introtocryptos.ca

Category: Crypto

  • How Can Trading Indicators Help You?

    How Can Trading Indicators Help You?

    You’ve probably heard about trading indicators and you’ve been using them without much of a plan. Let’s get specific about how trading indicators can help you better manage risk, find entries and exits and best of all – bring you peace of mind and release you from watching the charts all day.

    Trading Indicators can help you make better trading decisions by providing insights into the market’s behavior. And, they can serve to deepen or to correct your own mistaken cognitive biases, so they must be used with care and objective planning.

    Trading indicators are used by traders to identify trends and momentum – but when mixed in the wrong way, the result in different potential trading opportunities within the same chart pattern.

    For example, one indicator may be showing an uptrend, while another indicator may be showing overbought conditions and flashing a sell signal.

    New traders may not know which indicator to trust in which situation, leading to indecision and confusion.

    how trading indicators can help

    Unexpected short term situations can have a huge impact
    on the success of what could have been a good a trade.

    When unexpected news or events occur, small traders may react too quickly and change their positions because of a sudden but small timeframe price movement in the market. This can make it difficult for small traders learning to manage risk and refrain from over trading.

    Four Indicators That Work Together

    In this article, we’ll take a closer look at a set of four free trading indicators available with a free tradingview account.

    • We uncover how they can work together to verify the famous trend change pattern… The 1-2-3 Formation.
    • We’ll also discuss how they help with better risk control and better profit taking levels.

    So, whether you’re new to trading or a seasoned pro, I hope this short introduction to a few free tradingview trading indicators will also help you improve an aspect of your trading strategy!

    What Are Trading Indicators?

    At the base of it all, indicators are mathematical calculations that are based on a set of data – in our case the price and/or volume of a cryptocurrency, stock or a commodity. An unlimited variety of indicators are used by newbies and professionals to analyze the market’s behavior and to identify potential trading opportunities. Trading indicators can be categorized, and each category provides different variations of insights into the market.

    Some of the most common trading indicators include moving averages, bands and channels, candlestick analysis, harmonic patterns, oscillators, pivot points, wave analysis, and trend lines… the list of indicators goes on!

    Moving averages are used to identify trends, while oscillators are used to identify momentum. Trend lines are used to identify potential support and resistance levels. Band and channels can identify reversal points and counter-trend signals.

    learn how to use trading indicators together

    When used together with a trading plan founded on a proven risk control approach, this combination of trading indicators can unlock a new confidence in your entries and exits!

    How Do Trading Indicators Work?

    Trading indicators work by analyzing past market data to identify trends and potential trading opportunities. They are based on mathematical calculations, and they can be customized to adjust the risk parameters for all Five Stage Of The Trade.

    Indicators Work Together

    We use indicators as one of the three criteria to identify specific and objective changes in Altcoin each cryptocurrency to build our Crypto Smartwatch AltSeason index.

    For example, our popular AltSeason indicator might be set to look at the price of a crypto over the past 30 days.

    The indicator then calculates two different exponential moving averages of the price over that period.

    Different Types of Trading Indicators

    There are many different types of trading indicators, and each one provides different insights into the market. Here are a few of the most common trading indicators and a link to the basic definitions for each.

    • Moving Averages – Moving averages and Exponential Moving Averages are used to identify trends in the market. They are calculated by taking the average price of a security over a specific period of time.
    • Oscillators – Oscillators are used to identify momentum in the market. They measure the difference between the current price and a moving average.
      • Relative Strength Index (RSI) – The RSI is an oscillator that is used to identify overbought and oversold conditions in the market. It measures the strength of a security’s price action over a specific period of time.
    • Trend Lines – Trend lines one of the many chart patterns that can be used to identify potential support and resistance levels in the market. Trendlines are drawn on a chart to connect the higher highs or lower lows of the price.
    • Bollinger Bands – Bollinger Bands are used to identify potential breakouts in the market. They are calculated by taking the standard deviation of a security’s price over a specific period of time.

    We combine these indicators with three things:

    1. our trend following trading plan,
    2. our risk control rules and
    3. our diversification strategy

    to create a profitable, low risk approach to crypto that anyone can actually follow!

