Curriculum

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Cryptocurrency Trading

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Video lesson

Watchlists: TradingView

Watchlist Made Easy

Creating a robust watchlist can be a game-changer in navigating the intricate world of trading. Think of it as your personalized roadmap, directing you toward the stocks and cryptocurrencies that matter most to you. With the seamless integration of platforms like TradingView, tracking your favorite assets has never been easier. In this lesson, you’ll discover how to harness the power of watchlists — an indispensable tool in both traditional finance and the cryptocurrency landscape.

A watchlist isn’t just a list; it’s a dynamic and customizable feature that allows you to monitor various assets, keep tabs on market movements, and perform strategic analysis. The lessons learned today about building a watchlist will be invaluable not only in tracking stocks but also in navigating the exciting volatility of cryptocurrencies as part of your journey in the Crypto Is FIRE (CFIRE) training program.

Core Concepts

Watchlist: A watchlist is a tool that allows traders to keep track of specific financial instruments, making it easier to monitor performance. In the crypto realm, many use wallet tools to create similar lists for various cryptocurrencies.
Table View: This feature in TradingView allows you to customize how data is presented in your watchlist, including adding various performance metrics. In crypto, users might customize their views to display price changes, trading volumes, and market capitalization.
Sections: These are categories within your watchlist that help you organize different types of assets. For instance, you might have separate sections for stocks, cryptocurrencies, or ETFs, which can be especially useful for clear comparisons.
Notes: Notes facilitate tracking thoughts or strategies for each asset in your watchlist. In the crypto world, maintaining notes on price levels or project updates can provide valuable context when evaluating trades.
Sorting: This function allows traders to arrange assets in a meaningful order based on parameters such as performance or volume. Similarly, in crypto, sorting can help identify the most volatile tokens, which may present unique trading opportunities.
Customization: Customization is key in tailoring your watchlist view to your trading style, focusing on what data is most relevant for decision-making. This principle applies equally when trading stock or engaging with cryptocurrencies.
Market Volume: This indicates the number of shares or tokens traded over a specific period, highlighting liquidity trends. In crypto, volume often signals interest and can indicate price movements, emphasizing its crucial role in trading strategies.

Understanding these concepts is critical as you embark on your trading journey. By tailoring your watchlist precisely to your needs and the market, you’ll enhance your ability to trade effectively in both traditional and crypto markets.

Key Steps to Create and Perfect Your Watchlist

1. Setting Up Your Watchlist

Accessing TradingView: Create an account and navigate to the watchlist feature at the top right of the platform.
Creating Lists: Utilize the dropdown menu to create multiple lists. Each list can represent different sectors, markets, or investment types.

Explanation

When you first set up your watchlist, you’re establishing the backbone of your trading strategy. Each section is a dashboard that keeps preferences and priorities at your fingertips. For instance, keeping a watchlist for emerging cryptocurrencies alongside one for established stocks provides a diversified perspective on where you might want to invest or trade next.

2. Table Customization

Utilizing Table View: Toggle the Table View feature to customize columns according to preferences (e.g., price, volume, percentage change).
Personalizing Columns: Add or remove columns based on what information you find valuable.

Explanation

The essence of Table View lies in its flexibility. By customizing what data you see at a glance, you can prioritize critical numbers that drive your trading decisions. If you’re trading crypto, you might include mining difficulty or transaction volume, which may not be present in a stock watchlist.

3. Organizing Sections

Creating Sections: Use sections to categorize your assets for better organization (e.g., U.S. equities, cryptocurrencies, ETFs).
Adjusting and Renaming: Click and drag to reorder assets or sections for easy navigation.

Explanation

Proper organization is an often-underestimated aspect of trading success. By segmenting your watchlist, you reduce the clutter and make quick decisions. Imagine quickly assessing your crypto holdings against stock ETFs—knowing which section to look at can save you precious time.

4. Sorting and Analysis

Sorting by Performance: Leverage sorting features to identify which stocks or cryptocurrencies are performing best and worst in your watchlist.
Liquidity Assessment: Sort by volume to find the most actively traded assets for potential insights into market trends.

