Making Proper Use of Paper Trading in the TradingView App (WAVESUSDT Demo Trade)

Hello dear friends,
It's another day to learn and I'm delighted to be your host. As I promised earlier, I will always share here with you all the new things or reminders of things we may have neglected. Today is not an expectation as we are going to be looking at the Paper Trading function on the TradingView App.

Every trader in the world today performs his or her technical analysis using the TradingView application before entering the market. Since the market deals with money, the demo part needed to be available so that learners like you and I could practice.

I have come to understand that not every person here uses the Demo trade instead we just jump into using our real money to trade which makes us lose a lot and then think that trading is meant for only a few selected people.

I was also in this category before this time because I feel as though there are people who are born with the market. The secret of their success in the market is their continuous practice of the TradingView application using the Paper trading function.

Every day of my life, I have tried to carry out an analysis of a coin and then demo trade it using this very powerful tool so that I can measure the efficiency of my strategy. We all need to learn how to trade futures because our dear STEEM token has been listed as part of future trade in most of the prominent exchanges in the world today.

Let's Consider the analysis of WAVESUSDT Demo Trade

My strategy is quite simple to use dear friends. I usually use the support and resistance strategy in almost all my analyses. Now let's consider the pair of WAVESUSDT in a 4H timeframe as seen in the screenshot below.

From the above screenshot, you will notice that the levels of support and resistance were marked on the chart using the lines. The price as you can see couldn't break the last resistance level and that was a sign that the market might fall back because it has been on an uptrend for a while.

With that confirmation, I went down to a lower timeframe of 1H and then waited for the closure of the 1H candle since I now know the direction of the market. I waited for the 1H candle to close then I immediately introduced the short logo i.e. the sell logo as seen in the image below.

Based on the image, I predicted that the market would go down and possibly hit the first TP1 and TP2. The areas of the take profits are key support levels which may be broken by the market if it does in my direction.

To see how the market will go I decided to introduce the demo trade so that I know exactly what I will be gaining or what I will be losing if the market goes against me. Now the screenshot below is the activation of the demo trade I took on this pair.

The chart as well as the position I opened can be seen in the above images. The trade was taken to make a profit at 1.730 and the stop loss was 2.442, my entry point is 2.372 as seen from the chart above. This trade is such that could make a profit if the analysis goes in our favour.

The risk-reward ratio for this trade as you can see is around 2:20 which is a very big gain if the market moves in our predicted direction. So practising this always keeps me up to date on the market movement since I'm not losing any real money.

From the chart and position above, you will notice that I have already started making some profits on the trade I entered and hopefully more gains will come as I continue to hold the position. So dear friends, make use of the trading view paper function to increase and work on your trading strategy. Everyone should have an idea of how the market works.

Conclusion

Using the Paper trading function in the TradingView app is the best way anyone can learn and master his strategy before going into the real market to trade. Humans are filled with fear, greed hope and the only way to fight this is by constantly practising how the market moves so that you can be confident to enter the market.

Remember also that trading is like meditation, patience is the key. Always wait for the market to come to you and not for you to go to the market. Learn to identify your key support and resistance level and also trade with the trend and in that way, you will be a successful trader.

Finally, I want to thank you all for reading through my blog today. If you have any questions or contributions, please do well to use the comment section of this post. See you all in my next publication.

Disclaimer: ^{This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.}

NB: All images except otherwise stated are mine and taken from tradingview.com website