    How Can Trading Indicators Help You Make Better Trading Decisions?

    Trading indicators can help you make better trading decisions by providing insights into the market’s behavior.

    They can help you identify trends, momentum, and potential trading opportunities.

    Here are a few ways that trading indicators can help you improve your trading strategy:

    1. Identifying Trends – Moving averages and trend lines identify trends in the market. This can help you determine whether a security is in an uptrend or a downtrend, and can help you trade better.
    2. Identifying Momentum – Oscillators identify momentum in the market. This can help you determine whether a crypto is overbought or oversold.
    3. Identifying FAKEOUT Breakouts – Bollinger Bands identify fakeout breakouts and reversals in the market. When the bands tighten, it indicates that the token price is trading in a narrow range. This can help you identify breakouts from the fakeouts and reversals.
    4. Confirmation of Trading Signals – Trading indicators confirm trading signals. For example, if a cryptocurrency is showing an uptrend, but the RSI is showing overbought conditions, it may be a signal to sell the token. By using multiple indicators, you can confirm trading signals.
    5. Risk Management – Trading indicators help manage risk by identifying potential stop loss levels so you take losses when they are small. For example, if a crypto is trading below a key support level, it may be a signal to exit the trade and cut your losses. By using trading indicators to identify potential stop loss levels, you can manage your risk and make better trading decisions.

    Can Indicators Actually Automate Your Trading?

    Trading indicators are powerful tools that can help you make better trading decisions. They provide insights into the market’s behavior and can help you identify trends, momentum, and potential trading opportunities.

    By automating your crypto trades with tools for risk management, and portfolio rebalancing, you can focus on your life while your money works for you watching the price charts all day.

    automated crypto trading bots

    Three well known crypto portfolio automation services:

    1. Shrimpy: Shrimpy is a portfolio management and trading automation platform that allows users to create custom trading strategies and automate trades across multiple exchanges.
    2. BitGetCopyTrader.com: Copy the trades of those with a proven record.
    3. 3commas: Find managed crypto portfolios to follow or set up your own automated strategy.

    By using trading indicators in conjunction with other trading strategies, you can improve your trading performance and achieve greater success in the market.

    However, it’s important to remember that trading indicators are not foolproof and should be used in conjunction with other forms of analysis. With the right approach, trading indicators can be a valuable addition to any trader’s toolkit.

  • Critical BITCOIN ACTION levels – look INSIDE Bitcoin Dominance

    Critical BITCOIN ACTION levels – look INSIDE Bitcoin Dominance

    BITCOIN ACTION levels

    BITCOIN ACTION levels

    Bitcoin and cryptocurrencies have come to a critical level for our trading plan

    •  in today’s video I’ll review the price chart of Bitcoin against our technical indicators
    •  I have a super exciting announcement to make
    • and will see what has changed in altcoins over the past few days. I’ll reveal some inside data from the crypto Smartwatch reports and patterns through 2021 crypto alt season. Our system has sorted out the top probability coins as I’ll explain at the end of the video

    Become A Crypto Millionaire

    The promise of our overall approach is that you can become a millionaire if you invest just $20 per week and double your money every year.

     In order to double our money every year we follow three different pools where our money is placed

    1.  we can be holding fiat currency
    2.  we can’t be holding bitcoin
    3.  or we can be holding cryptocurrencies

    Our written trading plan is very specific. It works like a flowchart to answer all the questions that you need to determine where your money should be according to our trading plan, but there’s still a question about what to do with our cryptocurrencies that are profitable. 

    I’ll talk about that later in the video but first let’s jump into Bitcoin prices.

    Of course, before this video was finished the prices are going to change so if you want to keep up on the current analysis of Bitcoin price be sure to join our free Discord chat community

    Follow me on Twitter for more research and articles on the top crypto projects of 2023.

    Let’s take a look at our indicator set for Bitcoin to layout some action zones we must pay attention to according to our trading plan.

    You can see our altseason indicator is on the edge of telling us to exit this Market. We use this same indicator on each of the crypto versus BTC pairs to help us identify those coins that are outperforming Bitcoin versus US dollar.

