Hey everyone, so yesterday we talked about getting into the habit of saving a template of your previous TA studies in order to become more efficient while trading and save time. Today we are gonna be talking about another useful habit to get into. Again, I will be using the chart reading software from Coinigy. It is a really valuable tool to have in your trading arsenal, and I strongly recommend every crypto trader to use its services. Anyway, let’s go ahead and get into today’s useful habit.
This is kind of the third part in a series about useful habits that I have gotten into. The first two posts talk about using alerts to get into trends and saving your studies for quick reference later. These are two very useful things I have been doing. I will be talking about another habit today. If you haven’t read the first two posts. I would suggest checking them out, so the things talked about in this post are a bit clearer. Thanks for reading!
Saving a Template Study for Each Coin
So, after using alerts to give you a heads up about when trends are beginning and then saving your study template, the next habit to get into is saving templates for each of the coins that you have done any TA on. I save everything I do on every chart. Whenever I respond to an alert going off, I then go to reevaluate whether it is time to trade or not. After I have decided if a trade will be happening or not, I always save any changes I have made to that chart. I’ll use some examples to make things clearer.
We will be using the BTC/USDT 1-hour chart for this example.
So let's say that your alert goes off for the BTC/USDT chart, and you go to look at the chart. If you read my previous post and made a pre-set template for you studies, the first thing you want to do is use that saved template. As you can see, mine is called "the usual".
Click the name and those studies will be applied to the chart.
So after that you can add any tools you care to use, such as a fib retracement and a trend line, like I have used here.
Now, you have all the tools you feel you need to make your decision to buy or not. This can vary for different people, and I use a lot of different ones, but whatever set up that works for you can be saved for easy retrieval by pressing this button here.
After you click the button, this box will pop up, and you can name the chart layout. I just use the coin's name. Keeps it simple.
Now that you have your chart layout saved, you can bring it up at any time by pressing this button here.
Then this box will pop up showing all your saved layouts. I try to have one for each coin, and can quickly assess what I want to do when my alert goes off. Click whichever coin you need to see at that time.
I also update my chart layouts after every use. If I lay a trend line, or a fib, or any other adjustment, I save it, so I can be as up-to-date as possible the next time I need to check the chart. This is starting to run a bit long, but I think you get the idea. Let me know if you have any questions about anything I have talked about here. Let me know if there are any habits that you find to be useful for yourself. I'm happy to be learn something new. Thanks again for reading, and if you found this helpful to you, an up-vote would be much appreciated. I will see you next time.
Chris the Agorist
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