There are essential skills required for anyone who intends to venture into the art of trading no matter what asset class he or she chooses to trade with.
There are so many impatient traders out there who would not want to take the time to infuse themselves with the love associated with trading.
A smart trader once said:
“Trading is like a love affair between the trader and his skills, they must be intimate”
This got me thinking as most times I hear people complain that trading is very difficult and it should not be so.
In that case, the trader has not become very intimate with the tools which would eventually help them sharpen their required skills for feasible and profitable trading experiences.
What is trading?
To trade is a basic economic concept used to describe the activity of buying and selling goods and services, with payment made by a buyer to a seller, or the exchange of goods or services between parties.
However, in the context of cryptocurrencies and blockchain technology, trading involves the opening and closing of buying and selling orders within an exchange platform for the purpose of a profitable transaction.
In other words, Cryptocurrency trading involves the act of speculating on the price movements of cryptocurrencies through a margin trading account or simply buying and selling the available coins on an exchange.
What is the Tradingview platform?
The Tradingview platform is a place where investors, educators, traders, and general market enthusiasts can connect to share ideas and talk about the market.
It is a platform where everyone can share their insights and concerns in a social environment of similar people of like minds.
The platform is very robust and engaging in such a way that users can quickly interact with one another and even share charts and insights into whatever markets they intend to trade on.
It is possible to increase your capacity to trade based on your frequency of interaction with fellow traders, especially on the Tradingview platform.
Using TradingView on Klever
The Klever Exchange has become more robust with the integration of the TradingView API.
It enables traders to trade efficiently on the Klever Exchange in a more professional manner.
This includes the ability of the traders to use special tools for forecasting and analysis on their charts to predict probable price movements and directions before they are executed.
What tools can be used for trading efficiently and effectively on the Klever Exchange?
There are different types of tools or features that traders can use to analyze their market projections on the Klever Exchange. I would like to focus on the following, in no particular order of importance.
- Trendlines: This is one simple tool on the TradingView chart for determining the swing highs and lows of a market price action on a trending market. The market can be either trend as a flag or a pennant depending on the direction of the price action.
It simply uses about 3 to 4 points on the chart to show where it had its high swings and low swings. As simple as it may look, this can help to determine most times the next direction of the market or price action.
Example of trendlines
- Bollinger bands: This is another fantastic tool or feature on the Tradingview chart on Klever Exchange, which can help traders to understand deeply how the price action would react to predict the next possible move of the market trend.
The Bollinger bands (BB) use a series of mathematical computations to determine the price movement within the chart and based on the logic associated with price action, the lines help the trader to decide when there is a squeeze within the chart and therefore predict the next possible price movement of the market.
- Fibonacci Retracement(Fib): This is also another exciting tool or feature on the Tradingview charts that help traders identify points of entry and exit strategies for various asset classes.
Fibonacci retracement levels are mathematical iterations that have been proven to have a repeated occurrence in life patterns.
It is a popular tool used by traders to identify turning points in cryptocurrency prices.
Such that with this tool, some traders can open certain crypto trades with confidence as a result of the repeated occurrence, then make decisions that can help them make a profit.
This tool is very useful for all asset classes in which crypto trading is a good market for its use.
All these features are readily available on the Klever Exchange for our teaming users to access and upgrade their trading strategies and maximize their profit potential while executing their trades.
Klever Exchange will continue to improve the user experience and flexibility by making the crypto experience a simple one for everyone, no matter your level of experience, gender, race, or religious orientation in a Klever Way.