    Bitcoin Technical Analysis for March 2 2023

    The relative strength index is right on the threshold of our exit confirmation when we look at the daily chart, yet as we zoom into the 4-Hour chart we can also see a consolidation that raises a question and leaves us on high alert I’ll come back to some historical views on the RSI in a minute.

    Moving to the volume profile the on balance volume is also a mixed signal that keeps us on notice that we’ll be taking action one side or the other as prices find a direction from here.

    The macd indicator is similar to the RSI reading yet it gives us more clear specifics for confirming our next action from the price move from here, for example the crossover of the MACD is a more clear event than the trend breach in the RSI.

    The ichimoku cloud was a favorite from the last video I did yet it is not confirming a nice Breakout, instead it has gone to a mixed reading that leaves us with no answer Only some action zones for us to use as confirmations.

    The Bollinger Bands are not giving us any reversal signals, yet they are starting to consolidate into Trend confirmation patterns and we can gain confidence in the signals from the other indicators as the Bollinger Bands confirm.   Once we get a strong move in price we’ll watch the Bollinger Bands to look for the exhaustion of that breakout move.

    Special Announcement

    Now for the special announcement I’m so excited about!

    I am super stoked to announce that
    I’ve been invited to be a guest blogger on Crownanalysis.com

    Many of you already know about the channel Tom Crown. He has 75,000 subscribers and does a phenomenal job with his technical analysis and his instruction on how to use indicators that I am not familiar with.  I’ve learned a lot about reading the macroeconomic conditions by following and listening to Tom Crown.  Check out the news release posting on our website, and read one of my first guest blog posts there outlining the 12 reasons why people lose money Trading. (It’s a great article because I am so familiar with each of these reasons for losing money.)

    Becoming A Better Trader

    The purpose of my YouTube channel and my trading journals is so that I can identify my trading mistakes and avoid them in the future.

    Education isn’t about knowledge, education is about changing your behavior.

     Knowing about your trading plan isn’t enough. there is a secret ingredient between knowing and doing.

    That’s what the focus of our community is really about.

    Now for the Crypto Smartwatch Report

    There are three states to our strategy, one is to hold Fiat the other is to hold Bitcoin and the other is to hold cryptocurrencies when the cryptocurrencies are outperforming Bitcoin in US dollar value.

    If Bitcoin dominance is rising while Bitcoin prices dropping that’s telling us that the market cap of cryptocurrency overall is declining and that we should be in cash.

    The crypto Smartwatch lets us look inside Bitcoin dominance so that we can see the bell curve of the coins that are making the changes happen in Bitcoin dominance.   Bitcoin dominance is an average of all of the coins, and the crypto Smartwatch helps us find the leaders in that bell curve.

    As we plot the performance of the alt versus BTC pairs over time versus the thresholds of our trading system averaged out across the entire list of 300 cryptocurrencies.

    We can begin to see trends that are invisible when we only look at Bitcoin dominance – And we can also filter a list of coins that are passing key thresholds, making our job of rebalancing our crypto portfolio into a simple daily task that anyone can follow.

  • Contributing Author on CrownAnalysis!

    Contributing Author on CrownAnalysis!

    FOR IMMEDIATE RELEASE:

    Doug Receives Esteemed Invitation to Collaborate as Contributing Author
    for Prominent Authority Website on Cryptocurrency Market Analysis!

    NEWS RELEASE: DigitalCurrencyTraders.com, a leading cryptocurrency signals provider, is thrilled to announce that Doug Lampi and the team at introtocryptos.ca, a renowned group of cryptocurrency traders and educators, have been invited to collaborate as a contributing author for a prominent authority website on the topic of cryptocurrency market analysis.

    DigitalCurrencyTraders.com has a long history of providing high-quality cryptocurrency trading signals and courses to thousands of traders from over 70 countries. The invitation extended to Doug is a testament to our company’s expertise and thought leadership in the cryptocurrency market.

    As a contributing author for the authority website, Doug will have the opportunity to share his insights and analysis on the latest trends, developments, and news in the cryptocurrency market with a wider audience. He will bring to the table his years of experience in trading cryptocurrencies, as well as his expertise in educating others to become successful traders.

