trading more efficiently - page 2. | Bitcointalksearch.org

Ararbermas

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Quote from: david678345 on August 03, 2022, 05:16:16 AM

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software etc) or some tips...before I was using a platform where there was no trailing stop loss...and for me the trailing stop loss is saving me a lot of time and money...is there any other type of advanced orders that are you using?

And how do you organize your setup, monitors...right now I am using a not very big monitor...and finally is there any way to change the background of the screen in the exchanges when trading?

Right now I use bybit and when I want to see the chart and enter operations the background is black, I think for me it would be better white background...is there any way to change that? and the box to enter the orders is very small...is there any way to make that box bigger...in fact I do not look at the bybit chart...I look directly at the tradingview....

i think you're just fine and the only problem for you is the background of the platform where in you want white? Lol indeed bybit has stop loss as well it's very advanced like binance and for me it is the second when it comes crypto trading platform aside of having fair fees..
By the way if you want white background and since you're using trading view, perhaps you must do it on trading view not on the bybit.. It's not a big deal though.

justdimin

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Quote from: cabron on August 08, 2022, 05:23:33 AM

When something happen all of a sudden which the market could be affected by the geopolitics conflict or FED announcement, they wouldn't also be ready since what they use in trading is basically just the trailing stop. Its not so bad though, ofc everyone wants to make money.

Trailing stops limits your profit actually compare to just waiting for the right time to sell when you see the market is is already in the ATH. But then anyway, its up to them.

You could have a stop loss ready for those times if you want to get out before it happens. Like let's say you bought at 23k, and then you put a stop loss at 21k, that means if something major happens then you are going to sell and get out even if you are not in front of your PC, that's a great deal.

I do know that it may not work out well for everyone if the price hits there and then goes back up, but at the very least you are protecting yourself. This is what people should focus on, how to make a profit in the long run. I am not saying that it will be a difficult or impossible thing, but it could definitely help you if you know what you are doing.

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Quote from: Yamifoud on August 08, 2022, 05:05:26 AM

Quote from: Silberman on August 07, 2022, 09:24:49 PM

This is a good observation, newbies are not really interested in the markets themselves but on the profits they can get, and while this may not seem to be a big deal it is, newbies concentrate on what to do to produce profits but not on why and how it works, so their knowledge about the markets is superficial at best, meaning that as soon as something happens that is outside of their limited knowledge then they do not know what to do, and that is the moment when they lose money.

There are two types of traders exist,
1. Long-term traders - these people don't just look at today's situation and make a profit from it but they have to look further into the future. They never stop trading despite the situation for they believe that the volatility of the market gives them the opportunity to still earn some profit.
2. Short-term traders - these people just often come during the bull season and then just left when it was done.

Either of the two types of traders, knowledge, and skill are a huge advantage which is necessary to acquire before we start.

When something happen all of a sudden which the market could be affected by the geopolitics conflict or FED announcement, they wouldn't also be ready since what they use in trading is basically just the trailing stop. Its not so bad though, ofc everyone wants to make money.

Trailing stops limits your profit actually compare to just waiting for the right time to sell when you see the market is is already in the ATH. But then anyway, its up to them.

Alisha-k

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One way to trade efficiently is to improve on any method or tools you have adopted to help limit losses. The goal is to make profit and not to crowd your chart with complexity. As far as trailing stop loss is doing the job perfectly well then improve on it. build it to a point where your losses will reduce to its minimal.

Yamifoud

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Quote from: Silberman on August 07, 2022, 09:24:49 PM

This is a good observation, newbies are not really interested in the markets themselves but on the profits they can get, and while this may not seem to be a big deal it is, newbies concentrate on what to do to produce profits but not on why and how it works, so their knowledge about the markets is superficial at best, meaning that as soon as something happens that is outside of their limited knowledge then they do not know what to do, and that is the moment when they lose money.

There are two types of traders exist,
1. Long-term traders - these people don't just look at today's situation and make a profit from it but they have to look further into the future. They never stop trading despite the situation for they believe that the volatility of the market gives them the opportunity to still earn some profit.
2. Short-term traders - these people just often come during the bull season and then just left when it was done.

Either of the two types of traders, knowledge, and skill are a huge advantage which is necessary to acquire before we start.

Franctoshi

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Quote from: david678345 on August 03, 2022, 05:16:16 AM

before I was using a platform where there was no trailing stop loss...and for me the trailing stop loss is saving me a lot of time and money...is there any other type of advanced orders that are you using?

Using trading stops is still the best way to minimize risks, save time and stress involved with trading though there types of market orders or you can use like the OCO etc, therefore keep on using them.

Quote from: david678345 on August 03, 2022, 05:16:16 AM

Right now I use bybit and when I want to see the chart and enter operations the background is black, I think for me it would be better white background...is there any way to change that? and the box to enter the orders is very small...is there any way to make that box bigger...in fact I do not look at the bybit chart...I look directly at the tradingview....

Go on YouTube and search for how to change background settings on bybit and how to use trading view, I do think watching tutorial videos on youtube will be of much help to you.

Quote from: blockman on August 04, 2022, 06:02:28 PM

just be there closely monitoring the market for that token and pair you're following.