Explanation

Sorting helps in swiftly identifying trends or assets needing attention. In crypto, for instance, a sudden spike in volume could indicate an upcoming volatility event—this is crucial information for making informed trading decisions.

5. Adding Notes

Utilizing Notes: Leave reminders or reflections for each asset. This helps in tracking your thought process and strategies over time.
Reviewing Progress: Regularly check notes to reassess and refine strategies.

Explanation

Note-taking keeps you grounded and allows you to recall your reasoning for trades. For crypto, tracking regulatory updates or project roadmaps can inform your investment choices and strategies.

6. Maintaining Real-Time Updates

Forecasting and Current News: Your watchlist updates dynamically with selected assets. Stay ahead by reading recent news and current market conditions.

Explanation

In fast-moving markets, such as crypto, having real-time updates could mean the difference between profit and loss. Staying informed enhances decision-making and allows for an agile trading strategy, relevant in both the stock and crypto spheres.

Enhancing Your Watchlist Experience

Asset Tracking: Just as you track stocks like Tesla in a watchlist, you can track cryptocurrencies like Bitcoin or Ethereum.
Trading Tools: Platforms like TradingView allow similar crypto sorting and performance assessment, helping you distinguish between promising altcoins and established tokens.
Liquidity and Volume: Understanding market volume in both stocks and cryptocurrencies illustrates potential trading opportunities, guiding your decisions in both realms.

Examples

Although the transcript didn’t mention specific charts or graphs, real-world scenarios illustrate the importance of watchlists:

Stock Scenario: After tracking the performance of major tech shares, you notice a dip in performance for Apple, prompting a deeper analysis of earning calls and competitor movements.
Crypto Scenario: Following a watchlist that includes new tokens, you see significant volume in Solana. Research indicates adoption in decentralized finance, leading you to consider an investment.

Using the same analytical rigor across both markets enhances your adaptability as a trader. Remember, what works for one asset class can usually be transferred to the other!

Real-World Applications

Historical Context

With the recent rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), the ability to track trends quickly using a watchlist is more relevant than ever. In traditional markets, similar shifts—such as the rise of tech IPOs—serve as reminders of how quickly landscapes can change.

Cause and Effect Relationships

The relationship between asset performance and market news is paramount across both stock and cryptocurrency markets. When a tech company releases a shocking earnings report, you may see a corresponding reaction in its share price. In crypto, a regulatory update can lead to a market-wide sell-off. Recognizing these dynamics prepares you to adapt your strategies quickly.

Challenges and Solutions

Information Overload: A common issue is becoming overwhelmed by too much data. Create a simplified view in your watchlist that displays only essential metrics to make faster, informed decisions.
Market Volatility: Cryptocurrency markets are notoriously volatile. Use your watchlist to monitor price fluctuations closely and set alerts on key assets for sudden changes.

Key Takeaways

Understand Your Data: Knowing figures like volume and price changes is essential in both markets.
Employ Customization: Tailor your watchlist for relevance—what works for stocks might look different for cryptocurrencies.
Stay Organized: Creating sections can help streamline your analysis process.
Sort and Analyze: Use sorting features to derive insights about asset performance and liquidity.
Document Your Thoughts: Keep notes for reflection and strategy adjustments.
Keep Updated: Regularly check real-time news and updates on your assets.
Share and Collaborate: Use the sharing feature to exchange watchlists with colleagues for broader insights.

Each of these takeaways can be integrated into your crypto trading approach, accelerating your understanding and strategy development.

Discussion Questions and Scenarios

How might the volatility of cryptocurrency markets impact your approach to a watchlist compared to traditional stocks?
When organizing a watchlist for cryptocurrencies, what distinct sections would you create and why?
Compare and contrast the importance of volume in stock trading versus cryptocurrency trading.
In your opinion, how does note-taking influence trading decisions across both markets?
If a piece of negative news comes out about a company you’ve invested in, how would you leverage your watchlist to respond?

Glossary

Watchlist: A curated list of financial instruments for monitoring.
Table View: A customization option that allows users to arrange and display data in their watchlist.
Sections: Organizational components within a watchlist for categorizing assets.
Notes: Personal comments or observations about specific assets stored in a watchlist.
Sorting: The process of arranging a list based on defined metrics.
Market Volume: The total amount of a particular asset traded in a given timeframe.