    “I am delighted represent DigitalCurrencyTraders.com as a contributing author for CrownAnalysis.com, a prominent and growing authority website on cryptocurrency market analysis,” said Doug Lampi, founder of DigitalCurrencyTraders.com. “My experience and knowledge come from persistence as I have tracked the altcoin seasons for 300 coins for several years. I’m always happy to share the insights I’ve observed if it can help to shorten your journey to success.”

    The Tom Crown and CrownAnalysis.com are recognized as a leading source of information and analysis on the cryptocurrency market, and the contributions of our team will be viewed by a highly engaged audience of industry professionals, investors, and enthusiasts.

    In this post we’ll cover the top 12 reasons why people lose money trading and dig into the psychology behind these errors.

    Have you fallen victim to any of these mistakes?

    DigitalCurrencyTraders.com is committed to providing the highest quality cryptocurrency trading signals and courses to traders worldwide. The invitation extended to Doug is a recognition of the company’s commitment to thought leadership and expertise in the cryptocurrency trading space.

    About DigitalCurrencyTraders.com: DigitalCurrencyTraders.com is a leading cryptocurrency signals provider that offers high-quality trading signals and courses to traders from over 70 countries worldwide. The company has a team of experienced traders and analysts who provide valuable insights and analysis to help traders build the habits of a successful trader. DigitalCurrencyTraders.com is committed to helping traders succeed in the fast-paced and ever-evolving cryptocurrency market.

  • AltSeason 2023 Full Scan from A to Z

    AltSeason 2023 Full Scan from A to Z

    In this 1 hour and 16 minute members video, I review all 270 charts and talk through where they are in our portfolio and within this Altseason.

    Members – login here and return to this post to view the video.

    • We have 72 coins in Stage 3 of the trade (in profit, stop above entry),
    • 31 of those coins over 21% profit, 13 of those are over 51% profit.
    • Presently we have zero coins in NITRO Stage 3, but expecting a range of them to fill out shortly if we get more bullish action in the ALT/BTC pairs.
    • There are 75 coins in Stage 2 (open trades with some risk) and
    • 71 coins in ALERT status.
  • New Easy-Interface for Crypto Smartwatch and Pro Alerts

    New Easy-Interface for Crypto Smartwatch and Pro Alerts

    New Easy-Interface for Crypto Smartwatch and Pro Alerts Let’s take a tour of the new layout for the Crypto SmartWatch control panel and see how easy it is to follow the daily action matrix. The PRO ALERT spreadsheets have been simplified yet more information packed in so you can download the CSV data for trade alerts and hold status coins.

    MEMBERS VIDEO – login here and return to this post to view

    The daily routine should take no more than 20-30 minutes! Stop watching the charts and make your money work for you while you are doing other things!

  • Risk Management From Stage 2 to Stage 3 of The Trade

    Risk Management From Stage 2 to Stage 3 of The Trade

    Watch the Feb 18/23 Members Video (login here) then return to this post.

    In today’s 18 minute member video we cover more than twenty current examples of how to use support and resistance levels for Crypto Trading Risk Management.

    Our job is to manage risk as we transition our new positions from Stage 2 to Stage 3 of the Trade.  Managing risk is a multi-layered approach. Today we check stop levels in the new positions and talk through the reasoning for moving up some stops for profitable positions (Stage 3) and why we are leaving some of the profitable trades with stops below our entry (Stage 2).

    Read our research blog as we evaluate the fundamentals of top altcoin opportunities for 2023. We aim to make informed investment decisions and manage our risk. Find out what factors to consider when evaluating a project’s team, technology, and market potential. Stay informed about crypto market regulations and use this knowledge to manage your trading risk effectively.

    Discover the benefits of diversifying your crypto portfolio for effective risk management.
    Learn how to choose the right mix of cryptocurrencies to minimize risk and maximize returns.

    Successful trading requires effective risk management and emotional control. In today’s member video, we talk about how to identify and manage risk through all five stages of the trade in order to stay calm and focused during volatile markets.  Learn the best practices and tips for entering new trades and manage stop loss levels to minimize risk and leave room for the explosive opportunities in crypto. Discover the key factors to consider, understand the options and gain the confidence to execute trades without second-guessing and continual chart-watching.