Don't you think that would be too stressful sitting closely to monitor the market when all the tools to reduce that stress is already , using stops make more sense if you're satified with your analysis.

swati88chd

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Speaking of trading, I was looking for a place to buy bitcoin locally and found this one: https://coinsprime.net.
Found a few people from my area there too. Made a quick trade at a nice price. Check it out.

MCobian

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Quote from: naira on August 07, 2022, 10:30:59 PM

Quote from: david678345 on August 03, 2022, 05:16:16 AM

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software etc) or some tips...before I was using a platform where there was no trailing stop loss...and for me the trailing stop loss is saving me a lot of time and money...is there any other type of advanced orders that are you using?

And how do you organize your setup, monitors...right now I am using a not very big monitor...and finally is there any way to change the background of the screen in the exchanges when trading?

Trading cryptocurrencies in terms of efficiency is so common that you don't have to worry about having redundant features. Visit the exchange either through the website or download the app and make a trade. Because basically, the level of efficiency depends on how you apply the trading method.

Using the screen only as an alternative so you can more freely see, pay attention, and reach the movement of the chart. The rest you adjust to your needs.

We really have to do everything efficiently, including when trading crypto, we really should trade efficiently. So our capital and time are not wasted,
that's why we must first understand how the crypto market works, so that we can choose the trading method efficiently. In my opinion, trading
efficiently is that we simply choose trusted exchanges, after that choose potential coins and finally take advantage of the available trading features
to be able to help us generate profits. That way we can save our time and also our capital can use more optimally. It's not easy to apply it,
there are many obstacles for us to be able to trade efficiently, but as long as we can be patient and never give up, then we will understand how to
adjust ourselves to be able to trade efficiently.

naira

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Quote from: david678345 on August 03, 2022, 05:16:16 AM

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software etc) or some tips...before I was using a platform where there was no trailing stop loss...and for me the trailing stop loss is saving me a lot of time and money...is there any other type of advanced orders that are you using?

And how do you organize your setup, monitors...right now I am using a not very big monitor...and finally is there any way to change the background of the screen in the exchanges when trading?

Trading cryptocurrencies in terms of efficiency is so common that you don't have to worry about having redundant features. Visit the exchange either through the website or download the app and make a trade. Because basically, the level of efficiency depends on how you apply the trading method.

Using the screen only as an alternative so you can more freely see, pay attention, and reach the movement of the chart. The rest you adjust to your needs.

Silberman

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Quote from: suzanne5223 on August 07, 2022, 02:14:01 PM

Trust me, in cryptocurrency trading knowledge and skills, are like siblings. Once you have the fundamental knowledge you have skills hidden inside you and what you need is to unleash them. But what I see lately is some newbie traders chasing after skills instead of the knowledge that will introduce the needed skills.

This is a good observation, newbies are not really interested in the markets themselves but on the profits they can get, and while this may not seem to be a big deal it is, newbies concentrate on what to do to produce profits but not on why and how it works, so their knowledge about the markets is superficial at best, meaning that as soon as something happens that is outside of their limited knowledge then they do not know what to do, and that is the moment when they lose money.

gabbie2010

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Quote from: david678345 on August 03, 2022, 05:16:16 AM

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software etc) or some tips...before I was using a platform where there was no trailing stop loss...and for me the trailing stop loss is saving me a lot of time and money...is there any other type of advanced orders that are you using?

And how do you organize your setup, monitors...right now I am using a not very big monitor...and finally is there any way to change the background of the screen in the exchanges when trading?

Right now I use bybit and when I want to see the chart and enter operations the background is black, I think for me it would be better white background...is there any way to change that? and the box to enter the orders is very small...is there any way to make that box bigger...in fact I do not look at the bybit chart...I look directly at the tradingview....

I use Binance for trading cryptocurrencies once I entered a trade I switched over to Stop Limit and placed my Stop Loss at distance below my entry price if I am Longing also placed my Stop Limit above the entry price if I am Shorting if the price move further above my entry point I trail Stop it vice versa though a wide Stop Loss is necessary in crypto trading because of the high volatility of it price there tons of YouTube videos which give a clear and accurate explaination on how to use a trailing stop while using Binance I believe you will watch a live trade on how to use that feature on that platform.

goaldigger

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Quote from: Peanutswar on August 07, 2022, 05:55:19 AM

I dont have with this kind of set ups most of the time it is all about the traders because if the trader is in a good condition and make a good mindset with pure knowledge to commit a trade there's a chance you might win a position but if you are not prepare and would like to make a trade because you forgot and not well prepared with your mindset theres a chance it might losses more. Always trade when you are ready.