As you continue your journey through the Crypto Is FIRE (CFIRE) training program, remember the importance of adapting traditional concepts to the unique world of cryptocurrencies. Your expertise in watchlist management will reinforce your trading blueprint.

Continue to Next Lesson

Embrace the teachings from this lesson and get ready to dive deeper into more advanced trading strategies in the next part of your Crypto Is FIRE training program. Your next lesson awaits!

Read Video Transcript

Create a Watchlist: TradingView

https://www.youtube.com/watch?v=U3ql2I9I_uU

Transcript:

Yeah. You’ve always wanted to create a perfect list of the symbols you care about most and then track them with ease on the TradingView platform. And of course, that is all possible using the watch list feature right up here at the top right of the chart. You can see with a click, we close it. With another click, we open it. Now we’ve got this really neat watch list set up specifically for us.

We’ll share a link to this watch list in the description below as well so that you can also have access to these watch lists that we’re talking about. Of course, we made these watch lists ourselves, but you also may find this rather interesting. You can see here we’ve got some Argentina stocks. There’s been a lot of movement lately in South America.

We’ve got a general markets watch list that we’re on now, key US fundamentals, indices. We’ve got some webhooks set up. The point being though is you can do this too once you have a TradingView account and your plan is activated. This dropdown button up here at the top is how you can create lists. That’s right, you can have more than one list.

And what’s really important is you can very quickly jump from list to list just by clicking as you’re seeing here. Now, the key thing that we do want to explain in this video, though, before we dive into watchlist basics are some of the new features since we last made a watchlist video. In fact, the three dots up here at the top right will show you something that we’ve recently added called Table View.

So if you check Table View, you now have access to custom columns that you can add to your watch list. Well, why does that matter? And why does Table View being turned off matter? Well, if you’re someone who just wants a watch list, all you want to see is your symbol name, perhaps the logo, we’ll show you how to turn that off, and the latest price, you can do that.

And you can do that by turning on and off table view. Now, table view might be more of an advanced customization for some of you, but once you have your watch list open, you can customize also the columns that you want to show being that you have table view toggled on. So hopefully you’re following along here.

What you have is a watch list on trading view, and you’ve got multiple ways to display that watch list and you can create multiple watch lists. So we’ve shown you the basics. Now you know how to create multiple watch lists and where to access them. You also know how you can create fully customized views for yourself depending on if you turn table view on or off.

Now we have table view on right now and you can see when we turn it on we get this customize columns to appear. This means that we can add custom columns that matter to us. And actually for this reason, the market’s open, so let’s turn off extended hours. Let’s also just look at percentage change and let’s see the last price and volume.

So we’ve got those columns added. And if you look closely, you can see our watch list now is neatly sorted. Now what’s so great about this is that you can now sort your watch list now is neatly sorted. Now what’s so great about this is that you can now sort your watch list by specific moves.

So let’s say you create this big wonderful watch list just as we have here, but now you want to know what’s performing the best and what’s performing the worst within your watch list. You can see how easy that is. Click to sort. So we can sort by any of the columns that we have added. Remember to add columns, just make sure table view is on. Select the columns that you want.

So you can see here it says last. We’re going to uncheck last and it’s gone. But we do want last in this example. We just want to make sure you know exactly how this works so that you can take full advantage of these tools. Well, why does this matter? Well, if you have a watch list of all of your favorite symbols, there will come a time where you’re going to want to see what symbols in my watchlist are performing best and what symbols are performing worst.

And of course, you can do that by sorting these columns. Or maybe you’re looking for trading liquidity. Well, in that case, you can sort by volume to see what the most active symbols in your watch list are. Tesla has traded over 136 million shares today. That is an enormous amount of volume.

That’s a very interesting data point for your watch list if that’s something that you’re looking into. Now, pay close attention to the sections that we have up here. This is one of the more powerful features that you can use in your watch list to create perfectly organized watch lists. A section is essentially its own little part of the watch list that you can add to make highly custom sections within your watch list. This says US equities and we have equities here.