    Learn how to make your money work for you while YOU do other things! Leave your money to do the dreary job of watching crypto price charts.

  • Reviewing Yesterdays Closed Trades after BTC.D Rise

    Reviewing Yesterdays Closed Trades after BTC.D Rise

    Members video update – login to view the video and portfolio update.

    Feb 14, 15 and 16, Bitcoin prices spiked higher and Bitcoin Dominance also rose – indicating that bitcoin surged in usdollar value more strongly than the altcoins as a group. As we rebalance our crypto portfolio today, the two-part focus starts with

    1. double checking all the exit status coins,
    2. and an important focus on reviewing the profitable Stage 3 coins and plan the trade details if we find a place to add on and increase the size of our successful positions if markets move in our favor.

    The group of altcoins can be sorted into the group of coins that are out-performing bitcoin, a group of coins that are hovering at about the same, and a group of coins that are under-performing.  The Crypto SmartWatch spreadsheet is a powerful tool that lets us look inside BTC.D and sort out those good projects from the rest.  Our crypto signal provider offers even more detailed trading service for those who are serious about becoming a crypto millionaire.

  • Altcoin Portfolio Rebalance A to E

    Altcoin Portfolio Rebalance A to E

    Feb 13 saw a significant up-tick in Bitcoin Dominance chart.  This indicates the weaker projects that are in Stage 2 of the trade may be hitting our protective stops.

    Altcoin Portfolio Rebalance

    As we move from stage to stage in the trading plan, we have a different set of options in the flowchart in front of us. 

    In today’s 18 minute member video (login to view)

    I review 90+ coins from 1INCH/BTC to ETH/BTC and compare the stop levels for the positions we have open in our crypto signal provider PRO ALERTS model portfolio.

  • Automated Crypto Portfolio

    Automated Crypto Portfolio

    An automated crypto portfolio is better for a busy person because it ensures your money is working for you while you are doing other things!

    If you can set specific rules for buying and selling assets and then have those rules automatically traded based on market conditions… then your money is doing the job of watching the price charts and you can fully focus on your life.

    Automation, along with a good crypto portfolio tracker,
    can eliminate the need for you to watch the charts.
    Your money is watching the charts on your behalf!

    The best crypto portfolio manager does everything for you allowing you to focus on building more revenue streams!

    While some automated crypto portfolio services may also provide advanced tools for risk management and portfolio rebalancing – it is vital to fully understand the market conditions when these might optimize returns and when they might maximize losses instead!

    A Good Portfolio Tracker

    Tracking your crypto gains and losses is crucial for managing your portfolio and making informed investment decisions. Not only is it important for tax purposes, but it also allows you to see the performance of your investments over time and make adjustments as needed.

    One of the best ways to track your crypto gains and losses is by using a crypto portfolio service. These services allow you to easily import transaction data from multiple exchanges and generate accurate and comprehensive reports on your portfolio performance. They also provide tools for portfolio management, risk management, and rebalancing, which can help to optimize returns and minimize losses.

    Scams and Warning Flags

    However, not all crypto portfolio services are created equal. Some services may make claims of providing secret trading signals or guaranteeing high returns, but it is important to be wary of these claims. These services may be nothing more than scams designed to take your money and provide you with little to no value in return.

    When looking for a reputable crypto portfolio service, it is important to look for warning flags. These may include:

    • Unusually high returns that are guaranteed or promised
    • High frequency trading approach to short term price moves
    • Lack of transparency or information about the service’s trading strategies
    • Pressure to invest large sums of money quickly
    • Lack of contact information or a physical address
    • Unusually low fees or commissions

    It is also a good idea to research the service and read reviews from other users. A reputable service will have a history of satisfied customers and positive reviews.

    Finding Quality Automated Crypto Portfolio Services

    Using a reputable crypto portfolio service can save you time, help you find the best altcoin opportunities and improve your trading success.

    By automating your trades with tools for risk management, you can focus on the important parts of your life while your money does the work of watch price charts all day.

    1. Cointracking: Cointracking is a portfolio management and tracking tool that allows users to track their crypto assets across multiple exchanges and generate tax reports.

