5 Essential Tools You Need To Use When Crypto Trading
By Space Coast Daily // January 24, 2022
Trading cryptocurrency isn’t the easiest task or process out there to possibly gain a profit, but if you want to master the different ways of gathering and analyzing data to create the best possible trading strategy that fits your needs. Knowing how certain tools work and how to maximize their potential in an area of cryptocurrency trading can help you create a better longer-term strategy.
One thing you should take note of is that if you want to do a better job at something, you should equip yourself with the right set of tools and knowledge, as well as knowledge of each of the tools you’ll be using for that particular task. Managing your crypto portfolio can be a tedious task, given that you’ll be looking out for the changes and trends for each digital coin you’re investing in. With that in mind, here are five essential charting tools you need to use when crypto trading
TradingView is probably the most popular charting platform due to the various features they offer users that they can ultimately combine to get a clearer picture of the market’s pattern and create a profitable investment decision by the end of it. The only limiting factor of TradingView’s features is that the free version can only choose a few specific indicators.
On the other hand, the paid version allows you to perform the technical analysis while having 25 indicators and cross-platform alerts from the various crypto exchanges you’re on while always keeping them on.
An important feature of TradingView that greatly helps beginner traders is their social network feature named Ideas, a place where you can gain insights from crypto enthusiasts and experienced traders.
TradingView also doesn’t overlook the convenience factor since they have an optimised web interface where users can access and navigate through the platform with ease. If you’re the kind of trader who’s always away from home, TradingView has a mobile app where you can track data and view charts in real-time.
Keeping yourself up-to-date with the latest news and trends about cryptocurrency is an essential part of your crypto journey because gaining knowledge through research and experience can help you get through the market’s volatility. Coming up with strategies is easier said than done, and one of the things that can help you get by is by using a trusted media platform.
Apart from having the latest news about blockchain technology and digital coins, CoinDesk provides their millions of readers a series of 101 explainer articles under Crypto Explainer+.
You can easily find the mentioned feature on their website, and they will provide you with the necessary information depending on your level of knowledge. Another way to distinguish the level of articles they have is the tag at the bottom of every article cover, namely Beginner, Intermediate, and Expert.
Seeing the market capitalisations, exchange rankings, price charts, and every digital coin description in one platform seemed impossible. But, the development of CoinMarketCap made it easier for professional investors to keep track of their crypto portfolio due to their well-optimised platform that allows you to sync your data whether you’re accessing the platform through desktop or mobile.
The mobile app provides users with an overview of every information they need, such as global crypto market cap, leading coins, coins with gains or coins with losses in a day, and the like. Keeping updated with the global metrics in one platform is extremely convenient since it eliminates the chances of confusion, especially if you’re handling too many things at the same time.
Developers are keeping up with the advancements of technologies and are making the most out of them by applying them to the algorithm of their software to benefit the users who are in need of services. The team behind Immediate Edge provides beginner and professional traders with the convenient trading process they deserve.
Immediate Edge provides users with an automated trading platform that uses an artificial intelligence-based algorithm to effectively review the crypto market changes.
The benefit of using Immediate Edge for trading is that they have a rapid system where you can process trades immediately. The team behind Immediate Edge took the crypto market’s volatility into consideration and developed a way to manage the risks it carries.
On the other hand, experienced traders who plan to manually set up their settings are also possible. The best part about all of the services you can use in Immediate Edge is that there are no extra registration fees when signing up for an account.
Shrimpy is another charting platform that utilises social trading features that can connect you to professional traders and crypto enthusiasts who are willing to share some of their perspectives and take on crypto investing trading. Shrimpy is also known for its portfolio managing features that pave its way to becoming one of the best portfolio management platforms due to its algorithm that automates a traders portfolio.
Further, the automated portfolio can learn various trading strategies from different traders on the platform. Users should take note that Shrimpy isn’t responsible for managing the portfolio. Instead, they can track your performance to see which trading strategies you’ve used have gained you profit or resulted in losses.
Shrimpy is also capable of rebalancing your portfolio, which is a form of risk management that can take out an underperforming asset that can ultimately perform differently for another digital coin that has better potential.
As cryptocurrency is steadily gaining the attention and interest of the people, the number of tools that crypto investors and traders can use to benefit their crypto activities are also increasing. While there are various tools that are becoming prevalent to most traders, it’s vital that beginners take their time to choose which tools they should be using that can benefit them in the future.
Although TradingView, CoinDesk, CoinMarketCap, Immediate Edge, and Shrimpy are only a few of the tools that you could use to help you boost your crypto portfolio. These tools can be used as a basis if you’re ever looking for other tools that fit your needs and trading strategies.