Well, we do have the VIX here, but we can click and hold our mouse down and drag this down to an area whereby it might make more sense to have it. But actually, wait a second. The VIX after all is a measure of U.S. equities. So it’s doing just fine here. But now you do know if you ever want to move a symbol around, it’s as easy as clicking and holding to drag that symbol. So we’ve got these sections.

We know we can easily move symbols around such sections. We can collapse them. And of course, if you ever wanted to make a new section, because you may not have a section like this, once again, the three dots here at the top right, add section. Now you can see we’ve got section one down here. And what we could do is we could call it anything we want just by right clicking and then selecting rename.

Let’s call this test section, but let’s, there we go, test section. And now it’s been added and we can very easily add symbols as needed just by dragging it into that specific section. Now you may see here we’re doing a little bit of housekeeping because some of these symbols have actually managed to get around to incorrect sections. So we’re just dragging them back into their preferred section.

And now we’ve done this great cleanup, reorganized our list. And why don’t we go down here and actually delete this section there’s an x here it’s been deleted so just by watching this video you are gaining the basics of the watch list and all of the new features available to you a few more new things that you’re going to want to take note of with your watch list are the symbol display features this means you can display the logo if needed.

You can show the ticker, but you can also show the description. Sometimes for many new traders and investors out there, you may not know the exact name of the symbol that’s in your watch list. And so having the description selected will give you a full title so that you know exactly what you’re looking at.

Now, you may notice once again that, you know, there’s something we wanna customize, which is we wanna see more of the title. These are rather long titles. Well, you can see here, all of the columns can be customized to your needs. So depending on your screen size or what you wanna show more of or less of, you can click and drag these columns to either side to adjust their width. So by now you’re understanding all of the power here on your watch list.

And we haven’t even shown you yet one of the coolest parts, which is once you create a custom watch list, look how easy it is to click through symbols and the chart just instantly updates. And if we have drawings just like this, check it out, we’ve got drawings here. Those drawings will still appear on your watch list. And so you can click through to see everything that’s going on.

So this is really one of the more interesting and dynamic ways to keep track of all the symbols you care about, to sort them, to follow along, and to really have a basic understanding of what you want to track in markets just by neatly organizing them in a similar way like this. Now there are a few more things we do need to highlight here.

You may notice that there are these little, you know, it’s a little icon with a pen and a piece of paper. See that? Well, what could that be? These are notes. That’s right. You can leave custom notes about every symbol. So for example, if you’ve been following Netflix very closely, well, you can open up notes.

Look at this, we’ve got some notes. We left a note in August 21st of 2023. We actually made several different notes. The point being is that this note was designed for us to track our thoughts about the symbol. These are just example notes. There’s nothing here for you to read at the moment.

But how cool is it that if you do actually spend time keeping notes about various symbols, you can always come back and check your progress. So in this example, we’ve got some notes from March 25th, 2022 about Apple. Hey, this is our first note about Apple. And we’ve got notes going all the way down. Here’s April 6th, 2022 about Apple. Hey, this is our first note about Apple.

And we’ve got notes going all the way down. Here’s April 6th, 2022 as well. You can do this as well, just as you need to. And if you need to add a note, it’s really all about having the symbol selected. And actually, let’s select an equity for this example without a note. So why don’t we go ahead and pick Birkenstock. So we’ve got Birkenstock selected here.

And now you’re going to notice that in your watch list, whenever you have a symbol selected, there’s a window and this is the details window. So you have your watch list, which you can neatly organized. You can select any symbol and the chart will update, but you’ve also got this handy detail window. You can keep it at the very bottom so it takes up no space, or you can have it take up half the screen so you can see additional details.

Now, if you build a view like this, you have the chart, you have your watch list, and your key details. Birkenstock Holdings, NYSE, everything you want to know about your symbol, all of the details right here, the days range, the 52-week range. You’ll even see some news. This means you can literally see some of the most recent news about that symbol right here on the chart.