    Automated Crypto Portfolio

    Automatic crypto portfolio tracker there are many other crypto portfolio automation services available, some other examples include:

    well known crypto portfolio automation services

    1. Shrimpy: Shrimpy is a portfolio management and trading automation platform that allows users to create custom trading strategies and automate trades across multiple exchanges.
    2. BitGetCopyTrader.com: Copy the trades of those with a proven record.
    3. 3commas: Find managed crypto portfolios to follow or set up your own automated strategy.
    4. TokenFolio: TokenFolio is a portfolio management and trading automation platform that allows users to track and manage their crypto assets and automate trades.
    5. Kryll: Kryll is a platform that allows users to create and automate trading strategies using a visual strategy builder and backtesting tools.
    6. Autonio: Autonio is a decentralized trading automation platform that uses AI and machine learning to execute trades on behalf of users.
    7. AlgoTrader: AlgoTrader is a platform that allows users to automate their trading strategies across multiple asset classes, including cryptocurrencies.
    8. Coinrule: Coinrule is a platform that allows users to automate their trading strategies using a simple rule-based system.
    9. Crypto SmartWatch: A transparent portfolio rebalancing tool focused on spot trading ALT/BTC pair spreads as a low risk, long term approach to profit from diversifying through the ongoing price trends of altcoin seasons.

    Crypto SmartWatch Control Panel

    Automated Crypto Portfolio

    It is important to be cautious when choosing a service. Look for warning flags, research the service and read reviews, and choose a service that has

    • a long term approach,
    • a transparent trading plan and has
    • a history of performance
    • with satisfied customers.

    In summary, tracking your crypto gains and losses is an essential part of managing your portfolio and making informed investment decisions.

    Our recent video on how to build crypto portfolio can be an excellent starting place
    as you prepare for the next altcoin season.

    By reviewing a reputable crypto portfolio performance,
    you can save time and improve your trading success.

    Make your money work for you while you focus on the important parts of life.

  • Crypto Signals That Work

    Crypto Signals That Work

    Crypto Signals That Work have to fit two criteria:

    • trading signals must be be simple to follow and
    • trading signals must follow an AltSeason Tradingview Indicator

    Example Crypto Signal

    Setting Up The ALERT

    In late December we published the Signal ALERT for the OP/BTC chart.

    Price patterns were making a 1-2-3 bottom formation and showing early potential to break higher.

    We could see the trading signal setting up and completed Stage 1 of the trade for our premium group. That is, we identified the entry, exit and stop and provided a screenshot to show how the trade matches our trading plan that anyone can learn.

    ALERT triggers to HOLD

    The spreadsheet sends a notification to our Discord channel and the model portfolios are updated in the website.

    We get ready in advance of the 1-2-3 pattern breaking out so we can calculate our risk and prepare our position size correctly before the trading signal flashes.

    Profit Target Hit

    When prices hit our profit targets, one option is to take partial profits and cover the cost of the trade. Others may choose to close the trade and take all the profits. Both are good options.

    Our PRO ALERTS remains open to the potential for a much larger trend and seeks to move the stop up on this trade and continue to hold until the 12 hour EMA crosses.

    In fact, we are anticipating a pull back so we can add on and increase our exposure in this proven mover!

    Crypto Alert Profit Target Hit

    Current Price Chart for OP/BTC

    OPBTC Chart by TradingView

    Altcoin Season Made Easy

    Positioning for the explosive growth in crypto is a good idea when a bottom formation is in place yet managing risk is always a first priority.

    While most coins follow the general altcoin seasons and trend together, there are always a group of early movers and a group of laggers.

    We can never know which will perform best in the future so we must diversify into those coins that cross the AltSeason TradingView Script entry signals.

    OP/BTC is another one of the 300+ tokens in the Crypto SmartWatch model portfolio tracker.

    AltSeason Tradingview Indicator

    We create crypto signals that work using a combination of trendline, chart pattern and our customized pinescript TradingView indicator created specially for cryptocurrency altcoin season trading. Our entries and risk control are planned in advance – but the exit has a number of options that will dramatically change your results.