. The most disadvantageous aspect of TradingView is that it is difficult for one to trade within the platform. However, the platform offers its users an option of connecting with various stock brokers. Some of these brokers include; Merrill (through the CQG API), Modalmais, and Alor.
Either one is a beginner or an experienced investment trader; they need basic tricks to succeed in the crypto trading space. Let’s break down some of these tricks for an easy understanding.
Creating HTML5 Charts
Investors can create simple HTML5 charts to track one or two stocks or create multiple dynamic charts that track different markets depending on their needs. Investors view charting as the heart of TradingView. These charts are developer-friendly and powerful for users, attracting 10,000s of websites and millions of traders worldwide.
Setting Up Server-Site Alerts
Investors set up alerts that go to their computer or cell phone to notify them when certain conditions go outside their set criteria. Anyone can create Server-Site Alerts following these five steps.
First, one puts the data to trigger the alert on with “condition” then configure alerts frequency with “options.” In the third step, one sets an alert’s lifetime with “expiration time” and then configures how they get the signal with “Alerts Actions.” Finally, the creator sets the alert text with “message.”
Using Stock Screener
Investors should find stocks based on their specific criteria. Some of the best screeners in 2020 include but are not limited to; TC200 (best overall), ZACKS (NASDAQ) (best free option), trade ideas (best for day trading), and FINVIZ (best for swing traders).
TradingView offers a programming language known as Pine Script for advanced users. Pine script allows one to create their charts and indicators from scratch.
Creating a script in TradingView involves five steps; one begins by clicking Script Editor, then clicks new and chooses the Stochastic RSI, then clicks save. The next step is adding the Pine Script to the chart by clicking add to the chart. In the final step, one adds the levels they desire.
Investors can practice trading cryptocurrencies without using real crypto assets. Investors gain more skills by practicing trading using demo accounts.
Employ Broad Coverage
Investors can access more than 50 worldwide exchanges and more trading hours, depending on their plan. Broad coverage covers fewer hazards and risks that can result in significant losses. This type of coverage carries higher premiums and deductibles.
Monitoring Social Community or Active Traders
Investors can look at what other active traders are doing, gather ideas, and use them to collaborate with other traders in similar markets.
Extensive Knowledge Searching
Investors can also look for more knowledge all over the TradingView website. TradingView has interactive information that is crucial for investors. There are also pages that investors can learn how the tools work.
TradingView has four account plans; one plan is free, and the rest investors pay for them. On this platform, TradingView offers billing options monthly, yearly, and every two years. TradingView has some advantages since it charges lower fees than some of its competitors, and each paid plan on TradingView comes with a 30-day free trial.
Other TradingView features include charting, research and analysis, and notifications and alerts. About the access feature, it is accessible to investors through the web, iOS, and android. The customer service feature provides a live chat for 24 hours every day.
TradingView is an excellent tool for researching cryptocurrency trading. This platform is also suitable for both beginners and active traders. When it comes to chart and screening crypto assets, TradingView has its users covered.
The platform offers a huge amount of researching tools for free on its home page. Additionally, with just a basic account, a beginner can practice charting and mock trading for free before venturing into actual trade at their favorite brokerage platforms.
With the above information on TradingView techniques, any interested investor can venture into cryptocurrency trading. The information above provides insight and the processes used to develop a particular technique in the TradingView platform.