You’ve got ideas, so this means you can actually read through other ideas that haven’t published. There’s surprisingly been none purchased about Birkenstock, but if we go to the SPY and click ideas, you’ll see here we’ve got some ideas published. We’ve also got minds. This is another place where traders and investors can chat. 13 minutes ago, someone is charting this channel in real time, two hours ago.

How cool is that? You can see this real-time chatter about these symbols on your watch list. So you’re going to want to make sure you access Mines when you want to see what other people are saying about these symbols on your watch list. And you can add notes. So that takes us all the way back to why we got here in the first place. This little note icon. You can click add note and the SPY ETF, S&P 500, S&P 500.

Now we click add and our note has been added just like that. We want to keep your attention on this details page because you can scroll down to get stats on stats on stats. That’s right. Key stats like volume, average volume. This is an ETF. So you’ll see assets under management.

If we have Netflix selected and scroll down, you’ll see other key stats related to this specific symbol. Market cap, price to earnings ratio, basic EPS, the share float, all of these excellent stats, some earnings graphics. Keep going down. That’s a really important thing. as you start to use this this details menu just keep scrolling there is information here for you to learn more about your favorite symbols and follow them over time because you have income statement balance sheet cash flow all right here on a handy visual that once again you can access right from this menu and we’re not

done let’s keep scrolling down we’ve performance. How has this symbol performed over one week, one month, three months, six months, year to date, one year. This is especially helpful if you’re trying to understand how your symbol in your watch list has performed over followed and popular timeframes.

And we’re not even done yet because the data and the details continue as we scroll down. Check out technicals. You can see what all of the technical ratings are saying about the symbol you have selected in your watch list. Remember you can also click any of these buttons in the details menu to get a beautiful view exactly of that specific data point.

In this example, we click more technicals. Now we can see we’ve got Netflix selected on our watch list. We’ve clicked more technicals. Now we’ve got a summary of Netflix over all technical indicators, and we can change the timeframe as needed as well. How cool is that? You see it move in real time. So we’ve got a one month technical view of Netflix.

We’ve got oscillators, moving averages. We’ve got exact details about these technical levels. And we’ve also got pivots. So this data is all available, once again, right from your watch list. And keep scrolling down because you’ve also got analyst ratings.

This is only available once again right from your watch list and keep scrolling down because you’ve also got analyst ratings this is only available for equities because there are analysts across markets in wall street who are analyzing these symbols and you can see what the analysts are saying about that symbol so once again this happens when you scroll down you’ve got your technical rating and your analyst rating you can click see forecast and now get some data about all of these analysts ratings.

How many people said it’s a strong buy? 24 and only two said it’s a strong sell. Well, seeing that Netflix is up 60% year to date, it looks like there were 24 analysts who got this quite right. And naturally, if you are investing or trading in stocks, it’s always good to keep an eye on the fundamental picture.

And you can also access rich financial visuals like this, such as EPS estimates, revenue estimates, and you can even create such visuals yourself by selecting the specific financial line item that you want to show on this visual.

So surprise would essentially mean if that analyst was right or wrong about the actual results. It’s comparing the actual reported results versus the analyst estimated results. More importantly, though, this is just an example of what is possible in the details menu. Last but not least, you have some basic profile information about that symbol.

So now we’ve really shown you the basics of the watch list and all of the new features to come to it. And the most interesting thing is we still haven’t even shown you one of the most important aspects, which is your lists are shareable. So if you have this toggled on and click copy link, you can now share your watch list with friends, colleagues across social media, wherever you need. And this gives people direct access to the symbols that you’re following.

They can even add this watch list to their watch list and they can create an exact layout like this. this watch list to their watch list and they can create an exact layout like this so now they are following along and learning more about your watch list and how you set things up so if someone needs a quick start to get started with their watch list go ahead be a great colleague and copy the link and share it with them so we hope that this video gave you a wonderful breakdown of the watch list all of the tools available to you and that you also now know how to get started. We didn’t fully cover the aspect

of adding symbols, but that’s just because it’s really as easy as clicking the plus icon and adding symbols to your watch list just from the add symbol menu that we have open here. Most of you already know that, so we save that for the very end. Nevertheless, this is your new 2023 watch list introduction and we’ll be making another in 2024.