In this video, Nicholas from DataDash, discusses how to trade cryptocurrencies using the trading platform Trading View. Trade View is his preferred trading platform. These 3 helpful tips are from some of the questions he is asked multiple times from his community about cryptocurrency trading.
I know I had these questions about the platform when I first started. So, I think he gives some pretty good tips. Using trading platforms can really up your game, but you have to load the right indicators to really benefit from them. I learned this the hard way and had wished I known about some of these trading indicators and tips. In particular, I’d wished I knew how to set price alerts. You will not regret learning crypto trading from this video. Watch the video below and implement what he tells you so you can start successfully trade.
Below, learn how to add TEMA indicator (or 3 charts view), how to set price alerts, and how to jump through different cryptocurrencies quickly.
Adding TEMA view to your cryptocurrency trading
TEMA, or Triple Exponential Moving Average, helps deal with lags in trading and helps to indicate trends better. It’s a powerful tool that can be used both in long-term cryptocurrency trading as well as short-term volatile trading situations (which as a tool, it definitely excels). However, in my opinion, when you use TEMA in short-term volatile trading, you should combine it with Bollinger Bands to see the best success.
In the video, Nicholas shows you that he uses the 50, 100, 200 moving day averages of the price action. He sets his to daily, which I do also, and uses it to view across all the altcoins he is trading. Definitely watch the video, because he shows you step by step how to add it to your view in Trade View. He doesn’t really explain in depth why he uses TEMA, which I wished he would do for his viewers, but I got you cover, so keep reading. 🙂
The advantages of incorporating the Triple Exponential Moving Average into your strategy are numerous. It is a lot easier to identify trends with it, there is no lag problem, and the use of the indicator is no different than using any simple or exponential moving average. The disadvantages of the TEMA, on the other hand, are that it is only too quick to suggest a change in momentum, and that the clear and strong signals that it gives about the price action may not always coincide with an equally simple and easy-to-trade market configuration.
via Forex Traders
I think the above summary encapsulates the advantage and disadvantages of using this indicator. Although it forms a Forex site, I think it’s more relevant to cryptocurrencies in my opinion. I actually agree with the power of TEMA as explained, and it’s one of the reasons I mostly use it when trading altcoins.
How to set price alerts for your altcoins on a Trading View
In this part of the video, he shows you step by step how to setup prices alerts for your trades. I like that he does go into depth on each selection you are able to set while setting a price alert on Trading View. In particular, he shows how to set your alert for Bitcoin, but it applies to whatever altcoins you’re trading.
Setting price alerts are pretty much the first thing you should do when trading crypto. It’s important to do even in investing, but not as important as when day trading. Of course, if you’re a more active investor, then it will still be more helpful. I do both investing and trading, and I always use price alters.
In my opinion, when investing long term, you should be buying more at cost average anyway. Whereas when I’m day trading on my altcoins I typically need to know the change in pricing more quickly. Regardless, you can’t go wrong setting price alerts whether you’re doing both.
How to jump through cryptocurrencies quickly
This is a quick Trading View hack. In this last section of the video, he shows you how to quickly jump to different coins. This is effective because you will need to keep up on your TEMA and other indicators for each of your cryptos. There are enough strategies to keep up with already without losing yourself in your trading platform.
There are several ways to get quick views in Trading View like he said. However, I think the most important idea to remember for this tip is that you should learn your keyboard shortcut key for the cryptocurrency trading platform you use.
Sure, you can click your way from Bitcoin to different altcoins and back, and load different indicators, but it would be a hell of a lot easier to just learn to use keyboard shortcuts. I think the best tip pointed out was that, as long as your cursor is in the chart area, you can just type your crypto coin trading listing.
Although there were only three cryptocurrency trading tips in this video, I felt Nickolas really gave some great advice. When trading cryptocurrencies, I think these are some key points to implement to have more successful trades. Obviously using TEMA (with Bollinger Bands) is the most important from these that I suggest you implement and definitely start setting price alerts. The last point made is good, too, but I don’t think it’s as important as the first two he made.
Do you think these were good tips? Comment below and let me know what you think.
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