Preparations and good knowledge about the indicators can be a big help in trading simply because it works and you don’t need to depend to anyone because you are trading based on your own analysis. If you want to be more effective you do your homework before you trade, either for day trading or long term trading you should still have this because this can be your guide. Trading is very challenging especially of you don’t have much time to analyze, don’t be greedy and know when to timing the market.

suzanne5223

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Quote from: Kopetunto on August 07, 2022, 10:25:25 AM

Quote from: suzanne5223 on August 06, 2022, 05:18:50 PM

Quote from: david678345 on August 03, 2022, 05:16:16 AM

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software, etc) or some

If you want to be successful as a cryptocurrency trader. I believe need 3 things.
1) Understand the fundamental aspect of the market and will influence the market price.
2) Make use of indicators and since you're a newbie depending solely on indicators is recommended ^{(EMA and RSI are more than enough for you)}.
3) Focus on price action

I agree with what you mentioned and those three are very important for us to pay attention to,
but basically knowledge and skills are two important things,
obviously for beginners they need to keep learning

Trust me, in cryptocurrency trading knowledge and skills, are like siblings. Once you have the fundamental knowledge you have skills hidden inside you and what you need is to unleash them. But what I see lately is some newbie traders chasing after skills instead of the knowledge that will introduce the needed skills.

Kopetunto

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Quote from: suzanne5223 on August 06, 2022, 05:18:50 PM

Quote from: david678345 on August 03, 2022, 05:16:16 AM

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software, etc) or some

If you want to be successful as a cryptocurrency trader. I believe need 3 things.
1) Understand the fundamental aspect of the market and will influence the market price.
2) Make use of indicators and since you're a newbie depending solely on indicators is recommended ^{(EMA and RSI are more than enough for you)}.
3) Focus on price action

I agree with what you mentioned and those three are very important for us to pay attention to,
but basically knowledge and skills are two important things,
obviously for beginners they need to keep learning

Peanutswar

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I dont have with this kind of set ups most of the time it is all about the traders because if the trader is in a good condition and make a good mindset with pure knowledge to commit a trade there's a chance you might win a position but if you are not prepare and would like to make a trade because you forgot and not well prepared with your mindset theres a chance it might losses more. Always trade when you are ready.

suzanne5223

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Quote from: david678345 on August 03, 2022, 05:16:16 AM

Hi I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software, etc) or some

If you want to be successful as a cryptocurrency trader. I believe need 3 things.
1) Understand the fundamental aspect of the market and will influence the market price.
2) Make use of indicators and since you're a newbie depending solely on indicators is recommended ^{(EMA and RSI are more than enough for you)}.
3) Focus on price action

_BlackStar

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I don't have much time to stare at the monitor more than 4 hours a day. I have a job outside the forum and I also need to rest rather than think about the perfect way to raise as much money as possible. I choose to invest over trading for that reason, so let it work for you in the long term even though you could have a chance to profit in the short term through trading.

I'm not sure about how likely we are to make consistent profit by day trading on a particular coin because price fluctuation would put us in two possibilities. Good strategy and analysis as well as good fund management can also help to grow, but to be honest trading makes me bored faster than investing.

jostorres

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Quote from: david678345 on August 03, 2022, 05:16:16 AM

I would like to know what do you use to trade cryptocurrencies as efficiently as possible (applications, software etc) or some tips...before I was using a platform where there was no trailing stop loss...and for me the trailing stop loss is saving me a lot of time and money...is there any other type of advanced orders that are you using?

And how do you organize your setup, monitors...right now I am using a not very big monitor...and finally is there any way to change the background of the screen in the exchanges when trading?

I think it depends like If you are using a mobile phone then you can trade better using an application but if you are a pc/laptop guy then obviously you can just use your browser and go to that trading site directly. I search if what crypto exchange has a trailing stop loss and I found out that binance supports it.

Black backgrounds on the other hand are too common for most crypto exchanges but you are right that maybe the white backgrounds are much better since you can clearly see the value's on your screen and also not all people prefer black colors, so I wonder why an exchange doesn't have the option to change background/theme colors?

Strongkored

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Quote from: gunhell16 on August 05, 2022, 01:35:13 AM

Quote from: Strongkored on August 05, 2022, 12:09:04 AM

Quote from: david678345 on August 03, 2022, 05:16:16 AM

And how do you organize your setup, monitors...right now I am using a not very big monitor...

Right now I use bybit and when I want to see the chart and enter operations the background is black, I think for me it would be better white background...is there any way to change that?

One monitor is enough if you only trade on one platform especially if you are a new trader, it will be more useful to allocate funds for trading and start building a better setup from profit but your PC specs must be suitable for trading so that there is no lag that interferes with your trades activities. If the dark or light mode feature is available on the exchange, it will usually be visible at the top right/left and you just have to change it as you wish

You mean that if the specs of your desktop or laptop computer are high, it can be said that this is a good advantage for you to earn well and well in the future. Did I understand what you said correctly? When I'm the one doing the trading spot trade, I don't do anything else because, with this method, I'm sure I'll experience a profit here as long as my analysis of the graph is correct.

Unfortunately I have never said high spec only mention the suitable for trading and this is not to add a profit but a supporting device will make you able to execute trading quickly, imagine you need speed but your device is lagging and this can affect the mental trader, and good device will always be able to support activities that can be better, it cannot be denied

RikandMorty1

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If you're just getting started i suggest that you keep it as simple as possible, using more than one monitor isn't going to make you a better trader.

What you should focus on are the basics, when you have that in check you can start experimenting with other advanced stuff

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