How To Get Started Trading Crypto
You must have heard that crypto trading is a source of wealth creation for a lot of people. And if you are just getting started with trading cryptocurrencies, then you have probably also heard of TradingView as being the best option for looking at charts. Technical analysis is one of the key components of being a successful trader. This walkthrough will guide you through how to use TradingView to chart cryptocurrencies and how to use the various indicators to start doing some basic technical analysis.
Once you have made your account and you are in TradingView, there are a lot of toolbars and options. Don’t be overwhelmed! Once you learn to navigate the things that you can do with TradingView, it’s a very powerful tool.
Select Your Coin
Once you have successfully opened TradingView, it’s time to pull up a chart. You can do this by typing your currency pair into the search box located in the top right-hand corner of the screen. For instance, this is what it should look like when you type in “BTCUSD”. Keep in mind that many exchanges carry this pair, so you’re going to see a lot of options. You can select the top pairing or any other exchange pairing of your choice.
Once you have your chart pulled up, there are a lot of different things that you can do to get a picture of what is going on. The first thing that we recommend you do is to zoom in and out and get comfortable moving the chart around. You can zoom in or out by scrolling on your mousepad or mouse.
Which indicators you use is going to be entirely dependent on what your strategy for trading is. That will develop over time. For now, we’re going to show you some of the most basic indicators and how you can apply them to your chart.
First, pull up the indicators search box by clicking the button that we have outlined in red at the top of your screen.
This will bring up a popup box that allows you to select from the categories or search. For starters, we’ll apply the volume indicator just to give you a feel for searching and applying indicators. Here’s what you should see:
Select the top indicator for Volume. This will apply volume to your chart, which can be valuable in gauging interest in a particular crypto or seeing how much trading has been done with that pair in a specified amount of time. Here’s what your chart should look like once you are done applying the indicator:
The bars along the bottom of the chart are what we just applied and it shows the volume with a visual.
To apply other indicators, simply open back up the indicator search box and experiment adding other types of indicators. It’s a good idea to research each indicator that you use so that you know what each indicator means. While each person has a different strategy, most choose to use a combination of different indicators to confirm strong signals that they act on when the right combination is reached.
Recap For Crypto Trading Using TradingView
Indicators can be an incredibly useful tool when trading cryptocurrencies, and TradingView offers up one of the most simple (and free) options for applying indicators to various charts. Now that you have a general idea of how to apply an indicator, you can get started practicing charting different coins and finding different combinations of indicators that might work as a strategy for you when you are trading.